Reserve Fund Study vs. Depreciation Report

If you own a condo, you may be starting to hear about the upcoming changes to the Strata Property Act for mandatory reports in the near future.  The goal with these reports is to offer owners, and those buyers looking to own, a detailed report on length of life of the buildings and those items comprising the building, with dollar values for replacement associated with those items.  The idea being that there can be more accurate budgeting for the strata corporation, decreased emergency repairs/replacements, and decreased levies due to property maintenance.  Read this article by the Director of the Condominium Home Owners' Association.