A strata with 5 or more lots must get a depreciation report from a qualified person at least once every 5 years. A strata with 4 or fewer lots is exempt “if and for so long as there are fewer than 5 strata lots in the strata plan”. Both rules are in the Strata Property Regulation (s.6.21 and s.6.22), and since July 1, 2024 owners can no longer vote to skip a report. A fiveplex or sixplex strata therefore needs a report, and the date of the first one depends on when the strata was created and where it is.
A depreciation report is a study of the shared parts of the building, how long each part will last, and what it will cost to repair or replace over 30 years. Owners use it to set the contingency reserve fund (CRF). This post gives the dates for each case, with worked examples for 5 and 6 lots. Our depreciation report guide covers how to read one.
The dates in Regulation s.6.21
| When the strata was established | First report due | After that |
|---|---|---|
| Before July 1, 2024, no report since December 31, 2020, in Metro Vancouver, the Fraser Valley or the Capital Regional District | Before July 1, 2026 | At least every 5 years |
| Before July 1, 2024, no report since December 31, 2020, anywhere else in BC | Before July 1, 2027 | At least every 5 years |
| On or after July 1, 2024 and before July 1, 2027 | No later than 2 years after the first annual general meeting (AGM) | At least every 5 years |
| On or after July 1, 2027 | No later than 18 months after the first AGM | At least every 5 years |
Source: Strata Property Regulation, B.C. Reg. 43/2000, s.6.21, current to October 27, 2026. Islands inside those three regional districts that can be reached only by air or boat are outside the “specified area”.
A strata is established on the day its strata plan is filed at the Land Title Office. The first AGM is set by section 16 of the Act: within the 6 weeks that start on the earlier of the day 50% plus one of the lots are sold, or 9 months after the first sale.
Three worked examples
A new fiveplex in Burnaby. The strata plan is filed in September 2025 and the first AGM is held on March 10, 2026. The strata was established between July 1, 2024 and July 1, 2027, so the first report is due no later than March 10, 2028, 2 years after that AGM. The next is due within 5 years after that.
A new sixplex in Kelowna. The strata plan is filed on August 1, 2027 and the first AGM is held on February 1, 2028. The strata was established on or after July 1, 2027, so the first report is due no later than August 1, 2029, 18 months after the AGM. The owner developer must also pay money into the CRF toward that report by the first AGM (s.6.23): the lesser of $5,000 plus $200 per lot, or $30,000. For 6 lots that is $6,200. For 5 lots it is $6,000.
An older fiveplex in Vancouver. The strata was created in 2015 and has had no report since December 31, 2020. It is in Metro Vancouver, so its report was due before July 1, 2026. That date has passed, so the strata is late and should order one now.
The examples use dates we chose to show the rule. Your own dates come from your strata plan and the minutes of your first AGM.
Count the lots on the plan
The exemption in s.6.22 counts “strata lots in the strata plan”. A fiveplex where one person owns two lots is still a 5-lot strata. A sixplex built as 3 strata lots with a suite in each is a 3-lot strata. Our page on rules by size lists the other rules that change at 5 lots, including the electrical planning report.
Who can write the report
For a report obtained on or after July 1, 2025, Regulation s.6.2(0.1) requires a person with the knowledge to understand the strata’s property who is one of the following:
- a professional engineer or professional licensee engineering, registered with the Association of Professional Engineers and Geoscientists of the Province of British Columbia
- an architect or architectural technologist, registered with the Architectural Institute of British Columbia
- an applied science technologist or certified technician, registered with the Applied Science Technologists and Technicians of British Columbia
- an Accredited Appraiser Canadian Institute (AACI)
- a certified reserve planner accredited by the Real Estate Institute of Canada
- a Professional Quantity Surveyor
Engineering licensee, architectural technologist and certified technician were added on October 27, 2025 (B.C. Reg. 187/2025).
What the report must contain
Regulation s.6.2(1) to (3) sets the contents:
- An inventory of the shared parts, based on an on-site visual inspection, with each item’s expected service life over 30 years: structure, exterior (roofs, roof decks, doors, windows, skylights), systems (electrical, heating, ventilation, plumbing, fire protection, security), amenities, parking and roads, water and sewer, landscaping and fences, interior finishes, green building parts, and balconies and patios.
- A list of the common property and limited common property that owners, and not the strata, must repair.
- A 30-year forecast of repair and replacement costs, with the interest and inflation rates assumed.
- How the CRF is funded now, and its balance minus spending already approved.
- At least 3 cash-flow funding models, using the reserve, special levies, borrowing, or a mix.
- The preparer’s name, qualifications, errors and omissions insurance, and relationship to the strata, the date, and an executive summary.
Paying for it and using it
Spending from the CRF on a depreciation report needs only a majority vote at a general meeting (s.96(b)(i)(A)(I)). Work the latest report recommends on common property also needs only a majority vote. Other reserve spending needs a 3/4 vote. In a 5-lot strata, a majority vote is more than half the votes cast, so 3 of 5 owners pass it if all vote.
The report also sets fees. Each year’s CRF contribution must be set after considering the most recent report (Regulation s.6.1(1)), and it can never be less than 10% of the operating budget (s.6.1(2)). Our budget and reserve fund guide shows how to set the contribution.
The Province publishes no price for a report. Its practical tips page says reports “will range in price, depending on the size and complexity”. Ask at least two qualified people for a written quote.
Buyers will see it
Section 59(4)(d) says the most recent depreciation report must be attached to every Form B Information Certificate, so a buyer of any unit in your fiveplex or sixplex receives it. Our Form B guide lists the other attachments. Depreciation reports are also among the records a strata must keep permanently (Regulation s.4.1). A strata of 5 or more lots that has no report when one was due will have nothing to attach.
Our depreciation report guide has a checklist for ordering your first report.
We are building the StraPlex app for owners of 2 to 6 unit stratas, with the report due date worked out from your plan and your first AGM, and a reminder before it arrives. The waitlist is below.
David Babakaiff, Co-Founder, VanPlex | PlexRank™ | Profit with Multiplex
