Annual General Meetings (AGMs) are one of the most important milestones in the governance of any condominium corporation. They provide a structured opportunity for unit owners to review the financial health of the corporation, elect new directors, and hold both the board and management accountable for their actions over the past year.
In Ontario, the requirements for AGMs are set out clearly in the Condominium Act, 1998. The legislation requires that every condominium corporation hold its AGM within six months of the end of its fiscal year. This ensures that owners have timely access to financial statements, audit results, and the ability to make informed decisions about the future of their community.
For York Region Standard Condominium Corporation No. 1253 (YRSCC 1253), known to residents as The Fountains, the corporation’s fiscal year ends on March 31. This means that the AGM for 2025 should, by law, be held no later than September 30, 2025.
As of September 22, however, no official communication has been sent to owners about the date of the AGM. This silence has raised understandable concerns among unit owners and residents alike.
Transition from Court-Appointed Administrator to Elected Board
The governance of YRSCC 1253 is in a period of transition. For some time, the condominium was overseen by a Court-Appointed Administrator (CAA), a measure usually taken when governance challenges prevent the normal functioning of a condominium board.
On July 4, 2025, powers were officially transferred from the CAA back to the formerly elected “shadow board”. At that point, the board ceased to be a “shadow board” and assumed full legal authority to act on behalf of the corporation.
It is understandable that transitions of this nature take time. New directors must orient themselves to their roles, address pressing operational issues, and re-establish governance practices. However, compliance with the Condominium Act remains non-negotiable. The AGM requirement exists to ensure continuity and accountability, especially during times of change.
The Financial Audit and Its Role in the AGM
One of the reasons cited for the delay of the AGM is the pending completion of the mandatory financial audit. Under the Condominium Act, audited financial statements must be presented to unit owners at the AGM.
Correspondence with legal counsel has confirmed that the audit is still underway and is expected to be finalized shortly. While this provides some explanation, it also raises important questions:
- Could preparations for the audit have started earlier, particularly once it became clear that the transfer of authority from the CAA was imminent?
- Was there a contingency plan in place to meet the statutory deadline for the AGM?
- Why have owners not received timely updates from either the board or management about the expected delay?
These concerns reflect residents’ desire for greater transparency in the condominium’s governance.
Transparency and Accountability
Condominium owners do not directly manage property management companies or financial audits. Instead, owners elect a board of directors whose duty is to act on behalf of the corporation. The Condominium Act requires directors to act honestly, in good faith, and in the best interests of the corporation.
The lack of communication to date creates an impression of distance between the board, management, and the ownership community. Even if the reasons for the delay are valid, the absence of open dialogue undermines trust.
What Owners Are Asking
Owners and residents of The Fountains are not seeking to interfere with the board’s authority. Instead, they are calling for constructive steps that align with the spirit and letter of the Condominium Act:
- Call the AGM without further delay – or provide an immediate, transparent update on the expected timeline once the audit is complete.
- Increase communication – by sending regular updates to owners about the status of the audit, anticipated AGM scheduling, and other governance matters.
- Review property management options – while owners cannot directly hire or fire management companies, the board can. Many owners are urging the board to begin exploring alternatives to ICON Property Management to ensure the corporation receives the level of service it requires.
- Commit to accountability – by ensuring that the AGM, once held, is a genuine forum for questions and discussion.
Moving Forward
The upcoming AGM will be a pivotal moment for YRSCC 1253. It represents not only a legal requirement under Ontario law but also a vital opportunity for owners to reconnect with the governance of their community after a period of court-appointed oversight.
While delays are frustrating, they need not define the future. What matters most now is how the board responds. Clear communication, timely action, and a willingness to engage openly with owners will go a long way toward rebuilding confidence.
AGMs are more than just formalities; they are a cornerstone of democratic governance in condominiums. Owners deserve to know when they will be able to exercise their rights, review financial statements, and elect directors who will guide the corporation forward.
As September 30 approaches, the call is simple: let’s uphold the standards set by the Condominium Act, respect the rights of owners, and ensure that The Fountains remains not only a desirable place to live but also a community governed with transparency and integrity.
