Basics
There are a variety of housing options in the province of British Columbia: renting, ownership in the form of single-family or strata homes, and leasehold arrangements are all pretty common. Some options are less well known.
The term “co-op” is used to describe several different kinds of housing in BC. This can lead to some confusion, even on the part of those living in co-ops.
The majority of housing co-ops are true co-operatives, organizations incorporated under the Cooperative Association Act. The members of a housing co-operative hold shares in their co-operative association, but it’s the co-operative (as an independent entity), that owns the housing. Members reside in the co-op’s building(s), but despite members not owning land or buildings directly, they’re not considered renters.
Housing co-ops are of two main types: non-profit, rental co-ops (also known as continuing co-ops); and equity co-ops. The term “co-op” is also used to describe what is more accurately termed an “apartment corporation“.
