What is the BC strata depreciation report 5-year cycle?

Direct answer

A strata of five or more lots must commission a depreciation report every five years: a 30-year forecast of what the building will need and what it will cost. The report is prepared by a qualified person under section 94 of the Strata Property Act and the Strata Property Regulation, and it covers structure, mechanical systems, the building envelope, parkade, elevators and common amenities, with a recommended contribution schedule for the contingency reserve fund. Bill 14 (2024) amendments effective July 1, 2024 tightened the regime: the previous 75%-vote opt-out was eliminated for stratas of five+ units, and a standardized methodology is now required. The five-year clock runs from the date the most recent report was finalized, not from a calendar anniversary. A fresh one is also needed when the strata commissions capital work large enough to change the projection, such as a $2M envelope re-clad, and when a new development or conversion has never commissioned one at all. Two catch-up deadlines applied to stratas that had no report, or whose last one was received before December 31, 2020. In Metro Vancouver, the Fraser Valley and the Capital Regional District that date was July 1, 2026 and it has now passed. Everywhere else in BC it is July 1, 2027. A strata whose report was received on or after December 31, 2020 was already on the ordinary five-year cycle. If you are reading a Form B during subject removal, note two dates: when the last report was finalized and when the next one is due. A strata that has run past its statutory deadline is worth a question before you remove subjects.