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Big changes are coming to strata property regulations! 🏢✨ Starting July 1, 2024, updates to the Strata Property Act will impact all strata property owners. Let's break down what you need to know about Depreciation Reports.
Here's a quick overview:
📝 What is a Depreciation Report? It's a comprehensive assessment of the condition of strata properties and infrastructure, essential for long-term financial planning and maintenance. Starting next year, all strata corporations with five or more strata lots must get a depreciation report every five years.
🔧 Key Changes:
🔒 Closing the Loophole: Previously, strata corporations could defer getting a depreciation report by an annual vote. This loophole has been closed to ensure all strata corporations keep their reports up-to-date. Reports must be obtained from qualified professionals.
📅 Effective Dates: Changes take effect on July 1, 2024, with specific compliance dates. Developers of new strata corporations established on or after July 1, 2027, must fund these reports, with costs ranging from $5,000 to $30,000.
📊 Pros and Cons: Increased transparency and regular updates help ensure well-maintained and financially prepared properties. However, it also means increased expenses for strata corporations since getting these reports requires funding.
Depreciation reports help strata corporations plan for the future, keeping properties in good shape and retaining their value. 🌟 For more detailed information, check out the BC Government website. https://bit.ly/3xwcadU
👉 Have questions or need help with your real estate plans? Use the link below to book a time at your convenience.
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