Effective July 1, 2025, all strata corporations must also obtain their depreciation reports from a list of qualified professions, including engineers, certified reserve planners, architects, appraisers, applied science technologists and quantity surveyors.
To support new strata corporations with five or more strata lots, effective July 1, 2027, owner-developers will be required to contribute funds toward the cost of obtaining a first depreciation report: a minimum of $5,000, plus $200 per strata lot, up to a maximum of $30,000.
Strata corporations with four or fewer lots will continue to be exempt from being required to obtain depreciation. Link full Article
