How Much Does a Depreciation Report Cost in BC?

Every BC strata corporation with 5 or more strata lots now needs a depreciation report on a fixed cycle, and the first question most councils ask is what it will cost. There is no legislated price and no fee schedule — the number on your quote is a market price for professional services. What the legislation does control is the scope of the work, and scope is the single biggest driver of cost.

Why there is no published price

The Strata Property Act requires the report to be obtained from a "qualified person" and to contain the information set out in the Regulation (s. 94). Neither the Act nor the Regulation caps what that person may charge. So the honest answer to "what does a reserve study cost" is: get written quotes from at least three qualified firms, because the price depends almost entirely on your buildings.

Avoid anchoring on a figure a neighbouring strata paid. A 6-unit wood-frame townhouse complex and a 300-unit concrete high-rise with a pool, parkade and irrigation system are not comparable jobs.

What actually drives the price

The Regulation tells you where the hours go. A depreciation report must include a physical component inventory and evaluation based on an on-site visual inspection, a description and estimated service life over 30 years of the listed components, a financial forecasting section projected over 30 years, and at least three cash-flow funding models for the contingency reserve fund (Regulation s. 6.2). Cost scales with:

• Number of lots and buildings — more envelope, more roofs, more inspection time.
• Component count and complexity — structure, exterior and roofing, electrical, heating, ventilation, air conditioning, plumbing, fire protection and security systems, amenities, parking and roadways, utilities, landscaping and irrigation, interior finishes, green building components, balconies and patios are all named in the Regulation.
• Scope of the strata's repair duty — the inventory covers common property, common assets, and the parts of a strata lot or limited common property the strata is responsible to maintain or repair under the Act, the bylaws, or an agreement with an owner. A strata that has taken on extra responsibility through its own registered bylaws has a bigger inventory to price.
• The qualified person's designation — for reports obtained on or after July 1, 2025, the person must hold one of the credentials listed in the Regulation (for example a professional engineer or professional licensee engineering, an architect or architectural technologist, an applied science technologist or certified technician, AACI appraiser, certified reserve planner, or Professional Quantity Surveyor). Engineering-led reports and appraiser-led reports are priced differently.
• Travel and site access — remote or ferry-dependent locations cost more.
• Records quality — a firm that has to reconstruct your maintenance history bills for it. Organized minutes, contracts and past engineering reports shorten the job. Councils digging through years of PDFs sometimes use a tool like SearchStrata to run AI analysis across their document set before the consultant arrives.
• Timing — demand is concentrated around the statutory deadlines, so booking late is rarely cheaper.

Questions councils ask

When is our report due? A strata corporation established before July 1, 2024 that has not obtained a depreciation report since December 31, 2020 must obtain one before July 1, 2026 if it is located wholly or partly in the Capital Regional District, the Fraser Valley Regional District or the Metro Vancouver Regional District, and before July 1, 2027 elsewhere in BC. After that, a new report is required at least once every 5 years (Regulation s. 6.21; see also the Province's requirements page).

Can we still waive it by 3/4 vote? No. That waiver was removed. The only exemption is size: s. 94 (2) does not apply for so long as there are fewer than 5 strata lots in the strata plan (Regulation s. 6.22).

Which fund pays for it? The cost of obtaining a depreciation report is a common expense of the operating fund under s. 92 (a)(ii), so the cleanest route is a budget line owners approve at the annual general meeting. If you draw on the contingency reserve fund instead, an expenditure necessary to obtain a depreciation report needs only a majority vote at an annual or special general meeting — not a 3/4 vote (s. 96).

Does the report change our CRF contributions? It informs them. Since November 1, 2023 every strata corporation and section must budget at least 10% of the total budgeted operating-fund contribution to the CRF, determined after considering the most recent depreciation report (budgeting rules). Build that into your annual budget planning.

Compare quotes on scope, not just the bottom line

Ask each firm, in writing, to confirm the report will include the executive summary, the 30-year inventory and service-life estimates, the 30-year financial forecast with stated interest and inflation assumptions, and the three cash-flow models the Regulation requires — plus the consultant's qualifications and whether they carry error and omission insurance, both of which the report itself must disclose. Then ask what is extra: additional site visits, invasive testing, presenting at the AGM, or interim updates.

One more scheduling note: stratas of 5 or more lots also need an electrical planning report by December 31, 2026 (Metro Vancouver, Fraser Valley, Capital Regional District) or December 31, 2028 elsewhere, and smaller stratas need an EV-charging approval process by December 31, 2026 (details here). Some firms quote the two together, which can save a mobilization. Spending from the CRF to obtain an electrical planning report is also a majority-vote item under s. 96.

Once the report lands, the money is only well spent if council uses it — start with how to read a depreciation report. And if funding the report is hard because owners are behind, deal with strata fee arrears first. Self-managed councils tracking quotes, deadlines and CRF balances can keep it all in one place in ManageStrata.

This article is general information about BC strata law, not legal advice; verify against the current Strata Property Act and Regulation or consult a BC strata lawyer.