Vancouver Condo Depreciation Reports: What Buyers Should Check in 2026

If you are buying a condo in Vancouver, the depreciation report is one of the most useful documents in the strata package. It can help you understand what the building may need over the next 30 years, when larger projects may come up, and how the strata is considering paying for them.

It is not a guarantee of what will happen. Costs change, components can last longer or fail sooner than expected, and strata owners still make decisions through budgets and votes. Still, a current Vancouver condo depreciation report gives you a much better starting point than simply looking at the monthly strata fee or the balance in the contingency reserve fund.

When I help a buyer review a condo, I look at the report alongside the meeting minutes, current budget, financial statements, Form B and any engineering reports. The important information is often found in how those documents fit together.

What is a depreciation report?

A depreciation report is a long-term planning document for a strata corporation's shared property and assets. Depending on the building, it may assess items such as:

• Roofing and building envelope components
• Windows, balconies and exterior walls
• Plumbing, electrical and heating systems
• Elevators
• Parking areas and roadways
• Common-area finishes and amenities
• Ventilation and air-conditioning systems, where applicable

The report estimates the condition and remaining service life of these components, the approximate timing and cost of future work, and different ways the strata could fund that work. B.C. requirements call for a 30-year financial forecast and at least three cash-flow funding models.

Those models may use some combination of contingency reserve funds, increased strata contributions, borrowing and special levies. They are planning scenarios, not automatically approved budgets.

What changed for Vancouver stratas in 2026?

B.C. has strengthened its depreciation-report requirements. Strata corporations with five or more lots generally must now obtain a report on a five-year cycle and can no longer keep deferring the requirement through an annual three-quarter vote.

For older strata corporations in Metro Vancouver that had no depreciation report, or only had a report received before December 31, 2020, the deadline to obtain one was July 1, 2026. Reports obtained since July 1, 2025 must also come from a provider who belongs to one of the designated qualified professional groups under the provincial rules.

That makes 2026 an important year for condo buyers. More Vancouver buildings should now have a current report available, but "a report exists" is only the beginning of the review.

What I check in a Vancouver condo depreciation report

1. The report date and provider

First, I check when the report was completed and who prepared it. A report that is several years old may still be useful, but its project costs and timelines can become less reliable as construction pricing, inflation and the condition of the building change.

I also look at the scope of the review, the assumptions used and whether the provider identified any limits on the inspection. A depreciation report is not the same as opening walls or conducting a detailed engineering investigation.

2. Large projects expected in the next five to ten years

The near-term schedule usually matters most to a buyer. I look for expensive items approaching the end of their estimated service life, including roofs, piping, elevators, windows, parkade membranes and exterior-envelope work.

A project appearing in the report is not automatically a reason to avoid the building. Every property requires maintenance. The better question is whether the strata is actively planning for the work and whether its financial approach looks realistic.

3. The contingency reserve fund in context

A large contingency reserve fund can be reassuring, but the balance should never be viewed by itself. A building may have a healthy reserve today while also facing several expensive projects. Another strata may show a lower balance because it recently completed and paid for substantial work.

I compare the current reserve balance with:

• Upcoming costs in the depreciation report
• Annual contributions in the current budget
• Recent withdrawals shown in the financial statements
• Projects approved but not yet paid for
• The funding models recommended in the report

B.C. stratas are required to make a minimum annual contribution to the contingency reserve fund equal to 10% of the operating-fund budget. That is a legal minimum, not proof that the contribution is sufficient for a particular building.

4. Whether the minutes support the report

The depreciation report may identify a project for 2027, but the minutes tell me what council and owners are actually discussing. I search for references to inspections, leaks, contractor quotes, engineering advice, postponed work, fee increases and possible special levies.

If the report identifies aging piping and the minutes also show repeated water incidents or active repiping discussions, that connection deserves closer attention. If the strata recently completed the work, I look for invoices, completion updates and any remaining warranty or deficiency items.

5. Whether projected costs still appear realistic

Estimated costs can change materially over time. I check the inflation assumption and whether a report has been updated to reflect newer quotes or project information. A five-year-old estimate should not be treated as a current contractor price.

When the numbers are significant or the documents raise technical questions, a buyer may want advice from an appropriate engineer, accountant or lawyer. My role is to help organize the information, identify questions and make sure the documents receive proper attention before a buyer removes subjects.

A simple special-levy example

Suppose a report estimates that a building-envelope project will cost $1.2 million. After accounting for other planned expenses, the strata expects that $600,000 could be available from its contingency reserve fund. That leaves a possible funding gap of $600,000.

If a future levy were allocated by unit entitlement, and the strata had 10,000 total unit entitlements while the condo you were buying had 82, the simple calculation would be:

$600,000 × 82 ÷ 10,000 = $4,920

This is only an illustration. The final project cost, reserve contribution, timing, approved funding method and your actual share could all be different. It does show why I do not stop at the headline project cost. Buyers need to understand the possible effect on the specific unit. See how special levies work for the approval and payment rules.

What concerns me, and what does not automatically concern me

Items that deserve more questions include:

• An outdated or missing report where one should now be available
• Major near-term projects with little visible funding
• Repeated discussion of repairs without a clear next step
• Recent engineering reports that are referenced but not provided
• Funding models based on very low contributions despite significant upcoming work
• Large differences between the report's estimate and newer contractor quotes
• A history of postponing maintenance

On the other hand, an older building, a planned project or a possible special levy is not automatically a bad sign. A well-run strata may identify work early, obtain professional advice, communicate clearly and build a realistic funding plan. That can be more reassuring than a building with low fees and very little long-term planning.

Documents to review with the depreciation report

The report is most useful when reviewed with the full strata package. I normally want to see the current Form B, budget, financial statements, bylaws, insurance information, AGM and special-general-meeting records, and a reasonable history of council minutes.

The Form B should include the current budget, rules and the most recent depreciation report if one has been obtained. It also provides information about the unit and strata corporation, including the monthly strata fee, contingency reserve fund balance, parking and storage, and certain legal proceedings.

If you are still learning how the full process works, read my guide to buying a condo in Vancouver. You can also review the usual Vancouver condo closing costs and my first-time home buyer guide.

How I use the report before subject removal

I do not try to reduce a building to one number or label it "good" or "bad." I help buyers understand the timeline, compare the report with the strata's finances and meeting records, and turn unclear items into specific questions.

That could mean asking whether a quoted project is already included in the report, whether council has received a newer estimate, how an approved expense will be funded, or whether another professional report is available.

The goal is not to predict every future repair. It is to make the decision with a clear picture of the information currently available.

Frequently asked questions

Does a depreciation report predict special levies?

No. It can identify expected work, estimated costs and possible funding models, but owners still make future budget and funding decisions. A report can help reveal levy risk without guaranteeing that a levy will or will not happen.

Is a high contingency reserve fund always better?

Not necessarily. The reserve balance needs to be compared with the size, age and upcoming needs of the property. Recent completed work and approved but unpaid expenses also matter.

Should I avoid a condo if the report shows major work?

Not automatically. The condition of the component, timing, funding plan, purchase price and your own financial comfort all matter. The key is understanding the exposure before committing.

What if the strata has fewer than five lots?

Strata corporations with fewer than five lots are exempt from the provincial depreciation-report requirement while they remain below that threshold. Buyers should still review the property's condition, finances, maintenance history and shared obligations carefully.

Send me the MLS® number before you remove subjects

If you are considering a Vancouver condo, send me the MLS® number before you remove subjects. I can help you obtain the available strata documents, compare the depreciation report with the minutes and financial records, and identify the questions that should be answered before you commit.

Contact Daniel about a Vancouver condo or learn more about my Vancouver home-buying process.