Blog › December 2012

Depreciation Reports

Depreciation Reports (a.k.a Contingency Reserve Fund Study):

On December 13, 2011 new regulations came into effect requiring all buildings comprising of 5 or more strata lots, to obtain a Depreciation Report from a "qualified person" by Dec. 13, 2013.

Strata corporations can by way of 3/4 votes at an Annual General Meeting, or a Special General Meeting, choose to not conduct such reporting; with this having to be revisited 18 months after the vote passes.

What is a Contingency Reserve Fund (CRF):

CRF is a portion of the maintenance fee contributions of owners in a Strata Corporation, which is usually used in the case of emergencies and in maintenance required less than once a year.

This study is a planning tools to predict the funds required for proper maintenance and addressing of predictable capital replacements.

As a part of this study, the company hired to conduct this task, usually sends out a questionnaire to owners in an effort to understand the condition of the building.

As an owner, it is highly recommended to take this seriously and to contribute with information so that this study can be as accurate as possible. It is crucial for your investment.

If you have any questions or clarification regarding the Depreciation Report, feel free to contact me.

 

 

 


Vancouver Ranked No. 1 City in North America

The Mercer Quality of Living Ranking has ranked Vancouver the No. 1 city to live in North America, and the No. 5 most livable city in the world among 221 cities.

The many factors taken into account in ranking the cities include important issues such as personal safety, economic and political stability, education and health care systems as well as public services.

Vancouver is the only North American city to rank in the top 5 cities in the world, in the same groups as Vienna (1), Zurich (2), Auckland (3) and Munich (4).

A separate survey was done on the infrastructure of the cities and Vancouver ranked No. 9 in the world for areas such as electricity, telephone, water, traffic congestion, public transportation and international flight availablity.

Congratulations to those who have made this beautiful city their home.

vancouver ib