When you join a housing co-op, you become part of a democratic community. You become a member of a housing co-op by purchasing shares of the co-op that owns the property.

You either rent your unit from the co-op or you are a shareholder with exclusive use of a housing unit. In contrast, condominium owners own their properties directly. Together, co-op housing members collectively own common spaces. They also share operating and maintenance costs.

Different laws regulate housing co-ops, and these vary from region to region and country to country. Co-ops are often more affordable than condominiums and rental housing because co-ops operate on a not-for-profit basis.

Watch the video for more details.