[URBAN NOTE] "The Appeal of Co-op Living"

[rfmcdonald]

Torontoist's Samantha Lapierre describes co-op living as an alternative to high rent prices.

The Co-operative Housing Federation of Canada defines housing co-operatives as providers of not-for-profit housing for its members. Members who live in co-ops do not own equity in their housing, and the house is returned to the co-operative once its members move. Some co-ops charge rent that is geared to their member’s income, while some members pay the full monthly charge.

The appeal of co-op living is the affordability and autonomy it provides. Rent paid by each member goes directly into the co-op’s operating costs. Members make all decisions about their housing, from who governs the co-op to how the annual budget is spent. Since a board of directors eliminates the need for a landlord, members work together to guarantee that their housing remains maintained and affordable.

Since 1978, the Co-operative Housing Federation of Toronto has worked to create and preserve over 6,000 affordable homes in the GTA. The CHFT’s biggest boost occurred from 1991 to 2000, when over 2,900 homes were sustained.

However, since 2001, numbers have dropped significantly; the group has sustained 400 new co-op homes during a 15-year period. The CHFT cites recent federal government subsidy cuts to its declining numbers.

Despite this decline, people are still turning to already established housing co-ops as a means for community and, of course, cheap rent.