I can actually speak to this, I’ve lived in and been on the board of a housing coop in Manitoba.
Housing coop regulations vary widely by province. BC and Ontario have robust housing coop regulation structures that promote the start and upkeep of coops. Other provinces not as much, but I understand the maritime provinces are catching up.
The CMHC often works with financial partners like credit unions and others to secure interests free loans and grants for startup and capital projects.
If you are in fact interested in starting a coop, contact the cmhc and ask about grants, then work with them to find those grants and start writing. There is a lot of money available for housing coops, it’s in provincial governments’ interest to let coops govern themselves, rather than managing housing projects.
Do not pursue partnerships with for-profit companies long-term, make sure your financial partners support social housing as a premise before engaging them.
For the sake of anonymity, I’ll let it slip that I’m also in Manitoba although outside Winnipeg.
Would you be able to speak more on what it takes to be involved with a coop? Like I guess that once the building is finished and all the residents are settled, the board is more focused on budgeting and maintenance projects?
I’m a solo homeowner but I’d gladly give up the absolute control over my own decisions to have more security in a collective.
Essentially, the coop needs to incorporate, so you need letters and articles of incorporation, you need a charter and rules, an established board of members and registration with the province (and CMHC is a good idea).
I can actually speak to this, I’ve lived in and been on the board of a housing coop in Manitoba.
Housing coop regulations vary widely by province. BC and Ontario have robust housing coop regulation structures that promote the start and upkeep of coops. Other provinces not as much, but I understand the maritime provinces are catching up.
The CMHC often works with financial partners like credit unions and others to secure interests free loans and grants for startup and capital projects.
If you are in fact interested in starting a coop, contact the cmhc and ask about grants, then work with them to find those grants and start writing. There is a lot of money available for housing coops, it’s in provincial governments’ interest to let coops govern themselves, rather than managing housing projects.
Do not pursue partnerships with for-profit companies long-term, make sure your financial partners support social housing as a premise before engaging them.
For the sake of anonymity, I’ll let it slip that I’m also in Manitoba although outside Winnipeg.
Would you be able to speak more on what it takes to be involved with a coop? Like I guess that once the building is finished and all the residents are settled, the board is more focused on budgeting and maintenance projects?
I’m a solo homeowner but I’d gladly give up the absolute control over my own decisions to have more security in a collective.
Essentially, the coop needs to incorporate, so you need letters and articles of incorporation, you need a charter and rules, an established board of members and registration with the province (and CMHC is a good idea).
CMHC is a great resource for this and they have a guide on the topic. https://www.cmhc-schl.gc.ca/professionals/industry-innovation-and-leadership/industry-expertise/affordable-housing/co-operative-housing-guide
I lived in and was on the board of a housing coop in Winnipeg, DM me if you want details or an introduction to speak to them.