What is a Housing Co-op?
A housing co-op is an organization incorporated under the Cooperative Association Act that provides housing to its members. Members purchase a share to join (similar to a damage deposit) and pay a monthly housing charge (similar to rent), but unlike being a renter, the members have a voice in co-op governance.
Advantages of Co-op Living
Security of Tenure
There's no landlord that could move themselves in, sell or re-develop your apartment. You can live in your home as long as you wish, as long as you follow the rules of the co-op and pay your housing charges.
Long-Term Affordability
Co-ops are not profit-seeking businesses. That means that your housing charges go towards the direct costs of running and maintaining the building, and being re-invested into the co-operative, rather than providing profit to an external owner.
A Democratic Voice
As a co-op member, you have a say in decisions that affect your home. Co-op members elect a volunteer Board of Directors, who have a legal obligation to act honestly, in good faith, and in the best interests of the co-op.
Strong Community
Co-ops are self-governed, mixed-income communities, home to people of all ages and backgrounds. While it's common to hear people in other forms of housing say they don't know or never speak to their neighbours, co-op members live and work together to create homes in active communities.