Скачать или смотреть My strata depreciation report shows that our strata is underfunded! Now what do I do???

As you probably know by now, depreciation reports are now mandatory in BC, and all strata corporations with 5 or more units are required to have one in place by July 1, 2026.

With the deadline fast approaching, many strata corporations are having these done in time to meet the requirements, and it’s not uncommon for buildings to discover that they are severely underfunded. The depreciation report may indicate that you need a new roof, podium membrane, pipes, and an elevator, all before their expected end of life in 2030. Tally it all up, and the strata corporation may need to raise $2m within the next 5 years. That’s all well and good, but what if you only have $100,000 sitting in your CRF? How are you supposed to come up with the $1.9m shortfall. Quick math tells you that $1.9m across the 30 owners in your building works out to around $60k/ unit? How are owners who are barely scraping by in Vancouver supposed to come up with $60k each???

This situation is all too common, and if it sounds familiar, don’t panic just yet!

Watch this video for some practical advice!

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