Depreciation Reports

OPA provides professional certified appraisal and valuation services.

Our Appraisal professionals, Certified Reserve Planner and Industry Professionals have a wealth of expertise and vast experience when compiling Reserve Fund Studies (referred to as ‘Depreciation Reports’ in British Columbia).

Government Action on BC Strata Property Act

On December 13, 2011, new strata regulations were released:

It requires a Depreciation Report or Reserve Fund Study (RFS) be developed to help ensure the financial integrity when planning for the future building maintenance needs of all strata properties over five units.

Strata Corporations have two years to comply, and or they can opt out with a ¾ vote from the strata owners at an Annual or Special General Meeting.

Ocean Province Appraisal(OPA) has developed a Reserve Fund Study (RFS) which will provide your corporation with all the necessary replacement costs, life expectancies and funding recommendations in a comprehensive and easy to read report.  OPA will provide three scenarios with consideration given to life/age and the general condition of the building components, together with the options for contribution to the reserve fund.

BENEFITS:

The Reserve Fund Study will help strata owners determine how repairs will be funded and the amount that will be annually contributed to the RFS. The RFS report can be provided to potential new strata purchasers as required on Form B.

The RFS will give strata corporations additional flexibility in how they choose to contribute to their contingency reserve fund and planned time line for expenditures to be undertaken.

Contact Ocean Province Appraisal Co. Ltd. today for a no obligation quote.

For more information on Depreciation Reports visit:

Province of British Columbia Guide 12:

What to Know about Contingency Reserve Fund and Special Levies

http://www.housing.gov.bc.ca/pub/stratapdf/Guide12.pdf

Strata Property Act

[SBC 1998] CHAPTER 43  Part 1 — Definitions and Interpretation

http://www.bclaws.ca/EPLibraries/bclaws_new/document/ID/freeside/98043_01