To become a member of a co-op, you must purchase a share. Shares also stand as the co-op’s working capital.

Each share gives a member a vote in general meetings. Shares usually range from $1,000 to $7,000 (a typical share purchase is around $2,000). Some co-ops permit jointly held shares (held between two or three members in a household); others prefer a one-member-per-household model.

A share is a little bit like a damage deposit in that you get the money back when you leave the co-op, unless the unit has been damaged, or you owe money to the co-op, in which case the share is used to cover repair costs or settle the debt. Non-profit housing co-ops do not return share purchases with interest. Please note that in most co-ops, you need to give two months’ notice prior to moving out.

CHF BC administers two programs to help people in special need with no-interest loans to afford the initial share purchase once they’ve been accepted to join a housing co-op: the Disability Trust and the Domestic Violence Relief Fund.

There are also are several programs in your community (pdf) that can help new co-op members fund their share purchases.