A co-op is a business or organisation that's owned and controlled by its members, to meet their shared needs. The members can be its customers, employees, residents or suppliers, who have a say in how the co-op is run.

In a co-operative, a corporate entity owns the lands and structures thereon including each of the individual units in the building. A purchaser in a co-operative buys shares in the corporation, whereas a purchaser in a condominium purchases and is deeded a specific dwelling or condo unit.

In a housing co-op, members pay what we call housing charges instead of rent. Housing co-ops run on a non-profit basis. There is no outside landlord making a profit. Each household pays their fair share of the operating costs each month and we call that the housing charge.

Cooperative and non-profit housing projects provide affordable housing for lower and moderate income families, seniors and individuals. Cooperative housing is owned and managed by the residents themselves while non-profit housing projects are owned and managed by the sponsoring non-profit organization or group.

Applying to Live in a Co-operative To apply for a subsidy to help pay for co-op housing, visit MyAccesstoHousingTO. Most housing co-ops take a meeting with potential members before entering into an Occupancy Agreement. This allows the applicant and the co-op to assess whether this housing opportunity is suitable.

The Co-operative education Canada lets students grasp real-time experience that can enhance their learnings and provide them with a good work experience after their graduate. Are Co-op paid in Canada? Yes, Co-op students are paid in Canada.