What a depreciation report is in BC

A depreciation report lists everything your strata is responsible for maintaining and forecasts the cost of repairing and replacing it over the next 30 years. It is prepared by a qualified professional after an on-site visual inspection.

The rules got stricter in July 2024. Every BC strata with five or more lots now needs a new report at least every five years, and councils can no longer skip it with an annual 3/4 vote. Stratas in Metro Vancouver and the Fraser Valley without a report dated after December 31, 2020 had to get one by July 1, 2026. Stratas in the rest of the province, including Kamloops, Vernon and Kelowna, have until July 1, 2027.

The report also goes to buyers with the Form B Information Certificate, so it shapes how your building looks to the market.

How painting shows up in the report

Painting is listed as its own component, or as several. Exterior walls, trim, railings, interior hallways, lobbies, stairwells and parkade walls are often tracked separately. Each one gets three numbers:

Estimated service life: how many years a coating is expected to last before it needs to be redone.
Remaining life: how many years are left based on the inspector's assessment of its current condition.
Replacement cost: what the next repaint is expected to cost, adjusted for inflation over the 30-year forecast.

Those numbers decide when the repaint lands in the cash-flow tables, and how much the strata needs to have set aside by then. Exposure, coating type, and how well the building is maintained all affect the figures, so check your own report rather than relying on a rule of thumb.

What changes after a repaint

When the work is finished, the painted components go back to full remaining life. In the next report update, the next repaint shifts out by a full cycle instead of sitting in the next year or two.

That has a few knock-on effects for the strata:

Less near-term pressure on the reserve fund. A big expense that was looming moves further out, which gives the fund time to rebuild.
Fewer surprises. Projects that were overdue in the old report stop showing up as urgent items that might call for a special levy.
A better story for buyers. A recent repaint, documented in the strata's records, shows that the building is being looked after.

The flip side matters too. Putting off a repaint that is due doesn't save money in the report. The cost stays in the forecast, usually grows with inflation, and the condition of the surface keeps getting worse in the meantime.

Keep the paperwork. Your contract, the paint specification, colour schedule and warranty all help the next report provider confirm what was done and when.

Paint protects the expensive components

Paint is one of the cheaper lines in most depreciation reports, but it protects some of the most expensive ones. Exterior coatings keep water out of siding, trim, wood framing and metal railings. When the coating fails, those components start to break down faster, and their remaining life in the next report can shrink.

On the West Coast, water is the main enemy. In Kamloops and the Okanagan, it's strong sun, big temperature swings and freeze-thaw cycles. A repaint is also the right moment to deal with the small problems around it: failed caulking and sealant joints, soft wood trim, and rust on railings and flashings. Fixing these during the paint job keeps them from turning into envelope repairs later.

Inside the building, fresh paint in hallways, lobbies and stairwells is mostly about appearance and durability. Even so, it helps the interior finishes line in the report stay on track.

Tips for strata councils

Find the painting lines in your current report and note the remaining life and cost for each.
Have a painting contractor look at the surfaces that are due soon. A report is based on a visual inspection at one point in time, and conditions change.
Get your quote well before the AGM, so owners can vote on real numbers rather than the report's estimate.
Bundle the related repairs, like caulking, wood trim and railing rust, into the same project.
Keep all project records and give them to your next depreciation report provider.

Planning a repaint?

Unitus Painting works with strata corporations across Metro Vancouver, the Fraser Valley, Kamloops and the Okanagan on interior and exterior repaints, caulking and sealants, carpentry and concrete repairs, and balcony membranes. Every project comes with a full warranty on labour and materials, with details in the quote.

If your depreciation report says a repaint is coming up, call us at 604 716 4054 or email bryce@unituspainting.com. We'll give your council a clear, detailed quote to take to the vote.

Sources

Strata depreciation report requirements, Province of BC

This article is general information, not legal or financial advice. Check with your strata manager or depreciation report provider for your building's specifics.

What Does a Repaint Do to Your Strata's Depreciation Report?

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