VISOA conducted a survey of 155 strata council presidents during the Spring of 2014 to obtain data about their strata corporation’s recent experience with new requirements for a depreciation report.
Highlights from survey results are:
- 64% had completed a depreciation report
- of those that have not completed a depreciation report, 50% had passed a resolution to waive the requirement
- of those that have completed a depreciation report, 94% said that prospective purchasers had requested a copy of a deprecation report
- 59% of completed reports were done by an engineering firm or consulting engineer
- 68% of those with depreciation reports said they would be increasing contributions to the CRF
- 82% were satisfied or very satisfied with the cash funding scenarios in their depreciation reports
- 80% indicated that the depreciation report made owners more aware of the need for higher CRF contributions
- 69% indicated that the requirement for a depreciation report every 3 years is too frequent
These results will be useful in identifying where improvements can be made to legislation and regulations that apply to depreciation reports. Many individual responses to open-ended questions provide well-reasoned ideas for improvements. They also point to a few things that depreciation report providers could be doing better. VISOA will be sharing results with depreciation report providers.
Further details of survey results can be viewed here.