Written by Teresa Edge
The Union Co-operative recently took ownership of two apartment buildings, marking their first property purchase as a collective! By protecting these 58 two-bedroom homes Union Co-operative is helping maintain affordable housing in the KW region. Union Co-operative is the first community real estate co-operative in Canada to leverage local investments to preserve affordable housing stock, serving as a model for other communities.
From seven members in a boardroom 5 years ago, Union Co-operative's membership has grown to fill a small theatre. By narrowing the member applicant pool to those who have a connection to the region, the organization will ensure the path forward reflects the needs of the region.
Given rapidly rising rent rates, alongside inflationary pressures, many members of the KW community are under increasing financial pressure. Investments like this one ensure that the region continues to be an affordable and inclusive place for all to live.
For more information, please see the Vancity article.