As of December 13, 2011, new regulations were enacted under the Strata Property Act. A Depreciation Report, commonly known as Reserve Fund Study, is now legislated for strata corporations as a planning document to establish long term future repair/replacement and maintenance costs of common property and common assets. As condominiums age an adequate Contingency Reserve Fund is essential to pay for common expenses. If the Contingency Reserve Fund is not sufficient, special levies are applied to each home owner as required.
Kent-Macpherson has staff recognized for their experience in the completion of these reports, and is able to offer individual Strata Corporations consulting and advisory services for their long term preparation.