Many people feared that Depreciation Reports would be bad for condo sales, but just the opposite has happened. It's a great tool for both Buyers & Sellers, providing everyone with peace of mind and a clear understanding of what it is they're buying into.
The BC government passed regulations to the Strata Property Act in late 2011, which made strata depreciation reports mandatory in some cases. Strata corporations with five or more units were required to complete a depreciation report by Dec. 13, 2013 and must update their depreciation report every three years. Strata corporations of four or fewer strata lots are not required to provide a depreciation report. Click on the image to read the full article below.
If you're thinking of buying a Strata property and would like more information, I'd be happy to take your call.
Craig Veroni