Annual General Meeting (AGM): Everything your condo needs to know

This article is provided for general informational purposes only and does not constitute legal, financial, or real estate advice. Laws change frequently and vary by province. Readers should consult with a qualified professional for advice specific to their individual circumstances.
 

What is a condo Annual General Meeting (AGM)?

An Annual General Meeting (AGM) is a legally required meeting where Ontario condo owners receive updates about the corporation’s financial health, elect directors, and vote on important matters. Under Ontario’s Condominium Act, every condo corporation must hold an AGM each year to give owners the opportunity to hear directly from the board and ask questions about operations, financial management, and future plans. The AGM is the official forum where many key decisions are made, and the board is held accountable to the owners.

Learn about board basics in our webinar 'Board 101: Back to basics'.
 

Common procedures: What happens in an Annual General Meeting?

An AGM follows a set order to keep the meeting organized and compliant with Ontario condo laws. While every condo corporation may have slight variations, the general flow is similar:

1. Call to order and confirmation of quorum: The meeting begins when enough owners (or their proxies) are present to meet the quorum requirement outlined in the condo’s bylaws.
    
2. Approval of the previous AGM minutes: The recorded minutes from the last AGM are reviewed and approved.
    
3. Board and management reports: The board, often with the help of their condo manager, provides updates on financials, annual maintenance plans, and upcoming projects.
    
4. Auditor’s report and appointment of an auditor: Ontario law requires most condo corporations to present audited financial statements. Owners may also vote to appoint or reappoint an auditor for the next fiscal year.
    
5. Election of directors: Open board positions are filled by election, with candidates nominated in advance or during the meeting.
    
6. Owner questions and new business: Owners can ask questions or raise concerns, although new items generally can’t be voted on unless they were included in the official notice.

These steps can help keep the AGM focused so all legally required items are covered.
 

AGM rules

AGM rules are outlined in the Condominium Act and in the condo corporation’s own bylaws. Some key rules include:

• Quorum requirements: Typically, at least 25% of owners (or their proxies) must be represented for the meeting to proceed. If quorum is not met, the meeting may need to be rescheduled.
   
• Agenda restrictions: Only items listed in the official notice can be voted on. Owners can ask questions about other topics, but no decisions can be made unless properly added to the agenda.
   
• Record-keeping: The board must keep accurate minutes of the AGM, including votes, motions, and questions raised by owners. These minutes become part of the corporation’s official records.
   
• Owner participation: Owners are entitled to attend, ask questions, and vote on matters, but they must follow proper speaking procedures set by the chair of the meeting.

When is it held?

An AGM must be held within six months of the condo corporation’s fiscal year-end. Some boards choose to schedule their AGMs sooner to address time-sensitive projects or elections, but the six-month deadline is a legal requirement.
 

When is notice given?

Owners must receive two notices: a Preliminary Notice and a Notice of Meeting.

• Preliminary Notice: must be sent at least 20 days before the Notice of Meeting.
   
• Notice of Meeting: must be sent at least 15 days before the AGM.

This means owners get a minimum of 35 days’ notice before an AGM. The notice package usually includes the agenda, financials, candidate bios, and proxy forms for owners who can’t attend but want to vote. If the required notice period is not followed, decisions made at the AGM could be challenged by owners.
 

Understanding the voting process in your AGM

The voting process in an AGM follows specific rules under the Condominium Act. Each unit typically carries one vote, regardless of how many people own it, unless the condo’s declaration assigns different voting weights (for example, based on unit size or percentage ownership). Owners can vote in person, by proxy, or, if permitted by the corporation, electronically. Votes are usually counted on a simple majority basis, except for certain issues like amendments to the declaration, which may require a higher threshold (often 80–90%). Proxies must be completed on the official form provided with the AGM notice, and they must be signed and submitted properly to be valid.
 

What happens if quorum isn’t met?

If quorum isn’t met at an AGM, the board cannot make any binding decisions, including electing directors or approving audited financial statements. The meeting can still be used for discussion, but no official votes can take place. If quorum isn’t achieved on the first two attempts at an AGM, the corporation may call a third meeting where a reduced quorum requirement may be applied. Boards should work with management to encourage attendance by reminding owners about the importance of quorum and making it easy to submit proxies.
 

Can Annual General Meetings be held virtually in Ontario?

Yes, AGMs can be held virtually in Ontario if the condo’s bylaws or rules and regulations allow it, and many corporations have adopted electronic meeting options since 2020. Virtual AGMs must still comply with the Condominium Act, including proper notice, quorum requirements, and secure voting methods. Owners can typically join through an online meeting platform, submit proxies electronically, and vote using approved digital tools. Virtual AGMs can improve attendance rates, but boards should work with experienced managers who can support a smooth process where votes are accurately recorded.
 

Need professional condo management in Ontario?

At FirstService Residential, we help condo boards prepare for successful Annual General Meetings by managing financial reports, coordinating notices, and organizing meeting logistics. Our experienced team supports boards year-round with budgeting, vendor management, and compliance so AGMs can focus on meaningful discussions rather than last-minute paperwork.

Contact us today to learn how our professional management can help your board run smoother, more effective meetings.