Who can complete a Depreciation Report (Reserve Fund Study)?
The current legislation in British Columbia provides the broad definition of a “qualified person” as:
“any person who has the knowledge and expertise to understand the individual components, scope and complexity of the strata corporation’s common property, common assets and those parts of a strata lot or limited common property, or both, that the strata corporation is responsible to maintain or repair under the Act, the strata corporation’s bylaws or an agreement with an owner and to prepare a depreciation report that complies with subsections(1)to (4).”
The result is that many individuals or companies including Engineers, Building Inspectors, Reserve Planners, Architects, Real Estate Appraisers and Financial Planners are completing Depreciation Reports.
At Phung Horwood our team consists of Accredited Appraisers (AACI) and Professional Engineer (P.Eng), all of whom have also completed all of the required Certified Reserve Planner (CRP) education administered by the Real Estate Institute of Canada (REIC). The REIC awards the CRP to qualified individuals and is the only designation specific to Reserve Planning in Canada.