Mandatory Strata Property Depreciation Reports

New regulations introduced last December by the provincial government are aimed at giving an added layer of confidence to buyers considering a purchase in the strata market. It is now mandatory for all strata properties in B.C. greater than 4 units to have a common property depreciation report completed by December 13, 2013. These depreciation reports are to be used to establish long term planning for common property and assets to determine the following aspects of a strata property:

  • The assets owned by the strata corporation
  • The condition of those assets
  • When assets need replacing
  • How much money the strata corporation currently has (the contingency reserve)
  • What the replacement cost is likely to be
  • The payment plan (three cash flow models projecting 30 year replacement periods)

The regulations also set out the necessary qualifications of persons providing the reports, a schedule of updates, disclosure of reports and financial planning to accomplish the necessary results. A Strata may defer a depreciation report by passing a ¾ majority vote to that effect every 18 months.

There are changes in store as well to the Form B, Information Certificate for specific disclosure of parking stall and storage locker designation and allocation effective January 1, 2014.

The Executive Director of the Condominium Home Owners Association of B.C., Tony Gioventu, says it’s a positive development for the strata community. “These reports will change how people buy and sell a strata lot, and how people qualify for a mortgage. Buyers will now be able to ask for copies of the depreciation report so they know up front what they are buying into. Mortgage brokers will also want to assess risk when determining eligibility for financing.”

This is the kind of good news your prospective buyers are eager to learn from you as their professional REALTOR®. Watch for educational events being held around town by various Divisions of the Real Estate Board of Greater Vancouver. And check out the latest updates on the Status of Changes to the Strata Property Act and Regulations here.

SOLD! #502 14 E Royal Ave, New Westminster (Victoria Hill) James Garbutt


WHEN ONLY THE BEST WILL DO! Gorgeous Unobstructed River & Mountain views from this outstanding,QUIET, bright, Rainscreened, Top floor 3 bed+2 ENSUITE bath 1237 sq. ft. suite. Offered FURNISHED w/aprox $50K of designer pieces from Scan Design & Inspiration, upgraded Top of the line S/S appliances, gas stove.Vaulted ceilings,crown moulding, high quality laminate throughout, $2400 Titan 3M window films. $20K owner built in air cond/heat/dehumidifiers,upgraded paint & blinds. 3 Parking Stalls + Locker.Only lowrise in Victoria Hill-ONNI’s Master Planned Community-in house amenities incl. Guest Suite/exercise/party room+.LOW maint fees. Great Central location close to Queens Park, C.G Pool, schools, transit,shopping. Sure to impress!

#110 9329 University Cr., Burnaby

March 18, 2011 – Video Blog of #110 9329 University Cr., Brunaby

IMPRESSIVE 2 Bed, 2 Bath Corner Unit with HUGE 1000sqft Patio!! These units are rarely available & are very unique! Enjoy entertaining on the Patio, it has plenty of space for a garden, patio set, and BBQ. It is also fully fenced off and secure. This unit is on the first floor, it is privately situated & one level up from the ground level. Interior Feature Include: brand new Tigerwood flooring (exotic HW), lots of windows bringing in natural light, gas fireplace, stainless steel appliances (with gas range) & beautiful wood cabinets. Master bedrooms is very spacious and has a walk-in-closet. Excellent location, steps to supermarkets, elementary school, SFU, shopping & restaurants. 1 Parking & 1 Locker included.

FOR MORE DETAILS:

http://mlsr.realtylink.org/mlsr_get/res_sale_result_detail.cfm?comID=&agentID=52438&searchtype=both&CID=1180398&TMPL=1&MLS=V876271

Garden - 110 9329 University Cr., Burnaby (James Garbutt)Garden - #110 9329 University Cr., Burnaby (James Garbutt)

45 Bedard Cr., Port Moody

Video Blog Tour – 45 Bedard Cr., Port Moody

Outstanding home, cozy & well kept, situated on a HUGE private lot on a quiet friendly street in Port Moody’s sought-after College Park area.  In walking distance to 3 levels of schooling, or a short bus ride to the West Coast Express or Lougheed skytrain.  Fully renovated in 2002 with screened vinyl windows, gas fireplace, hardwood floors & wooden cabinets. Newer updates include: metal roof (2 years old), rear shed (with electricity & phone services) & rear fence.  Backing onto a peaceful ravine, enjoy the tranquil setting of nature surrounded by mature trees, countless flowers, plants & plum trees.  Don’t be deceived by the size – it’s well laid out with plenty of storage space in the shed & crawl space.  Great for entertaining with French doors off the kitchen leading on to a large private deck. A must see!

Sutton Member Program – Discounted Mortgage Rates Offered to Clients

March 13, 2010  – Sutton Member Program (Discouned Mortgage Rates!!)

For current rates visit www.suttonmember.com **refinancing is also available

Video Blog Tour – #906 220 11th St. New Westminster

February 17, 2010 – #906 220 11th St., New Westminster