When I sit down with clients to explore a strata property in Nanaimo, whether it’s a waterfront condo or a townhome near Departure Bay, I often get asked, “John, is this building well maintained?”

     It’s a smart question, and one of the best ways to find out is by reading the property’s depreciation report. But here’s the thing: not all depreciation reports are created equal, and the rules around who can write them are changing.

      Let me walk you through why this matters, especially here on Vancouver Island, where so many of our homes are in strata-titled communities.

       Not long ago, I was working with a buyer looking at a well-priced unit in North Nanaimo. Everything looked great on paper: the strata fees were low, the building appeared clean, and the seller had disclosed a depreciation report. But as I started digging in, something didn’t sit right. The report lacked detail. There were vague timelines for repairs and no clear cost breakdowns. It turns out that the person who wrote it wasn’t an engineer or a certified reserve planner; they had no professional designation recognized under BC legislation.

As of July 1, 2025, the BC government has made it crystal clear who is authorized to prepare these reports. Depreciation reports must now be written by a qualified person, which includes professional engineers, architects, certified reserve planners, applied science technologists, accredited appraisers, or professional quantity surveyors.

   This is big news for anyone buying or selling a strata property in Nanaimo. Whether you’re eyeing a luxury condo downtown or a quiet townhome in Chase River, you’ll want to make sure the depreciation report is not only current but also written by someone qualified under the new rules.

   Why does this matter? Because these reports tell the story of the building’s future. They outline what repairs are scheduled, when they’re due, and how much they will cost. A well-prepared depreciation report provides buyers with peace of mind and helps sellers differentiate themselves in a competitive market.

    But let’s say the report was written before July 1, 2025. Don’t panic. It may still be valid, especially if the document is well-detailed and the building has a good maintenance track record. What’s changing is the standard going forward, which brings more consistency and reliability to the process.

    In today’s Nanaimo real estate market, confidence matters. We’re seeing more informed buyers than ever, especially those relocating from the Lower Mainland or looking to downsize to the Island lifestyle. They want transparency, and they want to know they’re investing in a building with a plan, not just a pretty view.

    So, next time you’re reviewing documents for a condo or townhome, take a moment to check who wrote the depreciation report. Ask questions. Get clarity. If you’re unsure, reach out to someone who reads these reports every week, like me.

At nanaimohomesales.ca, I make it my job to guide clients through every step of the buying process, from reviewing strata documents to securing financing to moving in on move-in day. It’s not just about finding the right home, it’s about knowing what comes with it.

If you’re considering buying or selling a strata property in Nanaimo, or anywhere from Duncan to Campbell River, let’s grab a coffee and discuss your strategy. Because a good decision today leads to peace of mind tomorrow.