Private market sale threatens hundreds of affordable co-op homes

  7 October 2021

Burnaby housing co-ops threatened by sell-off to private landlords

The residents of a 244-unit non-profit housing co-op in Burnaby are at risk of losing their homes when the property is sold on the commercial real estate market by its owners, the International Union of Operating Engineers (IUOE) Local 115 Pension Plan.

The 115 Place Co-operative Housing Association includes two towers on Cardston Court near the Lougheed Town Centre. The co-op has been providing safe, secure, affordable homes to its 244 member households since the early 1980s on land leased from the Pension Plan. The lease ends on October 31 this year. Rather than sell the property to the province to protect existing residents, the Pension Plan has listed it on the private market with plans to sell to the highest bidder.

For more information, you can read the full CHF BC statement HERE.