It is therefore not a surprise that the cooperative Marigold Housing, where Nicole Cardinal and her family live, has a five-year waiting list. The demand for co-op housing has increased in recent years in the province.
The president of the cooperative Marigold Housing, Jay Wattsexplains that the amount paid by each resident each month is determined by the co-op’s overall expenses and household income level.
Once the co-op members have calculated the various annual costs, including the mortgage, they divide the total by the 86 units to obtain the average co-op cost per household. For the Cardinal family, they amount to $1,010. Residents with lower incomes, such as some retirees, pay subsidized amounts as low as $600 per month.
When the Cardinal family moved in five years ago, they had to buy shares, which will be paid back when they leave. The price varies depending on the size of the unit, from $3110 for two bedrooms to $5120 for four bedroom townhouses.
Two or three departures per year for 300 applications on the waiting list
In a cooperative, residents take care of services and maintenance. So everyone has to work together, explains Nicole Cardinal.
Nothing gets done around the co-op without the work of the members, whether it’s fixing a fence, organizing a social event, having the gutters cleaned. [La coopérative] only works if members make it work.
The president of the cooperative explains that for three years, the competition has increased, because if two or three members leave each year, there are 300 applications on the waiting list.
The Senior Economist of the Canadian Center for Policy Alternatives, Marc Leeexplains that most non-market and social housing, such as co-ops, was built before the 1990s. Then, federal and provincial budget cuts halted investment in this type of housing.
Currently, off-market affordable housing represents only 4-5% of British Columbia’s housing stock.
A solution for households excluded from home ownership
Since 2017, the province has nonetheless seen a resurgence of co-ops due to provincial funding, according to Thom Armstrong, director of the BC Federation of Co-operatives. He explains that the $500 million fund to preserve affordable housing, announced last month, could help the expansion of co-ops.
On Vancouver Island, two co-ops are being developed for the district of North Cowichanmore Thom Armstrong points to the lack of land and money for the construction of more cooperatives.
The director of City Program of Simon Fraser University, Andy Yan, believes that more co-ops could be an important tool in alleviating the housing crisis. This would particularly offer some relief to middle-income residents who have found themselves sidelined by high rents and home ownership in recent years.
For the Cardinal family, a reasonable rent allowed them to take more care of their two young daughters, rather than paying for their care. Rather than investing in housing, we were able to invest in the education of our children
, rejoices Nicole Cardinal. A decision that made her happy, she says.
With information from Emily Fagan
