6.21 When Depreciation Report Must Be Obtained

• 6.21 (1) In this section, “specified area” means any of the following:

• (a) the Capital Regional District, other than an island within the Capital Regional District that is accessible only by air or boat;
• (b) the Fraser Valley Regional District;
• (c) the Metro Vancouver Regional District, other than an island that is accessible only by air or boat.

• (2) Subject to subsections (3) to (5), a strata corporation must obtain a new depreciation report at least once every 5 years.
• (3) A strata corporation established before July 1, 2024 that has not obtained a depreciation report since December 31, 2020 must obtain a depreciation report

• (a) before July 1, 2026, in the case of a strata corporation located wholly or partially in a specified area, or
• (b) before July 1, 2027, in the case of a strata corporation located wholly outside of a specified area.

• (4) A strata corporation established on or after July 1, 2024 but before July 1, 2027 must obtain its first depreciation report no later than 2 years after the date of the strata corporation’s first annual general meeting.
• (5) A strata corporation established on or after July 1, 2027 must obtain its first depreciation report no later than 18 months after the date of the strata corporation’s first annual general meeting.

[en. B.C. Reg. 88/2024, Sched., s. 3.]