Why Co-ops Are the Solution to Our Housing Crisis
Deep Dives
Explore related topics with these Wikipedia articles, rewritten for enjoyable reading:
-
Rochdale Principles
16 min read
The foundational principles that govern cooperative organizations worldwide, including housing co-ops like the one described. Understanding these principles explains why co-ops operate democratically and prioritize member welfare over profit.
-
Canada Mortgage and Housing Corporation
11 min read
The CMHC is directly mentioned as administering the federal program that funded the Peterborough co-op. Understanding its history and mandate provides crucial context for how Canadian housing policy has evolved since the 1970s.
-
Financialization
11 min read
The article discusses 'financialization of housing' as a key driver of the housing crisis. This Wikipedia article explains the broader economic phenomenon of financial sector dominance that underlies the housing affordability problems described.
Mike Goldwater/Alamy
This story was originally published on thewalrus.ca
In the 1970s, a local anti-poverty group in Peterborough, Ontario, recognized the need for more reasonably priced housing, and thus Peterborough Co-operative Homes Inc. was founded. Tiny Budd, the vice president at the time, and a few other members began working with the Peterborough & District Labour Council and the community to develop plans for a housing co-op in the city. The first ten co-op townhouses were purchased with federal funds in 1979, as part of a federal program aimed specifically at supporting co-operative housing initiatives. This program, which ran from 1979 to 1985, was administered by the Canada Mortgage and Housing Corporation (CMHC) and provided financial assistance to such co-operatives in the form of monthly subsidies for low-income members. In the early 1980s, the Peterborough Co-operative expanded to a second location on Chamberlain Place.
According to Janine McDonald, the co-operative’s long-time property manager, the co-operative has been a saviour for many low-income families throughout the years. The co-op now has fifty-nine townhouse units—five two bedrooms, fifty-three three bedrooms, and one four bedroom—and it accepts applications from people at all economic levels.
In 2024, rent for a three-bedroom apartment in the co-op was $828 a month, a very affordable price compared to the $1,687 for a much smaller one-bedroom apartment listed on kijiji.ca in the same city. Twenty of the townhouses in the complex have even more budget-friendly rates thanks to governmental subsidies for “geared to income” housing.
Budd, now seventy-six years old, is one of the co-op’s longest-tenured tenants. She and her fellow residents run the co-op together, making decisions about renovations and financial management together. They don’t need to fear being evicted by a landlord who wants to sell or renovate their buildings. Budd appreciates the fact that her co-op community has her back and that her neighbours care about her well-being. The folks in the community mow her lawn, volunteer to do her grocery shopping, and drive her when needed.
Kerri-Anne Hinds, her husband, and two kids live in a three-bedroom townhouse at the co-op that is perfect for their family of four. It boasts a finished basement and a garden. Hinds works part time at a bookshop, and the couple receives disability assistance payments from the province of Ontario as a result of a spinal injury her husband incurred on the job. Since moving
...This excerpt is provided for preview purposes. Full article content is available on the original publication.