Frequently Asked Questions

Who lives in co-ops?

Are co-ops low income housing?

What is subsidy?

How long will I have to wait to get into a co-op?

What does it mean when a co-op listing reads "participation required"?

What is a share purchase?

What is a monthly housing charge?

Are co-ops owned by the government?

How do I apply to Killarney Gardens Co-op?
 

Who lives in co-ops?
Nonprofit housing co-ops are mixed communities. Members of housing co-ops come from a variety of backgrounds and have a wide range of incomes. Some members pay the full housing charge. This is often called a "market" housing charge. Other members with lower incomes pay less. This is called a subsidized housing charge. Some units in every nonprofit co-op are subsidized.

Are co-ops low income housing?
No, co-ops are mixed income communities for people of all income levels. Generally, co-ops house people of low and moderate incomes.

What is subsidy?
The co-op receives funds from CMHC (federal government) to help subsidize lower income families in the co-op.  These members pay housing charges based on a percentage of their gross annual income.  

How long will I have to wait to get into a co-op?
After applying, it takes three months to three years to get into most co-ops.

Our co-op has no subsidy available and therefore we are only accepting applications from market payers

What is a share purchase?
To become a member of Killarney Gardens you must purchase shares in the co-op.  The current share purchase cost is $1500.  The interest on these shares is used to help operate the co-op.  On move out, the shares are returned less any debts owed to the co-op.   

What is a monthly housing charge?
A monthly housing charge is like rent. It’s what the members pay each month to live in the co-op. Housing charges are based on the co-op's operating expenses and can change from year to year based on the projected expenses of the co-op.

Are co-ops owned by the government?
No. Co-ops are owned by their shareholders, who are the members of the co-op, however, co-ops are required to manage their co-op as per the terms of their operating agreement with CMHC.