Vancouver Condo Real Estate Video Blog #737 - October 29, 2012
Coming Soon 30 Year Depreciation Plan For All Vancouver Condo Strata Corporations
Ian Watt video blogs about how in 2013 it will be required that all Strata Corporations file a 30 Year Depreciation Report which is a 30 year plan to budget for foreseeable expenses regarding building maintenance. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright iWatt Media © All Rights Reserved 2012.
Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. In December 2013 every Strata Corporation in the province of British Columbia we’ll have to make a depreciation report it’s like a preventive of maintenance program that will spent 30 years. It has to be updated every three years and basically what they’re going to do they’re gonna make a plan for every strata corporation, every strata council we have to come up with this plan to anticipate any future problems or future repairs. So we don’t have a situations like leaky condo craze that we had before. Of course this will help every strata corporation and a lot of people are planning at it right now for their stratas. However, there will be in my opinion a lot of buildings that haven’t done a lot of repairs, a lot of older strata corporations are going to see their maintenance fees go up because they are going to have to plan for this 30 year plan in three year intervals for doing new rooms, new boilers, new facades or window upgrading. Whatever it is, everything has to be written into this 30 year plan. And it’s definitely gonna make maintenance fees for all strata corporations go up so they aren’t many big special assessments coming up that people didn’t see coming. My name is Ian Watt if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!