Time is running out for Strata Corporations to have their Depreciation Reports completed by the government deadline, December 13 of this year! Many Strata Owners’ are now concerned that they will not have their Depreciation Reports processed in time to meet the looming government deadline.
In 2011, amendments were made to the Strata Property Act and Regulation to the effect that Strata Corporations must have Depreciation Reports completed every 3 years in order to have Strata Corporation’s prepare funds for future repairs and maintenance that may be needed on common property. Not only that, there is now pressure from financial institutions to have a Depreciation Reports put in place to assess property value and assets to determine whether they are properly funded.
The mandatory date is looming and depending on who the Strata Corporations have engaged to perform the report many properties will not see the completion of their Depreciation Report until Spring 2014, just shy of the government enforced due date*.
Other than the legislative drive that is behind Strata Corporations acting quickly to complete their Depreciation Reports, there is also the matter of the of the financial burden that can be incurred by not being prepared for any unforeseen damage to the property.
Our past experience from providing reports in other provinces that have introduced the same legislative requirements is that most leave it until the last minute to place an order. So it is important that you allow enough time to have the report completed by the due day.
Solutions in Engineering (SIE) have 29 years of international history and experience. SIE have completed over 128,800 strata compliance reports, mostly Depreciation Reports. We are the most experienced and best value for money strata Depreciation Report writers in the marketplace.
For more information on Depreciation Reports please email firstname.lastname@example.org for your free information pack
* A Strata Corporation that consist of less than 5 lots or if a vote is cast and ¾ of the Strata Corporation waives the requirement for a Deprecation Report, than the corporation can defer compliance for an 18 month period.