What is an Owner-Occupied Unit?
This is simply a residential unit that hasn't been leased out within the 60 days before the board gives the Notice of Meeting, as shown in the corporation's records.
The Condo Act says that if a corporation has at least 15 per cent of units which meet the above definition, and the developer no longer owns a majority of the units, the corporation must reserve at least one spot on the Board of Directors for a candidate that can only be voted on by these owners. This is meant to ensure that owners currently living in the building retain a voice in board decisions.