Co-operative housing is often touted as a unique solution to our housing affordability challenges. So why aren’t they more common?
I’ll begin by specifying that co-operative housing is different from co-housing, despite both placing emphasis on community and collaboration. Co-housing focuses on communal and shared living by creating private dwellings alongside intentionally-designed communal spaces for residents to socialize and gather in. By contrast, co-operative housing is an ownership and management model, and can vary in design and form.
While regular housing rentals are bound by the BC Residential Tenancy Act, co-ops adhere to the Cooperative Association Act. This act governs the requirements for a co-op, including its structure, reporting requirements, and shared ownership model.