Resources for Property Boards
Co-op Housing – Building a Strong Community Together
Co-op housing is people coming together to provide housing for themselves.
Co-operative housing is a way for families and individuals to have a secure home at a price that they can afford within a vibrant and supportive community.
The Co-op Difference
A secure, inclusive home for you
Co-ops welcome everyone who is ready to accept the terms of membership. Co-ops are a place to put down roots. No-one can sell your home out from under you. As long as you pay your monthly charge and uphold the other co-op rules, you can stay as long as you want.
Collaborative decision making
In fact, co-ops are owned and democratically controlled by the people who live there.
Everyone who lives in the co-op has a say, and a stake in its future.
Affordable
People who live in co-ops come from all walks of life and all income brackets.
As a non-profit, monthly housing costs are designed to cover expenses, or ‘at cost’. Any surpluses are reinvested into the co-op.
Co-op membership - Being Part of Your Community
When joining a co-op, members are sharing in a commitment to making the co-ops work for everyone. Co-ops depend on active member engagement for healthy operations. That means everyone taking a turn and playing a part for the good of all.
Co-op members often share their time and talents to enrich the lives of all – serving on the board, writing the newsletter, looking out for an elderly neighbour.
By supporting each other you’re helping yourself.
Co-op Member Responsibilities
Co-op members should;
Commit to doing their part to the best of their ability
Communicate openly and honestly
Be ready to learn new skills and share skills with others
Be willing to participate on the co-op board
Pitch in and help
Member involvement is one of the rights that every member has when they choose to live in a housing co-operative.
Co-op Housing
Co-operative solutions for the needs of people operate all over the world. Co-operatives work in many industries such as, agriculture, energy and retailing. In Canada, co-operative annual sales are in the order of $10 billion. Canada’s co-operative housing organizations are a unique model that was developed in the 1970’s as a way for families and individuals to have a secure home at a price that they can afford within a vibrant and supportive community.
Housing coops provide at-cost housing for members and are controlled by members through voting and active participation.
Co-operative business
A cooperative business, also known as a co-op, is a type of organization that is both owned and controlled by its members, who also happen to use the services and products of the cooperative. These businesses are different from other types of companies, because they are formed and operate for the benefit of their members.
Each housing cooperative is a legal association, incorporated as a cooperative. Housing coops are guided by international cooperative principles, adapted for housing coops.
If you live in a housing co-op you are:
a voting member who contributes to the governance of the coop
part of a community where neighbours look out for one another
living in housing that will stay affordable because it’s run on a non-profit basis and is never resold
linked to other forms of cooperative enterprises active in banking, retail, farming, insurance, daycare, health services, and a member of a worldwide movement.
https://chfcanada.coop/about-co-op-housing/around-the-world/
Housing co-op members have the right to:
elect a board of directors
run for the board
receive audited financial statements showing how the coop spent money
approve by-laws, rules and major policies, and live there for as long as you like, if you keep to the by-laws or rules agreed on by the members.
Education and Knowledge Building
Co-op’s are an excellent opportunity for members to gain significant skills and training opportunities as part of their participation within the co-op. Learn key skills on how to run meetings, how to read and manage financial statements, how to approach marketing, how to support good governance, problem solving and more. This learning can be applied to many aspects of your professional and personal lives.
For more information on co-op housing, it’s benefits and the role of members, please access the following the information.
https://chfcanada.coop/about-co-op-housing
https://www.cmhc-schl.gc.ca/en/maintaining-and-managing/co-operative-housing-guide