This guide is for the volunteers running BC strata councils — the council president and treasurer who got handed this on a Tuesday night. It walks through what changed in the law, who can write your report, what it should contain, what it should cost, and how to actually run the procurement without missing the deadline.

Why this deadline exists

Until 2024, BC’s depreciation report rules looked good on paper and weak in practice. Strata corporations with five or more lots were technically required to obtain a report every three years — but the rule came with a built-in escape hatch. Owners could pass an annual ¾-vote to defer the report indefinitely. Many did.

The Province closed that loophole. Order in Council 204-2024, passed April 22, 2024, did two things:

• Extended the cycle from 3 years to 5 years.
• Eliminated the deferral vote entirely.

The reform took effect July 1, 2024. Every strata with 5 or more lots must now obtain a depreciation report on a 5-year cycle, with no opt-out.

One year later, on July 1, 2025, a second change took effect: only members of six designated professional groups can prepare a depreciation report under BC law. Then in October 2025, the Province quietly expanded which credentials within those six groups count.

The two deadlines that actually matter

There are two hard deadlines, depending on where your strata is located.

July 1, 2026 — Metro Van, CRD, Fraser Valley

If your strata is in the Metro Vancouver Regional District, the Capital Regional District, or the Fraser Valley Regional District, you must have a current depreciation report by July 1, 2026.

“Current” means dated December 31, 2020 or later.

This covers most of the population centres in BC: Vancouver, Surrey, Burnaby, Richmond, Coquitlam, Delta, Langley, the North Shore, Maple Ridge, Abbotsford, Chilliwack, Victoria, Saanich, and dozens of smaller municipalities. If you live in any of those, this is your deadline.

July 1, 2027 — Rest of BC

Stratas outside those three regional districts have an additional year. That includes the Okanagan, the Kootenays, the Interior, the North, Vancouver Island outside the CRD, the Sunshine Coast, and other coastal communities.

The rule is identical — you need a current report dated December 31, 2020 or later. You just have until July 1, 2027 instead of 2026.

The “5 or more lots” rule

Stratas with four or fewer lots are exempt entirely. Bare-land stratas are not separately exempt — a bare-land strata with 15 lots is on the hook just like a 15-unit condo building.

What if you miss the deadline?

There is no statutory penalty in the Strata Property Act. What you face is market consequences:

• Lenders increasingly require a recent depreciation report when owners refinance or new buyers seek mortgages. A unit in a non-compliant strata can become unfinanceable.
• Buyers and realtors routinely request the most recent report during conditions removal. A missing report kills sales.
• Insurers are starting to use depreciation-report compliance as an underwriting signal.
• Council liability — owners may have grounds to challenge councils that failed to obtain a legally-required report.

The deadline is enforced by the market, not the courts.

Who can write your report — the “qualified person” rule

As of July 1, 2025, BC restricts depreciation report authors to members of six designated professional groups. Here’s the list.

The Province’s full list is at BC.gov / choosing a depreciation report provider.

What a depreciation report actually contains

A compliant BC depreciation report has a defined structure under Strata Property Regulation sections 6.1–6.6 and 6.11.

1. Physical condition assessment

A walkthrough and document review of the strata’s common property and assets. The author inspects building envelope, mechanical systems, electrical systems, vertical transportation (elevators), life safety systems, site improvements, and amenities.

The depth of this inspection varies. Some providers do a single half-day walkthrough; others do multi-visit inspections with subsystem specialists. The depth you need depends on building age and complexity.

2. 30-year maintenance and replacement schedule

For each major asset, the report estimates remaining useful life and replacement cost. A 1990s-era building might have its roof scheduled for 2031, its boiler for 2027, its elevator modernization for 2033, and so on. Cost estimates should be in current dollars with an assumed inflation rate applied to future-year projections.

3. Three CRF cash-flow scenarios

The Regulation requires at least three Contingency Reserve Fund funding scenarios. A typical set is:

• Scenario 1: No contribution increases; rely entirely on special levies as projects come due.
• Scenario 2: Gradual CRF increases to fund anticipated projects from reserves.
• Scenario 3: Aggressive CRF; fully fund all anticipated projects without special levies.

Each scenario projects the CRF balance forward 30 years given the anticipated maintenance schedule.

4. Three hard copies + electronic copy

The Regulation requires three printed copies and an electronic PDF. Quaint in 2026, but it’s the rule.

5. Council presentation (often separate billing)

Most providers offer an in-person or video presentation of findings to council. Confirm in writing whether it’s bundled or billed separately.

What it costs

Pricing varies more by building size and complexity than by professional designation. Verified ranges from BC providers as of 2026:

What drives the upper end: building age, unit count, mechanical complexity, known envelope concerns, and how thorough a CRF model the council requests.

How long it takes

A typical engagement runs 2 to 6 months from contract signing to final report delivery.

• Week 0: Contract signed, document checklist delivered to council.
• Weeks 1–3: Council assembles documents. Provider books inspection.
• Week 3–4: On-site inspection. Single day or multiple visits.
• Weeks 5–10: Analysis, asset register build, cost estimating, CRF modelling.
• Weeks 10–14: Draft report delivered to council.
• Weeks 14–18: Council reviews, requests changes.
• Weeks 18–22: Final report delivered.

Add another 4–6 weeks if you want a presentation at the next AGM.

The procurement process step-by-step

Here’s how this actually works inside a council that’s running it well.

Step 1 — Trigger and council decision

Someone — usually the treasurer or president — notices the deadline. Sometimes the PM raises it. Sometimes a refinancing owner does. Council agrees in principle to commission a report.

Step 2 — Funding approval

The cost has to be approved by owners. Three funding routes:

• Operating budget: majority vote at AGM or SGM.
• Contingency reserve fund: majority vote or ¾-vote (depending on whether the expense is “prescribed”).
• Special levy: ¾-vote at SGM.

Most councils budget from the CRF. Either way, start the vote process early.

Step 3 — Issue an RFP

BC.gov recommends a formal Request for Proposals with 4–6 weeks for responses. Many providers will respond to informal “request a quote” emails, but a formal RFP is better for fiduciary reasons.

We publish a free RFP template you can fill in and send to 3–5 qualified providers.

Step 4 — Evaluate and select

Compare on credentials, sample report quality, references, scope, timeline, and price. BC.gov is explicit: “The cheapest bid may not be the best.” Use a scoring rubric. We include one in the RFP template.

Step 5 — Contract and engagement

Sign a fixed-price contract with clear deliverables, payment terms, and a delivery date. Avoid open-ended hourly billing.

Step 6 — Production

Provider runs inspection, analysis, drafts. Council assembles documents. Be available to answer building-history questions and schedule access for inspection.

Step 7 — Review, finalize, table at AGM

Council reviews the draft, requests changes, accepts the final. Per Regulation, the report becomes part of the strata’s records. Typically tabled at the next AGM with a provider presentation.

Step 8 — Use it

The report is a planning tool, not a compliance checkbox. Use the CRF scenarios to set contribution levels. Use the maintenance schedule to plan capital projects. Reference it before approving any major spend.

How to run the RFP

Step 3 above said “issue an RFP.” Here’s what that actually means in practice. A Request for Proposals is just a structured email or document that tells every provider the same thing, so the quotes you get back are comparable. BC.gov recommends giving providers 4–6 weeks to respond.

What to put in the RFP

A good RFP gives providers enough to quote accurately without a site visit. Include:

• Building basics: address, year built, number of lots, building type (low-rise / high-rise / townhouse / bare-land), and approximate gross floor area.
• Known systems and amenities: elevators, underground parkade, pool, boilers, common HVAC, sprinklers — anything that adds inspection scope.
• Document availability: whether you have prior reports, engineering studies, warranty reviews, or maintenance records to share.
• What you want delivered: confirm you need the full Regulation-compliant report (physical assessment, 30-year schedule, three CRF scenarios) and state whether you want a council presentation.
• Timeline: your target delivery date, working back from your July 2026 or July 2027 deadline.
• How to respond: a single contact, a response deadline, and the format you want quotes in.

Our free RFP template covers all of this — fill in your strata’s details and send it to 3–5 qualified providers.

Evaluating the responses

Don’t compare on price alone. Score each response on a consistent rubric:

The RFP template includes a scoring sheet you can use directly.

Fiduciary considerations

Council members have a statutory duty to act honestly, in good faith, and in the best interests of the strata corporation (Strata Property Act s. 31). Running a documented RFP — rather than quietly handing the work to a friend-of-a-council-member — protects you. Keep the RFP, the responses, and your scoring notes in the strata records. If an owner later questions the spend, that paper trail is your defence.

After you have the report

Getting the report is the milestone councils fixate on. Using it is where the value actually is. Here’s what happens after the final PDF lands.

Table it at a general meeting

The completed report becomes part of the strata’s official records, and owners are entitled to a copy. Most councils present it at the next AGM — ideally with the provider on hand (in person or by video) to walk owners through the findings and answer questions. A 20-minute walkthrough from the author heads off months of email confusion.

Decide how to fund the future

The report’s three CRF scenarios are decision inputs, not instructions. Council and owners have to choose a funding path and then act on it:

• Raising CRF contributions is typically approved as part of the annual budget at the AGM (majority vote).
• A special levy for a specific near-term project needs a ¾-vote at a general meeting.
• Doing nothing is also a choice — and usually the most expensive one, because deferred projects don’t get cheaper.

This is the moment the report earns its fee: it turns “we think the roof is getting old” into a dated, costed plan owners can vote on.

Plan the capital projects

Use the 30-year schedule as a working calendar. Line up the near-term items (next 3–5 years), get current quotes as each approaches, and sequence them so you’re not hit with three big projects in the same year. For envelope, roof, or plumbing-riser work, you’ll likely engage a building envelope consultant separately — the depreciation report flags that the work is coming; it doesn’t scope or manage the construction.

Schedule the next renewal

The cycle is five years. Put the next report’s target date in the council calendar now. Re-engaging the same provider is usually cheaper because they already hold your asset register — BC.gov notes that an update from the same provider may offer cost savings. You’re not obligated to, but most councils do.

Common mistakes councils make

A few patterns that come up repeatedly:

• Choosing on price alone. A $3,000 report from thin credentials is usually worse value than a $7,000 report from a specialist who’s done buildings like yours.
• Waiting until the deadline is months away. The capacity crunch is real. Providers are turning away work. Engage early.
• Skipping the RFP. Calling one provider and accepting their quote is faster but exposes council members to challenge. Get three quotes. Document the process.
• Treating it as an event, not a tool. The most expensive mistake is filing the report on the council bookshelf and never opening it again. The CRF scenarios are meant to drive financial decisions for the next five years.
• Not budgeting for CRF guidance. Some providers include contribution recommendations; others charge extra. Confirm scope in writing.

Red flags when evaluating a provider

The “common mistakes” above are about your process. These are warning signs about a provider. Any one of them is a reason to ask harder questions; two or three together is a reason to walk away.

• Can’t (or won’t) name their designation. Every legal report author belongs to one of the six designated groups. A provider who’s vague about which one they hold may not be qualified to author a report at all under the post-2025 rule.
• A quote that’s far below everyone else’s. BC.gov is explicit that the cheapest bid may not be the best. A number well under the rest of the field usually means a thinner inspection, a template CRF model, or scope that gets “discovered” mid-engagement.
• Vague or shifting scope. If the proposal won’t commit in writing to what’s inspected, how many CRF scenarios, whether a presentation is included, and a fixed price — that ambiguity will cost you later.
• No reference cases for buildings like yours. A provider who can’t point to similar BC strata work — comparable age, size, and type — is learning on your building.
• “We just run it through a template.” A depreciation report is a building-specific assessment, not a form-fill. A preparer who leans on a generic template without a real walkthrough will miss the assets that drive your special levies.
• Pressure to skip the RFP. A provider pushing you to sign today, before you’ve talked to anyone else, is doing you a disservice — and undermining the documented process that protects your council.

Frequently asked questions

Does this apply to bare-land stratas? Yes, if the strata has 5 or more lots. The 4-or-fewer exemption applies to all stratas regardless of building type.

What if our last report is from 2019 — does that count? No. The rule is “dated December 31, 2020 or later.” A 2019 report does not satisfy the current cycle.

Can our property manager write the report? Only if they’re a member of one of the six designated professional groups. Most PMs are not.

Do we need a separate consultant for inspection and report writing? No. The provider you hire handles both.

What about asbestos surveys, environmental testing, mechanical certifications? These are usually scope add-ons or separate engagements, not part of the base depreciation report. Confirm what’s included.

Do we have to use the same provider for the 5-year update? No. But re-engaging the same provider is typically cheaper because they already have your asset register. Most councils do re-engage.

Where do we file the completed report? With your strata’s records. There’s no centralized provincial registry. Owners are entitled to request a copy under the Strata Property Act.

Our building is only a few years old — do we really need one? Yes, if you have 5 or more lots. And counterintuitively, younger stratas get the most value from a report: it gives you a 30-year runway to fund replacements gradually, before any major systems are due. Waiting until the building is 30 years old is when councils get blindsided by special levies.

How do we make sense of the special-levy projections? The report’s CRF scenarios show what happens to your reserve fund under different contribution levels — including where shortfalls would force a special levy. Read them as “if we keep contributing $X/year, here’s the year we run short and by how much.” If the projections are hard to follow, that’s a fair thing to ask the provider to walk council through at the presentation; explaining them is part of the job.

What counts as a “healthy” contingency reserve fund? There’s no single agreed number, and you should be skeptical of anyone who quotes one with confidence. BC sets a minimum annual CRF contribution (10% of the operating budget) but that floor is widely considered too low for older buildings. The more useful benchmark is your own report: a fund is “healthy” if its projected balance keeps up with the replacement schedule for your specific building. That’s exactly what the CRF scenarios are for.

Next steps

If you’re ready to engage providers, we can help.

• 📄 Download our free RFP template — fill in your strata’s details, email it to providers, use the included rubric.
• 🔍 Get matched with up to 3 qualified providers — 2-minute intake, providers contact you within 48 hours, free.
• ✉️ Subscribe to our weekly newsletter — regulatory updates, CRT decision digests, council issues.

Sources

• BC.gov — Depreciation report requirements
• BC.gov — Choosing a depreciation report provider
• BC.gov — Practical tips for councils
• Province news release — April 2024 reform
• VISOA — About depreciation reports
• CHOA Bulletin 400-007 — Depreciation Reports