Dorchestor House
Our plan is to develop this location into a 200+ unit coop with some cohousing units.
The next step is to bild a group of coop members to support the project.
Similar to most new 200+ unit developments, future residents are required to make an early investment in order for the project to proceed.
This project will include one part that is focused on a "cohousing" model and the other part that is focused on "co-operative" living.
Offerings will range from Studios to 3 Bedroom Units.
Monthly costs will start off similarly to market rates. However, unlike market rates, the monthly costs will be like co-op rates increasing only by incremental amounts tied to inflation of costs.
Missing Middle
Affordable to middle income households.
Community Owned
Housing as a place to live rather than an investment.
Sociability
Quality of life for residents
Designed for Sociability
To create more of a neighbourhood feel we are exploring design options that open the building to create a community street on each level.
Layered Privacy
This will mean that some of the units can have a wider community area for circulation and opportinities to connect with neighbours in a shared space. There is some space between the units and the circulation to create a private feel.
The Money Part
Depending on the size of your unit, you will be expected to make 2 investments, one when you commit and the second when you move in.
For the first commitment where the funds are used to cover development costs we offer the equity shares at a 50% discount. So an investment of $18,000 would lead to owing shares worth $36,000 after they make the second paymen of $49,200 for a total share value of $85,000.
This amount would be indexed to the price of real estate and is intendend to be usable as a downpayment on a future home.
| Member Equity | Land Purchase Share Purchse | Construction Start Share Purchse |
| Member Equity, Studio | $18,000 | $49,200 |
| Member Equity, 1 bed | $22,000 | $61,200 |
| Member Equity, 2 bed | $30,000 | $90,000 |
| Member Equity, 3 bed | $40,000 | $104,000 |
Since we are relying on government financing, we have a maximum income for potential members, depending on their unit size. BC housing updates these numbers each year, and you only have to qualify when you become a member.
| Maximum Income | |
| Studio - 2 Bedroom | $129,780 |
| 3 Bedroom + | $187,460 |
Each month you pay a housing charge, similar to rent. However, it is based on the costs, and does not include profit to investors. For a 1 bedroom unit, for a person who got a personal loan to help with the share purchase, they could expect their expenses to work as follows:
| Housing Charges | Amount | Payment |
| Shared Mortgage | $400,400 | $2,010 |
| Besonda Admin and Growth | $50 | |
| Reserve Fund | $133 | |
| Operating Funds | $267 | |
| Shares Loan Repayment | $36,600 | $222 |
| Total Housing Charge at move in date (2028) | $2,682 | |
| Todays average rent in the area | $2,310 | |
| Projected average rent in the area at move in date (2028) | $2,910 |
Renting
Lower payments but no appreciation
Second Feature
Write what the customer would like to know,
not what you want to show.
Third Feature
A small explanation of this great
feature, in clear words.
| Rental | Besonda | Market | |
| Total Monthly Cost | $2,910 | $2,682 | $4,681 |
| Total payments after 5 years | $174,600 | $160,920 | $280,872 |
| Principle Repayment | $104,597 | ||
| Savings vs ownership invested | $121,051 | $145,642 | |
| Equity Gain - Land | $287,553 | ||
| Equity Gain - Shares | $139,113 | ||
| Total Financial Gain after 5 years | $121,051 | $284,755 | $392,150 |