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What is a Depreciation Report?
Is your strata prepared for the upcoming BC legal deadlines? 🚨
In this video, Sean Jordan (Founder & CEO of StrataPress) and Thomas Beattie (CEO of OctoAI) break down everything you need to know about British Columbia's mandatory 5-year Depreciation Report cycle. Ignoring future building costs doesn’t eliminate them...it just makes them more expensive. Whether you are a strata council member, a property manager, or a condo owner, understanding your building's 30-year financial roadmap is the ultimate superpower to prevent massive, unexpected special levies and protect your property value.
💡 KEY TAKEAWAYS
The 3/4 Vote Deferral is Gone: Most strata corporations in BC can no longer vote annually to indefinitely defer their depreciation reports; they must be updated every 5 years.
BC vs. The Rest of Canada: While BC stratas average a 15-17% contribution of their operating budget to the Contingency Reserve Fund (CRF), adequately funded buildings across Canada typically contribute 30-40%+.
- Don't Box-Tick: A depreciation report should not sit on a shelf. It is an iterative planning tool meant to be used by the council every single year during annual budget discussions.
- Stop Passing the Buck: Choosing the lowest contribution option today is often the most expensive option long-term, unfairly passing the cost onto future buyers.
LEARN MOREâ–¶ Discover OctoAI's condo intelligence solutions: https://octoai.com/â–¶ Learn more about StrataPress: https://www.stratapress.com/
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By Thomas BeattieIs your strata prepared for the upcoming BC legal deadlines? 🚨
In this video, Sean Jordan (Founder & CEO of StrataPress) and Thomas Beattie (CEO of OctoAI) break down everything you need to know about British Columbia's mandatory 5-year Depreciation Report cycle. Ignoring future building costs doesn’t eliminate them...it just makes them more expensive. Whether you are a strata council member, a property manager, or a condo owner, understanding your building's 30-year financial roadmap is the ultimate superpower to prevent massive, unexpected special levies and protect your property value.
💡 KEY TAKEAWAYS
The 3/4 Vote Deferral is Gone: Most strata corporations in BC can no longer vote annually to indefinitely defer their depreciation reports; they must be updated every 5 years.
BC vs. The Rest of Canada: While BC stratas average a 15-17% contribution of their operating budget to the Contingency Reserve Fund (CRF), adequately funded buildings across Canada typically contribute 30-40%+.
- Don't Box-Tick: A depreciation report should not sit on a shelf. It is an iterative planning tool meant to be used by the council every single year during annual budget discussions.
- Stop Passing the Buck: Choosing the lowest contribution option today is often the most expensive option long-term, unfairly passing the cost onto future buyers.
LEARN MOREâ–¶ Discover OctoAI's condo intelligence solutions: https://octoai.com/â–¶ Learn more about StrataPress: https://www.stratapress.com/