Today, a new report comparing housing charges (rents) in co-op housing with rents in similar private market rental buildings was released. It looked at Vancouver, Victoria, Edmonton, Toronto and Ottawa between 2006 and 2021.
The report shows that rent trends in non-profit co-op housing differs dramatically from that of the private rental sector, where rents have increased nationally by 11 percent in the last year alone.
The report found that housing charges (rents) in co-ops have been consistently lower than rents in comparable buildings in the private market, and that the gap has widened over time. While in the early years, the co-op housing costs were, on average, $150-$200 less per month than similar market rental buildings, this gap widened to upwards of $400 to $500 per month in the later years in all cities, except Edmonton.
“Of course, co-ops benefitted from public investment which supported their construction and operation in their early years” said Tim Ross, Executive Director of the Co-operative Housing Federation of Canada. “But the long-term payoff of that investment is clear. We now have permanently affordable co-ops across the country that enable people to put healthy food on the table and save for their children’s education, along with living securely.