Cooperative Ownership within Hampshire Gardens vs Condominium Ownership

Hampshire Gardens is comprised of 12 Building Cooperatives, which house 236 one and two bedroom units, within 2 story buildings. It is, therefore, a Cooperative form of ownership, and not a condominium form of ownership.


Within a Cooperative, the owners do not have title to a specific residential unit, but rather the building where they reside is a Corporation, and each of the residents owns stock in the corporation. In Hampshire Gardens, the shares of stock are based on whether the unit is a one bedroom or two bedroom unit, where a resident of a one bedroom unit owns 34.5 shares of stock, and the resident of a two bedroom unit owns 47.5 shares of stock.

  • What is a co-operative?

    A co-operative i s a group of people who form a corporation so as to provide a service for themselves.  In a co-operative the service provided i s affordable housing, and the residents are members of the corporation.


    The members elect a Board of Directors from among themselves. The members authorize the Board to conduct the

    day to day business of the co-operative in a manner that satisfies all the requirements of it's Charter, Agreements and Policies.

  • The Co-operative Principles:

    • open and voluntary membership
    • return o f any surplus to the members
    • democratic control
    • co-operative education
    • co-operation amoung co-operatives

  • Who owns the co-operative? Who is the landlord?

    The Co-operative Corporation is the owner and landlord. That means that each member..by virtue o f membership and voting rights in the business of the corporation...is a part owner.


    However the members do not own their individual units. They cannot buy or sell individual units. They may not sublet. They are guaranteed exclusive rights to occupy their unit as long as they continue to respect and abide by the Charter, Bylaws, Agreements and Policies of the co-operative.

  • How i s a co-op different from other rental property?

    There are important differences. Co-operatives operate on a break even basis. There is no provision for an outside owner or

    landlord, so the income derived from the "rent" needs only to be adquate to cover the co-op's real expenses.

    The care that members take of their assigned units and the careful planning that they do for long-term maintenance can

    affect the co-op's costs.


    In social terms, the co-op's goal is to become a community where people can feel comfortable and "at home." where living

    is more than existing within four walls. They can do this by organizing social and sporting events, special interest groups

    and liason with other co-operatives.


  • What kind o f lease or agreement do we sign?

    In a co-op there is no "lease" i n the ordinary understanding of that word. Instead there i s a perpetual lease on a specific unit that sets out the obligations of the Co-op to the member and the member to the Co-op. 


    This i s supported by a booklet called

    "The Rules We Live By" outlining the very basic conduct expected of each member.

  • How is the unit charge set?

    The chief advantage of a not for profit co-op is that budgets are determined on a cost-only basis which means that any increase in charges must be justified bvy an increase in operating costs.


    The regular charge can only be increased by means of a vote taken at a meeting called specifically for that purpose.


    Our Corporation has a total of 755 shares which all expensese are divided into.  A  one bedroom has 34.5 shares and two bedroom units have 47.5 shares