A buyer is considering a unit in a 40-lot BC strata. The strata council says the owners voted by a 3/4 vote to waive the depreciation report. Which statement should the buyer's licensee rely on?
Correct Answer
B) The waiver has no effect; a strata of 5 or more lots must obtain the report
The 3/4-vote waiver in Strata Property Act s. 94(3) has been repealed, and the regulation now requires a depreciation report at least once every 5 years. The only exemption is for strata plans with fewer than 5 strata lots (Strata Property Regulation s. 6.22), so a 40-lot strata cannot waive it.
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