These findings are the first supportable details and trends on Depreciation Reports since the legislation was enacted in December of 2011
VANCOUVER, March 15, 2017 /CNW/ - Today, the Real Estate Institute of Canada - Greater Vancouver Chapter (REIC Vancouver Chapter) has released the first independent industry survey on depreciation reports within British Columbia. REIC Vancouver Chapter engaged an independent research and consulting firm "CRUX Group", to conduct the survey. The REIC Vancouver Chapter Depreciation Report Survey Findings and Analysis can be found at:
The survey shows that after 3 years since the effective date of the legislation, 58% of eligible strata corporations have obtained a depreciation report. Further, most strata corporations have put aside $1,000-$2,000/ unit for future repairs and after 3 years of first getting a depreciation report, renewal rates are at 21%.
"The information is extremely beneficial to BC's condominium industry as it provides insights that assist in understanding strata property owners and their needs. At the REIC Greater Vancouver Chapter, we believe in working together for the benefit of consumers and stakeholders. The high level of industry participation in the survey gives us solid information to understand the current market." said Maria Jeck, REIC Vancouver's Chapter President.
The REIC Vancouver Chapter undertook this survey on behalf of its members, specifically Certified Reserve Planners (CRP), Certified Property Managers (CPM), and Fellows of the Real Estate Institute (FRI) to obtain supportable information about the industry. The results of the survey provide valuable insight and will form a basis for future discussion with property owners, property managers, industry leaders, educators, service providers, and key regulators.
In 2011, depreciation report legislation and regulations were first introduced which, in essence, required strata corporations in BC to first obtain a depreciation report by December 2013 and every three years thereafter. A depreciation report is a plan for the long term funding of the shared physical components of a strata corporation. The report provides a path for budgeting those longer term physical component expenditures which do not occur every year, but that owners are collectively responsible to fund the replacement, renewal or repair. A depreciation report is prepared by qualified professionals including CRPs, Engineers, Appraisers and Building Consultants.
About the REIC The Real Estate Institute of Canada (REIC) is the only national provider of advanced education and designation programs that embraces all real estate industry sectors. Dedicated to the highest professional and ethical standards, REIC has been educating and certifying specialists since 1955.
About the CRP The REIC's CRP designation is a national professional designation specific to the expertise required to complete reserve fund studies and depreciation reports for condominiums, strata corporations, institutions, corporations and government entities.
About the CRUX Group The CRUX Group is a co-operative management consulting firm formed to provide the market with world-class delivery at reasonable prices. The CRUX group works integrally with its clients to get quickly to the crux of their clients' challenges and opportunities – and deliver exceptional value.
SOURCE REIC Greater Vancouver Chapter
For further information: or media inquiries, contact Michael LaPorte of the REIC Greater Vancouver Chapter Board at (604) 638-1033 or via email at [email protected]