In 2011 British Columbia passed legislation requiring Stata’s to obtain a depreciation report and fund the contingency reserve fund. Below we have referenced the applicable sections within the Strata Property Regulation and the Stata Property Act. Note that the below section is for reference only and may not be inclusive of all legislation requirements.

​Strata Property Regulation

Section 6.2 (1) Content requirements of Depreciation Report
Section 6.2 (2) Component inventor and evaluation requirements
Section 6.2 (3) Financial forecasting requirements
Section 6.2 (4) Cash-flow funding model guidelines
Section 6.2 (5) Sending contingency reserve fund requirements as referenced in Section 96 of the Strata Property Act
Section 6.2 (6) “Qualified person” defined as referenced in Section 94 of the Strata Property Act
Section 6.2 (7) Compliance periods referenced in Section 94 of the Strata Property Act

Strata Property Act

Section 92 Operating fund and contingency reserve fund
Section 93 Minimum and maximum contributions to the contingency reserve fund
Section 94 Depreciation Report
Section 95 Management of the contingency reserve fund
Section 96 Expenditures from the contingency reserve fund

Reserve Study Frequency Requirements & Recommendations

With Site Visit

British Columbia requires that strata’s have a depreciation report with site visit prepared by a professional every 3 years (Full Level I or With Site Visit Update Level II)

Without Site Visit

Additionally, we recommend that a depreciation report be updated annually (No Site Visit Level III)