B.C.'s depreciation report legislation changes: What this means for buyers, sellers and strata corporations

Depreciation reports are now mandatory for strata corporations in British Columbia with over five strata lots, effective July 1, 2024, and require updates every five years. This aims to improve financial preparedness, property valuation, and sustainability. Electrical planning reports will also be required to assess infrastructure capacity. These regulations promote proactive maintenance and informed decision-making in the real estate market.

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