Missed the July 2026 Depreciation Report Deadline? Here's What Happens Next

As of July 1, 2026, every strata corporation with five or more lots in Metro Vancouver, the Fraser Valley, and the Capital Regional District was required to have a current depreciation report on file. If your strata doesn't have one yet, you're not alone — and you're not without options. Here's what the deadline actually means, what happens if you're overdue, and what to do next.

The Deadline Isn't New, But the Deferral Option Is Gone

Depreciation reports have been part of BC's Strata Property Act requirements for years, renewed on a five-year cycle. What changed is that strata corporations can no longer defer or waive the requirement by passing a three-quarters vote at the AGM. That loophole is closed. If your strata falls under the requirement, getting a report is no longer optional in practice.

What Actually Happens If You're Non-Compliant

There's no automatic fine issued by the province for missing the deadline. But "no fine" doesn't mean "no consequences." Being without a required depreciation report exposes your strata to real, practical risk:

Governance and council liability — council members can face increased scrutiny and exposure if a major repair issue arises without documented long-term planning in place.

Special levy risk — without a funding model showing what's coming and when, owners are more likely to be blindsided by a large, unplanned assessment.

Resale and financing friction — buyers, lenders, and their lawyers increasingly expect an up-to-date report; missing one can slow down or complicate a sale.

Insurance impact — some insurers factor depreciation report currency into risk assessment, and stratas that consistently go without one can face higher premiums.

Dispute exposure — non-compliance can become a point of contention at general meetings or, in worse cases, escalate to a Civil Resolution Tribunal or court matter.

What To Do Right Now If Your Strata Is Overdue

Don't wait for a vote — there isn't one to wait for. The deferral option no longer exists, so the fastest path is simply to commission the report.

Confirm your strata's lot count and location. The five-or-more-lots threshold and the Metro Vancouver/Fraser Valley/CRD boundary determine whether you're formally required — but even outside those boundaries, the five-year renewal cycle still applies province-wide.

Get a quote from a qualified preparer. Reports must come from one of BC's designated professional categories, including AACI-accredited appraisers and REIC-Certified Reserve Planners.

Budget for turnaround time, not just cost. A rushed report from an overloaded provider is worse than a properly scoped one — but the further overdue you are, the more that timeline matters.

How Clarity Appraisals Can Help

Clarity Appraisals' reports are prepared by Eugene Steckley, AACI — BC's first REIC-Certified Reserve Planner (CRP), with 15+ years preparing depreciation reports for strata corporations across the province. If your strata is overdue, get a quote and we'll walk you through what's needed and how quickly we can turn it around.

Frequently Asked Questions

Is there a fine for not having a depreciation report in BC?

No automatic provincial fine exists, but non-compliance creates real exposure around governance liability, special levies, insurance, and resale/financing delays.

Can my strata still defer getting a depreciation report by vote?

No. The three-quarters-vote deferral option has been removed. Strata corporations of five or more lots must obtain a report on the five-year cycle.

How long does a depreciation report take to prepare?

Timelines vary by preparer and strata size — ask for a specific estimate when requesting a quote, especially if you're already overdue.

Does every BC strata need a depreciation report?

Strata corporations with five or more lots, including bareland stratas, are required to obtain one on a five-year cycle, with no exemption by vote.

This article is for general informational purposes only and does not constitute legal advice. Strata corporations should consult a qualified lawyer regarding their specific compliance obligations.

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