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A unique cooperative pilot project in Canada

directeur-general-federation-cooperatives-habitation(Sherbrooke) Estrie The Co-operative Housing Federation launched Tuesday a new concept: the owners of cooperatives. The Sherbrooke-pilot is the only of its kind in Canada.

The project of the Federation, which aims to assist its members access to the property, more than 120 units divided into five buildings. The estimated cost of its properties will be between 20 and 30 percent lower than the current market cost. Everything will be built on-Nicolas Scheib street near the St. Joseph Plateau and wooded André Viger Park.

“It’s been a few years since we worked on the project with experts. While most of the Quebec housing cooperative projects were built on a logic of rent, it allows members to realize a return on their initial investment. Besides enjoying the appreciation of life as a cooperative “, says the CEO of the Federation, William O’Brien, adding that the return on investment will be limited to the price index at the annual consumption to allow subsequent buyers enjoy the same affordability.

The first phase of the pilot project includes the construction of two blocks of 24 units. The properties have an area of ​​about 1,000 square feet, the equivalent of a great four and a half, and the cost will be between $ 130,000 and $ 150,000. The cooperative will retain ownership of the project and sell the usufruct or right of use and the fruit of resale.

“The project will be based on cooperative values, including democracy and mutual aid. And members also participate in selecting their future neighbors by forming a selection committee and on the basis of certain criteria, “said Mr. Brien stating that a building could be booked at 50 years old. And another for families.

A similar project will be implemented in Waterville. It will include two buildings of six units built to high environmental standards.

The instigator of the project minimaisons in Sherbrooke, Richard Painchaud, was also present at the press conference organized by the Federation. He shares it with the same goal: to increase affordability.

“About 80 percent of people living in housing does not have the means to acquire a property. Knowing that rent costs on average $ 608 per month in Sherbrooke, I would like the minimaisons require equivalent payments “notes Mr. Painchaud adding that the aim of his project is to build between 50 and 100 units within $ 100,000. But first, the laws need to be changed, as these minimaisons have 450 square feet to the ground while the minimum allowed at the moment is 730 square feet.

The aim is to achieve these three projects over next 12 to 18 months, depending on demand.

“During public meetings last month, more than 200 people have expressed an interest in the project owners’ cooperatives. We invite everyone to visit us on May 24 at 19h at the John Byrns Building at 3275 Richard Street. Admission is free and we will answer all the questions, “says O’Brien.

An information session will also be held in Waterville on May 31 at 19 pm at 201 Highland.

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