- People who live in a co-op are members of the co-op, not tenants
Together, they are responsible for the co-op. Each member has one vote and every year a Board of Directors is elected from the membership.
- 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.
- Members run the co-op
Members elect a board of directors to manage the business of the co-op. Most co-ops hire staff to do the day-to-day work. Members work together to keep their housing well-managed and affordable.
- You don’t have to worry about excessive rent increases
Landlord raise rents to maximize their profits. Co-ops are non-profit organizations. This doesn’t mean that rents (housing charges) won’t go up. Housing charges increase regularly as operating costs increase. The difference is that 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. You and your family can live in the Co-op for a long time and build roots in the community.
- 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.
- Co-op members are a part of a larger community of co-ops
In the Peel-Halton Region there are about 48 co-ops that are joined together in a federation where co-ops can turn for support, information and advice.