Housing Co-ops Are Getting More Affordable: Report
This Canadian report, released in November 2022, compares the occupancy charges (rents) of rental housing co-ops to those of similar rental properties in the private market. The study examined housing charges in Vancouver, Victoria, Edmonton, Toronto, and Ottawa between 2006 and 2021.
The report shows that the evolution of rental costs in non-profit housing co-ops differs dramatically from that of the private rental sector, where rents have increased by 11% nationally in the last year alone.
The report found that housing charges (rents) in co-ops have historically been lower than rents in comparable buildings in the private market and that the gap has widened over time. While in the early years, co-op housing costs were, on average, $150 to $200 per month less than similar market rental buildings, this gap has widened to $400 to $500 per month in recent years in all cities except Edmonton.
The Co-op Difference: A Comparison of Co-op and Private Market Rents in Five Canadian Cities was commissioned by the Co-operative Housing Federation of Canada, in partnership with the Co-operative Housing Federation of BC, the Northern Alberta Co-operative Housing Association, the Co-operative Housing Federation of Toronto and the Co-operative Housing Association of Eastern Ontario. The report was completed by Greg Suttor, Chidom Otogwu, and Nick Falvo in July 2022.