This week, Vancouver City Council will consider a proposal aimed at increasing the availability of affordable housing by expanding the use of housing co-operatives. As Vancouver renters continue to face the highest rental prices in the country, Councillor Sarah Kirby-Yung sees co-ops as a promising solution to address the city’s housing crisis.
The Appeal of Co-Op Housing
Co-operative housing offers a unique model where low- and middle-income residents can buy shares in the co-op without gaining equity or ownership stakes in the property. This model provides several benefits, including the ability to vote on community policies like pet ownership and parking, and protection from eviction by owners looking to sell. Kirby-Yung emphasizes the long-term affordability of co-op homes, noting that “the affordability improves over time,” unlike market rental properties.
Current Co-Op Housing Landscape in Vancouver
Vancouver currently has about 7,000 co-op units, with the city owning around 3,700 of these. However, many of these units are aging and in need of repair. Groups representing co-ops are advocating for the city to invest in both fixing and expanding these properties.
According to the Co-op Housing Federation of B.C., the average co-op in Vancouver has about 56 units. Thom Armstrong, the CEO of the Federation, suggests that many co-op sites could easily accommodate more units. “A lot of the sites we’re looking at could easily triple the number of co-op homes on the land that’s there,” Armstrong said.
Historical Context and Future Potential
Many of Vancouver’s co-ops were built decades ago with federal funding that has since ceased. The federal government stopped building co-ops in the early 1990s, leading to long waitlists for the now aging supply. Armstrong points out that many of these co-ops were built with low density, indicating potential for significant expansion on existing co-op land.
Investing in co-ops is a smart long-term strategy, according to Armstrong, because they operate as non-profits. “A housing co-op doesn’t have to deliver a return to a shareholder; it just needs to provide housing to its members at cost,” he said. This means that over time, the cost of living in a co-op becomes significantly lower compared to the market rate.
Kirby-Yung echoes this sentiment, stating that as the cost of building and mortgages are paid down, the affordability of co-op units increases. “As you’re building those units today, they become the most affordable homes of the future,” she said.
Moving Forward with Co-Op Housing
With many older buildings’ leases up for renewal and no federal funding currently available for co-ops, Kirby-Yung’s motion asks the city to seek partners to support the construction of new co-op housing. This motion will be presented to the council on Wednesday.
Conclusion
The expansion of co-op housing in Vancouver represents a vital opportunity to address the city’s affordable housing crisis. By investing in this sustainable and community-focused housing model, Vancouver can provide long-term affordability and stability for its residents. The proposal to increase and improve co-op housing units is a significant step towards a more equitable housing market in Vancouver.