Why Attend an AGM

Why You Should Attend Your Condo’s AGM

If you're anything like I used to be, you probably wouldn’t have given your condo’s Annual General Meeting (AGM) a second thought. Honestly, I used to toss the Notice of Meeting package aside without opening it. But once I began working in condo management, I realized just how important these meetings really are for every owner.

An AGM is the once-a-year meeting your condominium corporation is legally required to hold under Ontario’s Condominium Act. For new condos, the first AGM has to take place within three months of registration. After that, corporations must hold one within six months of their fiscal year-end.

At every AGM, owners review the audited financial statements, and elect directors to the board. Sometimes there are also discussions about major upcoming projects or impending special assessments. It’s basically your corporation’s year-end check-in, where you get the financial pulse of the community and hear what’s coming next.

In the weeks leading up to the meeting, you’ll receive two notices. The preliminary notice comes about 35 to 45 days ahead and invites candidates for the board to submit their disclosure forms (which is included in the package). The formal Notice of Meeting arrives at least 15 days before and includes the agenda, proxy form, financial statements, and information on board candidates. Together, these notices give you more than a month to prepare and decide how you want to participate.

An AGM can’t proceed without quorum—at least 25% of owners present in person or by proxy. If quorum isn’t met, the meeting has to be rescheduled, which means doubling costs for venue or online platforms, paying the auditor and lawyer again (if required), and adding extra work for management. If quorum fails twice, a third attempt only requires 15% attendance. But do you really want such a small group making decisions that affect your entire community?

Cost aside, your AGM is the best opportunity to be informed. It’s where you hear about the corporation’s financial health, ask questions about spending, and see if the board is taking the right steps. It’s also where you get to elect the directors who will represent you—and that has a huge impact on how well your building is run.

I once managed a condo that was less than two years old and already on its third manager and third management firm. Their books were a mess, Tarion deadlines were missed, and they were late approving their annual budget. I drafted a budget that recommended a 30% fee increase and a $150,000 special assessment to get them back on track. The board delayed for months and ultimately approved only a small increase, leaving the corporation unable to pay vendors and sliding further into deficit. That kind of situation is exactly why owners need to show up and stay engaged—it’s your investment at stake.

Another tough topic that sometimes arises at an AGM is special assessments. A special assessment is a one-time charge to owners when there isn’t enough money in the budget or reserve fund to cover major expenses. While not ideal, they are sometimes necessary if past budgets haven’t been realistic or if unexpected costs come up. Reserve fund studies, which are required every three years, are meant to minimize this risk, but when contributions are kept too low, a special assessment becomes unavoidable.

Many owners assume their board is always acting in good faith. And in most cases, they are. But boards are made up of volunteers with varying levels of experience. The AGM is your chance to hear directly from them, to ask questions, and to ensure decisions are being made in the best interests of the community.

At the end of the day, your condo is likely one of the biggest investments you will ever make. Attending the AGM—or at the very least returning your proxy—is a simple step that protects that investment. It ensures accountability, builds a stronger sense of community, and gives you a say in the decisions that affect your home and your property value.

So the next time that Notice of Meeting package arrives, don’t set it aside. Open it, mark the date on your calendar, and plan to attend. Your condo—and your wallet—will thank you.