New regulations in British Columbia aim to ensure strata owners have better control over the maintenance of common property. The loophole allowing strata corporations to indefinitely defer depreciation reports is being closed. These reports estimate long-term repair costs, allowing strata owners to plan and save accordingly.

Effective July 1, 2024, existing strata corporations with five or more lots must obtain depreciation reports every five years instead of every three, aligning with other provinces. Additionally, starting July 1, 2025, these reports must be obtained from qualified professionals. From July 1, 2027, owner-developers must contribute toward the first depreciation report for new strata corporations.

Strata corporations with four or fewer lots remain exempt. These regulations, developed in consultation with stakeholders, follow amendments to the Strata Property Act in 2020 aimed at mitigating strata insurance costs.