Karin Barlow & Associates
Newport Realty Ltd.
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Depreciation Reports

Russell Cass from Home Check was here this morning to give us a better insight on depreciation reports. Some of the points Russell made were:

A depreciation report is nothing more than a home inspection with a maintenance budget.
A report is good for 3 years.
Reports are often difficult to read. As a Buyer it may be prudent to have a third party analyze and explain the document.
A Strata can vote against having a depreciation report done but they have to revisit that every 18 months.

*STRATA REGULATION REQUIREMENTS OF A DEPRECIATION REPORT
Persons Name
Qualifications
E&O or Statement of NO cover
Relationship with Strata if any
Date
Must state site was visited

Technical Info:
Building Structure
Exterior- Roof, Roof Decks, Doors, Windows, Skylights
Systems- Electrical, Heating, Plumbing, Fire Protection, Security Systems
Common Amenities and Facilities
Parking Facilities and Roadways
Utilities, including water and Sewage
landscaping, including Pathways, Sidewalks, Fencing, Irrigation
Interior Finishes including Floor Coverings and Furnishings
Green Components
Balconies and Patios
Identify Common and Limited Common Property that the Lot owner is Responsible to maintain and not the Strata

Financial Information

Financial Forecasts
Anticipated maintenance/Repair (more than annual)
Replacement Costs (more than annual)
Projected 30 years (use current or previous year financials)
Describe Factors and Assumptions, Interest Rates, Rate of Inflation
Describe Contingency Contributions
Balance in Contingency Fund (minus funds allocated but not removed)
Projected over 30 Years
Beginning with Current or Previous Fiscal Year
Show either or any of a) Fund Balance and Withdrawals b) Special levies c) Borrowings

*As interpretted by Russel Cass of Home Check

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Prohibition on the Purchase of Residential Property by Non-Canadians Act
From BCREA….

[As you may have heard], the Prohibition on the Purchase of Residential Property by Non-Canadians Act (Foreign Buyers Ban) came into effect on January 1, 2023. Like the Canadian Real Estate Association (CREA), the BC Real Estate Association is disappointed by the federal government’s decision to move forward with this legislation and the rollout of its regulations.
 
We anticipate that the Foreign Buyers Ban will not achieve its objective of improving housing affordability, given that foreign investment in BC real estate has been less than 0.5 per cent of purchases in the last two years.
 
Ottawa’s decision to release the supporting regulations only ten days before implementation gave REALTORS® across Canada very little time to understand and adapt to the new requirements.
 
As such, certain aspects of the Foreign Buyers Ban still lack clarity, including the exemptions. To that end, we are taking proactive measures to seek interpretations on the Foreign Buyers Ban regulations to ensure that REALTORS® have the information and resources they need to adapt to the changes.
 
Under CREA’s jurisdictional leadership, we are actively engaged in ongoing dialogue with federal policymakers, legal experts, Statistics Canada, the Canadian Mortgage and Housing Corporation and other stakeholders for clarification on the ambiguities.
  
In the days and weeks ahead, we will continue to update you as more information becomes available.

Source: BCREA
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