I lived in a False Creek co-op housing unit for over 10 years before moving to Burnaby.
Those years in False Creek were the best years of not only my life, but also the lives of my wife and my two children.
I moved in a one bedroom unit, as that was the only unit available after a long wait on the external waiting list.
There are several very successful co-op housing associations in Vancouver. We need to create a lot more such associations in Burnaby. With the acute shortage of rental housing units, co-op housing associations have several advantages over rental housing.
A co-op housing association is run and managed by a board of directors, which is elected by the members. Each member owns one share and is entitled to one vote. In other words, each member has equal ownership of the property or the building.
Every new member purchases a share and has to return that share to the association when the member leaves the association. The full purchase price of the share is refunded, plus any investment income earned on the original value of the share.
Members usually participate in one of the following committees under the supervision and guidance of the board of directors: Membership and Finance, Building Maintenance, Grounds/Gardening, Communal Space, Parking. None of the members of the board or various committees are paid. They all work as volunteers.
It is not possible to start a new co-op housing association in Burnaby without the initial assistance of the city council, as land values are extremely high. Once the association has land, building and a mortgage, it is on the way to success.Ìý
It has all the advantages you can think of over rental housing. There is a real co-operative spirit among the members to make sure the building and the surroundings are well maintained. There is no more fear of being pushed out of the building by constant increases in rent. The board of directors makes sure that normal repairs and maintenance of the units are done on time and items such as carpets and major appliances get changed when needed. As these items are ordered in bulk, there is a large saving in price and the board of directors can also make sure they get the best deal in quality and price. The other major advantage in a large co-op housing association is the ease of moving from one bedroom to two or three bedrooms or in reverse within the same association depending upon the changing needs of the family.Ìý There could be several properties managed by the association in the same neighbourhood.
The other advantage of a large co-op housing associations would be the opportunity to build a thriving and inclusive community.
Finally, there is a possibility for members to save money and enjoy a comfortable standard of living at the same time. For all the above advantages to happen, we need the initial assistance from the Burnaby city council to invest in co-op housing associations.
Lutaf Adatia is a retired accountant and he lives in Burnaby.
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