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Depreciation Report

A budget planning tool that identifies the current status of a Reserve Fund and a Funding Plan to offset the anticipated expenditures for the major repairs and replacement of components, elements, or assets, for which a corporation or association is responsible.

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Process Summary

OurCastle Depreciation Reports comply with applicable legislative requirements and adhere to the industry standards set by the Real Estate Institute of Canada.

  • Accurate Estimations
  • Impartial Opinion of Condition
  • Technical Expertise
  • Maintenance Advice
  • Meaningful Financial Analysis
Differences Between A Depreciation Report and a BCA
1
Submit Essential Documents
Help us get familiar with your property. We’ll request key documents like drawings, financials, maintenance records, and past reports so we can hit the ground running with real context.
2
Conduct the Site Visit
We walk the property, document current conditions, and assess key components, from roofing and cladding to mechanical systems and common areas. Our assessments are thorough and unobtrusive.
3
Meet to Review Draft
Once a draft is ready, we meet with you to review the findings and funding strategies. Your feedback helps shape the final version of the report.
4
Receive the Final Report
You receive a polished document with clear recommendations, cost projections, and a roadmap for decision-making. Optional follow-ups or supplementary tools are always available.

What’s Included

  • 30-Year Cash Flow Projection
  • Multiple Funding Strategy Scenarios
  • Major Property Components’ Lifecycle Estimates
  • Visual Summary Tables and Charts
  • Maintenance Notes, Observations, And Stewardship Recommendations

Looking for more? Check out our Asset Management Planning service.

Frequently Asked Questions

Is a Depreciation Report / Reserve Fund Study mandatory?

It depends on your province / state. In British Columbia, Stratas with 5 or more units must obtain a Depreciation Report and renew it at least every 5 years. In Alberta, Saskatchewan, and Manitoba, similar requirements apply for Condominiums under each province’s legislation, though the specifics and exemptions vary.

We recommend renewing every 4 years to keep your planning current. Costs shift, buildings age unpredictably, and your priorities evolve.
Depreciation Report / Reserve Fund Study follow a standardized funding model and don’t always reflect your exact phasing or priorities. For more flexibility and customization, check out our Asset Management Planning service.
No, but digital drawings significantly improve the accuracy of quantity and layout assumptions. If your documents are missing or outdated, we offer drawings procurement and digitization services – useful not just for reports, but for engineers and contractors down the road. Organizations that have digital drawings often avoid extra costs.
Often yes — many funders accept Depreciation Reports or Reserve Fund Studies as part of capital funding requests. If you need more tailored funding models or risk framing, we recommend an Asset Management Plan.
Every report includes a review meeting, where we walk through our approach and welcome your feedback. If we can find a defensible rationale, using impartial sources, we are happy to reference it in the report. We’re here to build a tool that works for you – not just deliver a document.

Useful Links

British Columbia – Strata Depreciation Report Requirements

International Capital Budgeting Institute – Reserve Study Professional Standards

Condominium Home Owners Association of BC – What you need to know: Depreciation Reports

Risks of No-Plan Stewardship

Now you have a plan.

A Depreciation Report that fits your organizational goals and circumstances allows you to:

  • Develop a financial strategy
  • Make informed budgeting decisions
  • Minimize the chance of surprises

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Our reputation is built on delivering tools that drive results. Informative meetings, detailed conversations, and collaborative planning are key to our method.

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