Changes in the BC Strata Act

In 2024, the BC government announced major amendments to the Strata Property Act. These updates are creating ripple effects across the province, especially for strata councils and owners. In Episode 8 of Coffee Chat with Steve, we break down what these changes mean, who they affect, and why early action is key.

Depreciation reports are now mandatory

Previously, strata corporations in BC could defer a depreciation report indefinitely through a vote. Many stratas completed one report, then deferred updates year after year. This meant that outdated reports were used as the foundation for decision-making, even when they no longer reflected reality.

But as of spring/summer 2024, a major change was introduced. The BC Strata Act now requires all strata corporations to obtain an updated depreciation report every five years. This shift has a big impact. Buildings can no longer rely on outdated data, and ongoing deferrals are no longer an option.

Compliance deadlines you need to know

There are two key deadlines for compliance:

• July 2026: Stratas in Vancouver, Victoria, and surrounding regions must have a new or updated depreciation report in place.
• July 2027: All other regions in British Columbia must comply by this date.

If you are a strata council member or owner, you should start planning now. Waiting until the deadline could mean longer wait times, higher costs, or even non-compliance penalties.

Who can write a depreciation report?

The government has also tightened the qualifications for professionals who are allowed to write depreciation reports in BC. As of the update, only the following professionals are permitted:

• Professional engineers
• Architects
• Applied science technologists
• Certified Reserve Planners (CRPs)

This change reduces the pool of eligible writers, and when paired with the new mandate, it creates a supply and demand crunch. Demand for reports is growing, while the number of qualified providers has been restricted. This means longer lead times and potentially higher pricing. Stratas that act early will have more choice and flexibility, while those who wait may face a bottleneck.

What you should do now

If you are a strata manager, council member, or owner, do not wait until 2026 or 2027. Start the process now to get ahead of the rush. Book a qualified provider early to avoid the scramble when thousands of stratas all try to comply at the same time. Stelor can help you review your current depreciation report, determine whether it meets the new requirements, connect with a qualified reserve planner if you need an updated study, and understand what the results mean for your building's long-term planning.

Why it matters

Depreciation reports are the foundation of sound financial planning for any strata. With inflation, aging infrastructure, and rising construction costs, relying on outdated information is risky. The new legislation ensures that buildings are better prepared, more transparent, and more financially sustainable. At Stelor, we believe these changes are a positive step forward — but only for those who are ready to adapt.