Depreciation Reports in Victoria, BC

From July 1, 2025, British Columbia identifies six designated professions qualified to produce depreciation reports. Accredited appraisers and certified reserve planners are included. ClarityRS reports are prepared by people who hold AACI and/or CRP designations, with standards managed by the Appraisal Institute of Canada and the Real Estate Institute of Canada.

The report provides at least three funding models over 30 years, including the predicted timing and scale of replacement costs for shared building components. It is a budgeting and planning tool for the strata corporation.

The report compares the current contingency reserve fund with long-term repair and replacement obligations. One or more funding models may recommend higher contributions, and future special levies may be shown. Recommendations deal with contributions to the contingency reserve fund, not the operating fund.

No. The strata corporation is not obligated to follow the recommendations or funding models. Legislation still sets a minimum contribution to the contingency reserve fund equal to 10% of the operating budget. Funding only at that minimum leads to special levies for most corporations.

Fees depend on the number of strata lots, the complexity of the development (including sectioned, phased, and air space parcels), and whether drawings are missing. A basic small strata is a few thousand dollars. A large, complex strata can be well over ten thousand dollars. Per owner, small stratas usually cost more and large stratas less. Most small stratas start from $2,850 plus GST.

A straightforward assignment takes over one month from order to final report. A complex corporation can take several months, because documents take time to gather and council meetings are not weekly. Plan a few months of lead time if the report needs to inform the next annual budget.

Legislation effective July 1, 2024 requires a new depreciation report every 5 years.