Whale said:
There's no requirement for you to compensate other Owners or your O/C, but it is customary for you as the Proponent to cover the O/C's costs to convene the General Meeting (unless it's the scheduled AGM), and to pay its costs to draft and Register the Exclusive Use By-Law on the Strata Title.
There's no requirement in the Act but your neighbours might say now or in the future, “what's in it for us”? In other words, the 'requirement' might simply be to keep them happy so you get the 75 percent of the votes you need to pass this.
And there was a case a few years ago where a majority owner gave himself permission to annex the roof pace of his building without compensating the other owners. That was deemed a 'fraud against the minority' and he was forced to pay his neighbours for using their common property to massively enhance the value of his.
The formula established then was the that you pay the Owners Corporation the difference between the value of the home as is and what it will be worth as improved, minus the costs of building the deck (including legals).
It may be minimal, it may not. But it's something you should at least look at to keep your neighbours onside.
That aside, Whale's explanation of the process is spot on.