Could adding to existing co-ops ease Vancouver’s housing crisis?
A proposal coming to Vancouver city council this week is looking at building more affordable housing by expanding to co-ops.
As Vancouver renters continue to pay the highest prices in the country, Coun. Sarah Kirby-Yung says co-ops could be a potential source of new supply.
“The really bright spot about co-op homes, unlike when you’re building market rental, for example, is that the affordability improves over time,” she told CTV News.
Low- and middle-income residents buy shares in the co-op but don’t have any equity or ownership stake in the property. However, they get to vote on policies like pets and parking priority, much like a strata, and can’t be evicted by owners looking to sell.
Kirby-Yung said there are about 7,000 units in Vancouver co-ops in Vancouver, with around 3,700 owned by the city.
She said many are on their last legs.
Groups representing co-ops said they want the city to look at fixing and expanding those properties.
On average, a co-op in Vancouver has around 56 units according to the Co-op Housing Federation of B.C.
"A lot of the sites we're looking at could easily triple the number of co-op homes on the land that's there,” said CEO Thom Armstrong.
Many of Vancouver’s co-ops were built decades ago with help from federal funding that has since dried up. The federal government stopped building co-ops in the early 1990s and wait lists have only grown for what is now an aging supply.
Armstrong said many were built with “low density”, meaning there could be room to fit more units onto existing co-op land.
He also told CTV news investing in co-ops makes sense long-term since they’re non-profits.
“A housing co-op doesn’t have to deliver a return to a shareholder, it just needs to provide housing to its members at cost,” Armstrong said.
“That means over time the cost of a home in an affordable housing co-op drops dramatically relative to the market.”
It's a sentiment echoed by Kirby-Yung.
“As the cost of building and the mortgages are paid down, that affordability improves so as you’re building those units today they become the most affordable homes of the future,” she said.
With older building's leases up for renewal, and no federal funding for co-ops, Kriby-Yung's motion asks the city to find partners to help support building thi s particular type of new housing.
The motion will come to council on Wednesday.
CTVNews.ca Top Stories
Woman with liver failure rejected for a transplant after medical review highlights alcohol use
For nearly three months, Amanda Huska has been in an Ontario hospital, part of it on life support, because of severe liver failure. Her history of alcohol use is getting in the way of her only potential treatment: a liver transplant.
$500K-worth of elvers seized at Toronto airport
Fishery and border service officers seized more than 100 kilograms of unauthorized elvers at the Toronto Pearson International Airport on Wednesday.
Box tree moths have infested Ontario and experts say more are coming. Here's what to do to protect your garden
An invasive moth species is on the rise in Canada and, if you've planted a certain shrub, it could stand to ruin your garden.
Duchene scores winner in 2nd OT, Stars reach conference final with 2-1 win over Avs
Matt Duchene scored at 11:42 of the second overtime after being involved in a play that led to a goal disallowed for goaltender interference in the first extra period, and the Dallas Stars advanced to the Western Conference final with a 2-1 victory over the Colorado Avalanche in Game 6 on Friday night.
B.C. man 'attacked suddenly' by adult grizzly near Alberta boundary: RCMP
A B.C. man is recovering from multiple injuries after he was "attacked suddenly" by an adult grizzly bear near Elkford Thursday afternoon.
Jesus is their saviour, Trump is their candidate. Ex-president's backers say he shares faith, values
As Donald Trump increasingly infuses his campaign with Christian trappings while coasting to a third Republican presidential nomination, his support is as strong as ever among evangelicals and other conservative Christians.
Feds refuse Toronto's request to decriminalize simple drug possession
The federal government has denied Toronto's request to decriminalize simple possession of small amounts of drugs for personal use.
Yemen's Houthi rebels launch a missile that strikes an oil tanker in the Red Sea, U.S. military says
Yemen's Houthi rebels hit an oil tanker in the Red Sea with a ballistic missile early Saturday, damaging the Panama-flagged, Greek-owned vessel in their latest assault over the Israel-Hamas war in the Gaza Strip, officials said.
Alberta Medical Association sounds alarm over lack of available oncologists
The Alberta Medical Association is expressing deep concerns to the provincial government over a lack of oncologists needed to provide cancer care to keep up with population growth.