BESONDA IS A HOUSING DEVELOPMENT SOCIETY BUILDING CO-OP HOUSING OPPORTUNITIES IN BC!
DISCOVER WHY PEOPLE ARE SWITCHING TO SHARED EQUITY CO-OPs.
We are in good company.
Rents Keep Rising, But Coops Are Still Getting More Affordable
If you have been looking for the right time to get out of the rental market but can't see your way to home ownership, join us for a free session to learn about equity coops.
Learn how you will save 40% vs renting over 40 years while earning equity you can later use to purchase a home:
Cost of Renting
over 40 years
Cost of Owning
over 40 years
Coop Cost
over 40 years
Savings vs Renting
over 40 years
Elevating Renting: Your Path to Equity and Community
Are you ready to step into a new era of housing cooperatives? Look no further than Besonda – where innovation, equity, and community converge to redefine how we live, connect, and thrive together.
A major factor affecting your rent or mortgage payment is the way the market system gradually moves most of the money toward investors.
Besonda is a way to collaborate to create not-for-profit housing cooperatives that offer housing at the best possible prices for co-op members. Our model does this by:
- using goverment funding to get low loan rates,
- collaborating with cities to get concessions on density and waivers on fees,
- asking future residents to make investments keeping the developer profit with the members,
- streamlining the real estate transaction costs
Build Equity
Build your own equity rather than your landlords
Customize
As a steward of your home, you have the option to adjust the appliances, wall colours and renovate the space to better reflect your identity.
Security and Stability
Stay for as long as you pay your housing charge and follow the rules.
Savings over Time
Unlike rent, your housing costs will rise only a little over time.
Community
We prioritize community in our building design and governance.
Our friends over at Hey Neighbour are making the case we can have community in multi-family if we design it right.
Stability
Stabilize your housing cost.
Pets
Well behaved pets are welcome.
Your Voice Counts
As a co-op member you participate in making decisions about the building.
Quality
Sound proofing, air quality and efficient buildings.
Community
Housing that supports built-in community.
A Home
Long term stability and the ability to adapt it to your needs.
Safety
We design safety into our building.
Equity
Build equity in your co-op home for a future down payment.
Retirement Points
Use your share of the financing repayment to lower your housing charge.
BECOME A MEMBER IN 4 EASY STEPS
1
Join a call to see how your goals can be met with co-op housing.
2
Find co-op opportunities in your preferred area.
3
Initiate co-op membership and start building equity.
4
Move in and thrive in your new co-op community.
Also a Property Developer
In order to make it affordable for you, we act as the developer. This allows us to channel the majority of what would be developer profits into equity in the building.
We access high ratio financing through government programs to reduce the funds that need to be invested by the co-op members.
Gain Member Equity. Democratize Housing.
Founder's Vision
Have you ever dreamed of living in a vibrant community where you feel empowered, secure, and truly at home? A place where your rent contributes to your own wealth, not just someone else's?
As the founder of Besonda, a revolutionary housing model built on shared equity and community, I'm here to tell you that dream can become a reality. Back in 2004, witnessing the struggles of friends trapped in unsustainable rental cycles ignited a passion in me to find a better solution. Inspired by the cooperative movement, I envisioned a model that addressed not just affordability, but also long-term stability, shared ownership, and a true sense of belonging.
Besonda is more than just bricks and mortar; it's a thriving community where residents share ownership, decision-making, and the financial benefits. Unlike traditional rentals, the extra rent you pay goes towards building long-term equity for yourself and the community, not lining the pockets of distant investors. We believe in creating a system where housing empowers, strengthens, and unlocks a brighter future for all.
Ready to learn more about how Besonda can transform your living experience? Explore our website, hear from our residents, and join us in building a more equitable future for housing.
Exit Strategy
Our system is designed to build your equity up until you have 20% equity in your unit, which should be enough to purchase a unit in the ownership marketplace if you wish. This means you can move out an move on!
Our simulations based on the past 25 years of rental, interest rates and sock market returns show that over the long term the best financial model is to stay in a co-op and invest the difference between market rents and what you pay in the stock market. This is a good strategy because the stock market pays a higher return that real estate.
Can I sub-let my unit
You can sublet your unit within the co-operative if:
- your tenant agreed to follow all the rules of the coop,
- and your tenant meets any income or wealth requirements we get from our funders
We may not offer the option to sublet to future members of the co-op, but we are offering it to all founding members who invest before move in.
Retirement Points
While you are a member, a portion of your housing charge pays off the shared mortgage. We track those amounts as retirement points, and once you have paid off your share of the mortgage, interest and principle repayment will no longer be included in your housing chage.
This means that when you retire, it will be as if you owned the home and the payments will be based on the insurance, maintenance and operating costs.
If at retirement you wish to invest additional funds, we have the ability to create a financial model similar to a reverse mortgage, where the equity invested can be used to offset the payments.
Non-Capitalist Solution to the Housing Crisis
In this informative video "About Here" explains how housing cooperatives are able to provide more affordable in the long term.
Our Model
Limited equity housing cooperatives (LECs) have a decades long track record of providing affordable, stable, and community-driven housing across the US and Europe. Besonda is not a radical experiment, but rather a proven model adapted to the unique needs of British Columbians.
The LEC Legacy:
- Decades of Success: LECs have demonstrably improved affordability and fostered vibrant communities in diverse locations.exclamation Their proven ability to offer long-term stability and financial security makes them a reliable foundation for Besonda.exclamation
- Focus on Affordability: By capping appreciation and utilizing non-profit land trusts, LECs ensure housing costs remain significantly lower than traditional options. This benefit extends to future generations, locking in affordability for years to come.
- Strong Communities: LECs go beyond affordability, cultivating a strong sense of belonging and shared ownership. Residents actively participate in decision-making and share resources, creating a supportive and collaborative environment that fosters well-being.
Besonda: Building on the Legacy:
While honoring the LEC model's core principles, Besonda is tailored to BC's specific needs:
- Adapting to Local Context: We're exploring innovative financial structures, selection processes, and community initiatives to ensure the model maximizes affordability and inclusivity within the BC landscape.
- Addressing Unique Challenges: We understand the housing challenges specific to BC communities and are committed to developing solutions that directly address them.
- Community Focus: Besonda prioritizes resident engagement and empowerment, fostering a strong sense of community that goes beyond just shared housing.
A Proven Approach, a Localized Solution:
By leveraging the established success of LECs, Besonda offers a reliable and proven path to affordable, stable, and community-oriented housing in BC! We're not reinventing the wheel, but rather adapting a successful model to fit the unique needs of our communities.
While you don't have legal title of the unit, you own shares in a coop that operates the coop and are involved in decision making in many ways that an owner would be.
The coop's and it's land trust owns the land and finances the building with the mortgage and membership share sales.
In the arrangement you receive many of the benefits of ownership:
- You can paint the walls, install appliances that you like and make other improvements.
- You gain when the market goes up.
- Eventually your payment will drop to just maintenance fees once you have paid the full cost of your home.
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