Building Owner’s Guide to Building Reports

Canadian and US Terminology

Depreciation Report (Canada) / Reserve Study (United States)

A Depreciation Report, known as a Reserve Study in the United States, supports long-term capital planning by identifying common property assets, estimating their remaining service life, and forecasting future repair and replacement costs. The report helps owners understand upcoming expenditures, evaluate reserve fund adequacy, and make informed financial decisions about future building investments. It supports financial planning but is not a substitute for a detailed technical engineering assessment, including invasive or destructive testing.
In British Columbia, strata corporations with five or more lots are generally required to obtain and maintain a Depreciation Report on a five-year cycle. These reports must be prepared by qualified professionals, such as Professional Engineers, Architects, or Certified Reserve Planners.

What You’ll Receive

• Inventory of major common property assets
• Estimated remaining service life of building components
• Projected repair and replacement timelines
• Long-term capital expenditure forecast
• Reserve fund funding recommendations
• Financial planning scenarios and cash flow projections

Best Time to Complete
Every 3–5 years, or when updating reserve fund plans and long-term capital budgets.

Building Condition Assessment

A Building Condition Assessment evaluates the current condition and performance of a building or specific building systems. The assessment identifies deficiencies, deterioration, maintenance concerns, and potential risks while providing recommendations for repairs, further investigation, and future capital projects. These are often completed when buildings are older, when visible concerns have emerged, when owners are planning significant repairs, or when a clearer understanding of building condition is needed.

• Summary of observed building conditions
• Identification of deficiencies and areas of concern
• Photographs documenting key findings
• Assessment of probable causes of deterioration
• Repair and maintenance recommendations
• Prioritized actions based on urgency and risk
• Recommendations for additional specialist investigations where appropriate

Best Time to Complete
When concerns arise, before major repair projects, during capital planning, or as part of property acquisition due diligence.

Warranty Review (Canada) / Warranty Inspection (United States)

A Warranty Review, often referred to as a Warranty Inspection in the United States, identifies deficiencies that may be eligible for warranty coverage before key warranty deadlines expire. The review documents observed concerns, assesses whether they may fall within applicable warranty provisions, and helps owners understand potential claims and required follow-up actions. Warranty Reviews are typically completed before two-year, five-year, and ten-year warranty milestones, such as those established under BC’s Homeowner Protection Act or equivalent legislation in other jurisdictions.

What You’ll Receive

• Site review of accessible building systems
• Documentation of observed deficiencies
• Photographs and supporting observations
• Assessment of potential warranty-related concerns
• Summary of items requiring further investigation
• Recommendations for warranty claims and next steps

Best Time to Complete

Six to twelve months before a warranty milestone or expiration date. Selecting the right report helps owners focus resources effectively, understand risks, and make informed decisions about maintenance, repairs, capital planning, and warranty opportunities. If you’re unsure which report best fits your situation, a qualified building consultant can help determine the most appropriate starting point.

Which Building Report Do You Need?