Difference between revisions of "Co-operative Housing: Members' Rights and Duties"

The people who own and live in a housing co-op are called “members”. Normally, a member must be at least 19 years old (although a co-op may allow members as young as 16). A member must also own at least one common share in the association and live in one of the co-op housing units. Members are not tenants, meaning that the BC Residential Tenancy Act does not apply to them. Further, their payments are not considered “rent”. Instead, they pay a monthly housing charge for the mortgage, taxes, and operating expenses of the co-op. Some members pay a housing charge based on their income – usually, about 30% of their gross household income—while others pay a housing charge close to market rates. Together, the members own their housing jointly and control the governance and management of the housing co-op.