Housing federation eyes new initiatives for improving supply of co-op homes

More co-op homes can help address Canada’s housing affordability crisis

Housing federation eyes new initiatives for improving supply of co-op homes
Over the weekend, more than 700 members and supporters of Canada’s housing co-ops gathered in Niagara Falls for the annual meeting of the Co-operative Housing Federation of Canada (CHF Canada).

Among the leading topics of discussion was the exploration of new initiatives for investing and partnering to improve the country’s existing stock of co-op housing, which will aid in addressing Canada’s long-running home affordability crisis.

“CHF Canada members will consider proposals to potentially leverage billions of dollars’ worth of existing co-op housing real estate to secure new investments and partnerships required to develop new co-op homes,” the Federation announced prior to the meeting. “Such development is already taking place thanks to innovative community land trusts in Ontario and British Columbia.”

Said initiatives are already poised to bear fruit in the form of projects such as the Fraserview Housing Co-op in Vancouver, the CHF explained.

“[Fraserview] is scheduled to open as BC’s largest housing co-op in 2018 thanks to a creative partnership between the CHF BC, the City of Vancouver and other public and private partners.”

“This model could be applied very successfully elsewhere across Canada," CHF Canada executive director Nicholas Gazzard added. “And if members approve today's resolution CHF Canada will work to bring financial and real estate assets of Canada co-op housing sector to the table in partnership with government and the private sector to develop secure, community-oriented affordable co-op housing for the benefit of Canadians.”