Strata owners might have to report their properties’ depreciation under a new regulation, or vote against preparing the report.
The Vancouver Island Strata Owners Association decided depreciation reports are needed to help stratas identify timing and costs associated with repairs to common property. The report would also disclose the condition of common property, reduce the risk for cost surprises for owners and ensure better planning for fixes, according to the association.
Stratas have two years to file a report, or conduct a vote against the report that passes by three-quarters of owners.
For more information, go to www.visoa.bc.ca.