Housing co-operatives or “co-ops” provide a place for people to live. In 1999 there were over 2,000 housing co-ops in Canada where there were 111,000 members, with a combined amount of assets of nearly $5.6 billion.
Co-ops come in different shapes and sizes, ranging from a variety of single unit townhouses and small buildings – these buildings have 4 – 12 units. There are large apartment style buildings which can have hundreds of units.
What makes co-ops apart from private rental housing is that they are democratic communities. The residents make the decisions on how the co-op operates within the residence.
Now there are two main types of housing co-ops, non-profit and for-profit. Generally, many provinces require that housing co-ops operate on a non-profit basis. When the co-op is non-profit, members are unable to sell their shares in the co-op, meanwhile for-profit housing co-ops allows members to own a share of the co-op, but not the individual unit they live in.
The advantages of housing co-ops include Affordability, Governance, Security of tenure and Community.
Seeing as housing co-ops are member owned and controlled by organizations the costs to reside in one is affordable. The affordability of housing co-ops are monthly housing charges which are set by the members to cover the cost of running the co-op.
Governance is the overall direction of the co-op; the director and members of the co-op manage it. Co-ops are run democratically and each member has a vote. Members elect the board of directors, they approve the annual budget and set policies.
The security of tenure gives the member the right to live in the co-op and it is protected. A member can live in a co-op for as long as they wish once they can follow the rules of the co-op and pays the housing charges on time
Housing co-ops are strong communities, where member actively participate in the business of the co-op. Members can volunteer, and often do with maintenance tasks and are involved in other community based projects.
Co-ops are a great form of housing, and as you have just read, it is an affordable form of housing that can suit most of your needs.
Glen Chapman
Broker of Record with Club “100″ GMAC Real Estate
www.club100realestate.com
Housing co-operatives or “co-ops” provide a place for people to live. In 1999 there were over 2,000 housing co-ops in Canada where there were 111,000 members, with a combined amount of assets of nearly $5.6 billion.
Co-ops come in different shapes and sizes, ranging from a variety of single unit townhouses and small buildings – these buildings have 4 – 12 units. There are large apartment style buildings which can have hundreds of units.
What makes co-ops apart from private rental housing is that they are democratic communities. The residents make the decisions on how the co-op operates within the residence.
Now there are two main types of housing co-ops, non-profit and for-profit. Generally, many provinces require that housing co-ops operate on a non-profit basis. When the co-op is non-profit, members are unable to sell their shares in the co-op, meanwhile for-profit housing co-ops allows members to own a share of the co-op, but not the individual unit they live in.
The advantages of housing co-ops include Affordability, Governance, Security of tenure and Community.
Seeing as housing co-ops are member owned and controlled by organizations the costs to reside in one is affordable. The affordability of housing co-ops are monthly housing charges which are set by the members to cover the cost of running the co-op.
Governance is the overall direction of the co-op; the director and members of the co-op manage it. Co-ops are run democratically and each member has a vote. Members elect the board of directors, they approve the annual budget and set policies.
The security of tenure gives the member the right to live in the co-op and it is protected. A member can live in a co-op for as long as they wish once they can follow the rules of the co-op and pays the housing charges on time.
Housing co-ops are strong communities, where member actively participate in the business of the co-op. Members can volunteer, and often do with maintenance tasks and are involved in other community based projects.
Co-ops are a great form of housing, and as you have just read, it is an affordable form of housing that can suit most of your needs.
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