WHAT IS A CO-OP?
A co-operative describes any group which owns something in common for
the benefit of all members. A housing co-operative provides shelter
for its members, who share ownership of the building or buildings in
which they live. The members pay a monthly charge, which is determined
by both their levels of need for housing and the financial needs of
the cooperative itself. The members manage their housing through a formal
structure including a Board of Directors, annual general meetings, and
expected levels of participation by the membership.
Quebec Manor is a non-profit housing co-op. Prospective members apply for membership, and upon being offered a suite buy a share in the co-op (at a cost of about $1,200.00, refundable if the member leaves). Together the members own the building; suites are offered based on household size, and the housing charge is based on percentage of gross income.
As members of a co-op, the building's residents jointly own the property, but have no equity in their own suites.
(Please note: our waiting lists are currently closed and will be for the foreseeable future).
MORE INFORMATION ABOUT CO-OP HOUSING:
The Cooperative Housing Federation of Canada is the national umbrella group with represents housing cooperatives in Canada; more information can be found at the link.