Anyone who knows housing co-ops will tell you that they are much more than bricks-and-mortar or a roof over your head. Co-ops are made up of people who form a close bond of association and work together to provide safe, secure and affordable homes for their members.The Advantages of Co-op Living | How Co-ops Work | Co-op Programs
Co-ops offer their members many advantages that are often unavailable in other forms of housing:
As a co-op member, you have security of tenure. That means you can live in your home for as long as you wish if you follow the rules of the co-op and pay your housing charges on time.
As a co-op member, you have a say in decisions that affect your home. You and your neighbours own your homes together, which means you have a say in how they are managed. Co-op housing is not public housing. Co-ops are self-governed, mixed-income communities, home to people of all ages and backgrounds. This diversity is one of the co-op movement’s greatest strengths.
Co-ops are communities in the truest sense of the word. 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.
Co-op members are not landlords or tenants. As co-operative owners, members work together to govern their association and manage their homes to foster strong communities.
Members elect a board of directors from among themselves to govern the co-op’s operations. Most co-ops also contract with managers to handle the daily operations and maintenance of their homes.
The board is elected by and accountable to the co-op’s members. Directors are volunteers who have a legal obligation to act honestly, in good faith, and in the best interests of the co-op.
Over the years, both the federal and provincial governments have created programs to support the development of non-profit housing co-ops. The Community Land Trust also fosters co-op creation.