From the outside, a housing co-op looks like any other home, townhouse development, or apartment building. But a housing co-op is different.

• A housing co-op is an incorporated non-profit association that owns housing for its members. The residents of a housing co-op are members of the co-op corporation which owns the whole property. The co-op provides a unit to a member household. Members do not own their own units.
• There is no landlord. Members make the big decisions about how the buildings will be maintained and how the business of the co-op will be managed.
• You don’t have to worry about excessive rent increases. Landlords raise rents to maximize their profits. Co-ops are non-profit organizations. Co-op members review the finances of the co-op and budget recommendations of the Board of Directors. At an annual general meeting, the members vote on the budget. If there are housing charge increases, they reflect true costs, not profit margins.
• Co-op housing is secure. Co-op members are asked to leave only if they break the co-op’s by-laws. Co-ops provide secure and stable housing.
• Co-op members form deep roots in the community. The co-op will never be sold or flipped for profit so members can choose to remain in the co-op for a long time. This encourages involvement and commitment to the community and allows members to feel secure in their co-op and their neighbourhood. It is easier for people to become involved in their community if they know they will be a part of it for a long time.

What does “participation required” mean?

Participation required means that when you become a member of the co-op, you will be expected to get involved in running the co-op. This could mean joining a committee such as the newsletter or membership committee, helping with maintenance, or offering your time to organize co-op events or activities.