Elevator Depreciation Reports

Elevators are one of the largest single expenses in a multi-storey strata building. They're also one of the hardest to estimate accurately.

Provincial legislation restricts physical inspection of elevator components to designated elevator specialists — which means every standard Depreciation Report consultant, including us, must rely on typical lifespan projections and industry-average replacement costs. That's a reasonable estimate. But for a component that can cost hundreds of thousands of dollars to replace, "reasonable" may not be good enough.


What a Specialist Report Changes

A Professional Elevator Consultant can assess the actual condition of your elevator system and provide accurate, component-specific replacement values — not averages. Elevator costs and technology vary significantly based on the number of floors, cab size, and manufacturer. A building with a 30-year-old hydraulic elevator and one with a newer traction system are not interchangeable in cost — but a standard lifespan table treats them similarly.

A supplementary Elevator Depreciation Report is optional, but we recommend it when:

For best results, the elevator review should be completed before your main Depreciation Report inspection, allowing the findings to be incorporated into the final reserve fund analysis.