What is co-op housing?

[Riverman]

Not something I'm familiar with, is it like public housing?

Here is an example.

http://goo.gl/maps/A0gw

 

[khris]

I don't know much about it, but I do know that everyone in the building contributes to the building in some way. The rent is cheaper, and there are waiting lists to get into these places.

 

[dt_toronto_geek]

That's pretty much it, everyone contributes some time each month that best suits them from office work, doing light superintendent type duties, cleaning, painting, landscaping etc. thus reducing the need to hire people for those jobs. Co-operative rentals are non-profit, each person who lives in a co-op is a member and can vote for who sits on the Board of Directors to how decisions affecting the operation of the building are carried out as there is no landlord. Co-op's can range from high rises to a small group of town houses or a group of homes in close proximity. There are usually a percentage of subsidized units in each co-operative and the balance are market rental suites which are considerably lower than regular market rentals in a given neighbourhood. For example a two bedroom in a decent rental building downtown rents for about $1500-$1700 a month, in a co-op the range for market rent is roughly $950 - $1150 a month. If I understand correctly there are municipal and federally funded co-operatives. Waiting lists for subsidized units can be many years, market rental waiting periods can range from immediately available to a year or so depending on the suite size desired and the neighbourhood where the co-op is located.

 

[drewp]

Co-ops housing provides a joint ownership alternative in which property is owned by a corporation and members have a lease for a specific housing unit and may be permitted to acquire a share in the corporation in this case it would be an equity co-op. Generally, the co-op provides a high level of security, not typically found in rental properties. Co-ops are attractive to individuals who are seeking to avoid the uncertanties of the rental market, while offering affordable housing. Co-ops like condos are managed by a board of directors. Members may hold shares in the co-op depending if it is an equity or non profit co-op. In both instances both members do not own specific units, they own a share of the corporation.

Keep in mind if you are looking to get into a co-op, the board of directors vote on whether you are the ideal candidate, and getting a mortgage approval is more difficult than if you were going to finance a specific condo unit.

 

[kaidenjons]

Cooperative housing can offer an affordable alternative, plus the chance to build up equity. As a co-op member, you have safety of tenure. This refer that you can live in your home for as long as you want if you follow the rules of the co-op and pay your housing charge.

 

[troymccain]

The Lebuc Regional Terra Heaven Housing –Cooperative Grp are establishing towards creating a cooperative environment living places with co-operative housing. The Canada Cooperative housing Federation defines co-op housing as “not-for-profit housing for their members" and a housing complex that encourages community membership, something Truitt said is unique to co-op housing.

 

[UserNameToronto]

Here's another question: if co-ops are so much better and cheaper, why dosen't everyone want to rent in a co-op building rather than a market building? Is it simply a case of there not being enough co-op buildings to meet demand?

 

[Eug]

Much of it comes down to fact that the "owners" of the units don't actually even own their own units. They own shares in the coop.

http://www.aaron.ca/columns/2001-03-10.htm