In Canada, there are laws that govern the development, sale, and management of condominiums. These laws have provincial jurisdiction and thus each province has a set of rules and guidelines outlined in a Condominium Property Act or equivalent. These provincial acts are what lays out the rules and requirements for reserve fund studies and depreciation reports.
In Alberta, a reserve fund study is required every 5 years. The study must outline a capital replacement budget for the next 25 years. Alberta Condo Act
In Ontario, a reserve fund study is required every 3 years. The study must outline a capital replacement budget over a 30 year timeline for the condominium. Ontario Condo Property Act
In BC, a depreciation report is required every 3 years. The study must outline a capital replacement budget over a 30 year timeline for the condominium. BC Strata Property Act
In Saskatchewan, a reserve fund study is required every 5 years. The study must outline a capital replacement budget for the next 25 years. Saskatchewan Condo Property Act
For more information, visit reserveplus.ca.
No comments:
Post a Comment