Congratulations! I applaud these people! Co-op non profit is the way to bring down rent and keep life affordable! Co-op needs a big comeback through out Canada, It would help house so many people who do not have a place to live!
This kind of tenant organizing is a threat to capitalism and will be shut down whenever possible. We need more of this. Kudos to these tenants. Good work!
So needed. Power to the people. More of this needs done. Many are paying others mortgages. Strength in numbers. Sky high prices for rent & people are truly suffering.
@@aavvcc yes it does.. dougie refused trudeau money for affordable housing... bc his rich developers refuse to build such housing. he's corrupt... wanted the green belt instead of infill housing or converting buildings to housing.
Tax dollars supporting the creation of more Co-ops is a far better and genuine investment than subsidizing private for-profit developers or "investors". Lack of housing security costs taxpayers far, far more in increased costs to addressing poverty, homelessness, mental (and physical) health crises, addictions, encampments, property theft, policing, judiciary and prisons. Affordable housing/security prevents/fixes all of the above.
But it's not as good as no tax dollars involved. When you block the road to the ring of fire, yet keep borrowing(for good reasons), Wall street still cuts your credit off(Bob Rae/Pink Floyd Laughlin) and someone like Mike the knife has to come in and chop....I remember....fools don't. Ford is the most stable, middle of the road politician Ontario has had since Bill Davis and the political pendulum has finally stopped swinging wildly left and right....enjoy him while you can. Never thought we'd get so lucky.
This would be a low cost way for the government to keep housing more affordable instead of throwing money at big developers. Since it makes sense there’s no chance they’ll do it.
Well-done!! This is a great achievement for these people, and I hope others can learn from it and put it into action for themselves as well. I think its extra awesome that they have board game nights and activities where the tenants have real friendship and social interaction.
Good for you. Great leadership, great perseverence. Very glad you will be helping otners to do the same. Excellent work you guys, it will help a lot of people. Wish mybuilding woulddo that. Owners ga e flipped our building 4 times in the last 12 years. Now an American company owns our pla e,they are great responsible landlords. Buteverytime a long term teant moves our their apartment gets renovated and the price increases to $1750 plus utilities for a one bedroom. We'd love to move to a larger apartment, which you used to be able to do with the original owner, and pay a reasonable increase, but now we don't dare. We're in our 70s and 80s so going out and earning more by working more is no longer an option. We are stuck here because everywhere in Toronto is either unreasonably expensive or its a poorly- tended building, the landlords and property managers are angry and disrespectful even if you are a good, reliable tenant. We've had 3 landlords like that, or property managers they employ, who are painfully rude. You go, young people!
@@shauncameron8390 I was using them as an example of companies that gobble up real estate. I had no idea that I offended you and the other Blackrock lovers out there lol
@@shauncameron8390 Housing co-ops are not public housing. For one thing, housing co-ops are managed by a committee of people who live there and respond to the needs of that community. Rents pay for general upkeep and major repairs. Although the rents are usually below market, they’re set according to income so this isn’t always the case. I once looked into a co-op where I would have paid so much in rent that buying an equivalent condo would be cheaper. Those who pay higher rents in a co-op are subsidising those who can’t pay as much instead of paying that extra bit to a landlord. Public housing is usually managed by cities, municipalities and non-profits whose members don’t live there. They’re dependent on donations and/or government funding, which can be unpredictable.Almost all the rents have to be set low and may not be enough to meet long term costs.
Good for them, am I the only one who thinks 5 million for that is ridiculous? No way that landlord paid anything close to that. Most likely an international landlord or company. I see these guys selling triplexes for over a million, just because it’s a rental. But the same house as a single family residence goes cheaper. A lot of houses being bought turned into a duplex etc and then put back on the market with a huge mark up. Jack the rent up sell it for more. This shouldn’t be allowed in this country. Glad these people figured it out.
@@polishtheday did you read description? "they couldn’t afford the down payment and turned to the community, where they received help from various partners."
@@AlexPescado You need a downpayment to get a mortgage and, as I said, co-ops can get mortgages. They turned to the community for help with the downpayment.
Shout out to the landlord. I know people are going to groan me for this, but he could have not sold to them and held out for a corporate buyer. With corporate money, he could have possibly gotten more than the $5M he was asking for.
@@62Cristoforo I was actually commending the landlord for selling to the tenants instead of taking corporate money. That's why I said "shout out to the landlord." Shout out as in good job. People love to vilify all landlords. Here's one that did a decent thing.
Condo owners each own individual units, so no. Cooperatives have members (the "tenants") who don't own anything individually and can't ever sell their units for personal gain; all units are collectively owned by the non-profit Co-op, whose members eventually change, e.g. death or vacating to buy their own property elsewhere or whatever other reason. Rents increase just enough to cover maintenance and any "profits" are reinvested into future maintenance/needed upgrades. The only 'problem' with Co-ops is there aren't enough of them and the ones that already exist have multi years-long waiting lists because turnover is so low. They are a proven solution to affordable housing security which is why parasitic real estate "investors" and developers and corrupt gov't policymakers haven't supported them more.
👏👏 What an incredible idea. It must have been a challenge & unnerving to go through all the hurdles & red tape but your hardwork & unity paid off! Bravo for you. Geeze a single house costs $2 million alone in Vancouver. I hope you've opened doors for so many others facing this crisis. Such a wonderful looking building to boot !
@@lynb1022Thanks for explaining co-op housing. More people need to know about how they work. More of them would go a long way to solving housing issues in Canada for most of us, including the middle income. We don’t hear about them enough in a media landscape obsessed with profit above quality of life. Just one correction, there is also a cooperative form of ownership where you own a percentage of an entire building, but you can sell your share. There are many units like these, and some across Canada as well. They’re called “indivise” in Quebec. And they should not be confused with housing co-ops, which you have nicely described, or condos, which is also known as “strata” ownership.
@@polishtheday thanks for that clarification. I did know about co-op shares existing but not how they work or that they can be sold (hope it's well-regulated so the people who benefit from them and imo should be paying it forward when they leave don't regress into the same Ponzi as "the market").
@ It’s as well regulated as the condo market and you can obtain a mortgage, but the minimum downpayment is 20% and you can’t shop for your mortgage at just any financial institution. There’s a bit more paperwork at closing. A lot of older buildings in New York have this form of ownership, with the most famous one being the Dakota where Rosemary’s Baby was filmed and John Lennon used to live.
Congrats You better try to put 15 % every month away. And save up for roof and hvac. And build a kitty for unforseen. And that might not be enough. BUT congrats
They’re already aware of this, I’m sure. They would have learned about this while going about setting it up and have associations and other co-ops more than willing to help out, unlike condo associations who rely on volunteers who don’t always have the interest of all owners in mind and have to shell out money to a management company. I’ve been on a strata council and know all about uninformed condo owners. The difference between this and a condo is that the money the residents pay for rent isn’t going to a landlord. Some can be used for maintenance and the residents have a say in what takes priority.
@ Really? The value of mine hasn’t doubled. It’s not even close. It almost tripled under Stephen Harper. But that’s really a non-issue because housing is mostly a municipal and provincial responsibility over which the federal government doesn’t have much control. They don’t control interest rates either or global trends. We’re not the only country with housing issues. I do hold the Liberals responsible for two things related to housing though. First, they transferred any responsibility they did have for housing to the provinces, who in turn transferred it to the municipalities. I think this was under Paul Martin. That’s one reason we quit building housing co-ops (co-ops took out mortgages just like anyone else with some help back then from the CMHC). Second, they offered all sorts of perks to first-time buyers (I was one of them) like lower down payments and the chance to use RRSP savings towards them and did nothing for renters. It also enabled many of us who would normally be renters to get into the housing market unaware of what a wild ride that was going to be. We thought we were buying housing stability, just a roof over our heads, but increased demand from those who would have continued renting was one among several things that caused prices to go up. The Liberals in those days fell for Chicago School neo-Liberalism just like everyone else. And look where it got us.
housing is provincial ... dougies fault, he cut rent control, he refused JUSTINS money for building affordable housing bc his rich developer friends want to build mcmansions. dougie also blocks min wage hikes as well... nothing to do with JUSTIN dear. inflation is global issue dear sound dumb bc americans blame biden, LMAO senior pp has no plans but to fleece us all just like trump.
Hurray…hurray! Tenants bought the property, they will Never raise rents…Guess what’s going to happen??!! The day will come when the heating system, roof replacement, catastrophic repairs will happen, they will not have the funds to repair it or fix anything… Sitting together & playing board games and singing koumbayaa will all come to an end and argument will take over…good luck!
housing is provincial so you are mad at dougie last I checked he's con dear. he's the one that canceled rent control blocked min wage hikes and refused trudeaus money for building affordable housing. not so fast if you think pp has any clue but to fleece us all.
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Good for them 👏
We need more of this.
Put up the money and buy some property.
@
I already have property.
Congratulations! Great job! All the best in the future..
Congratulations! I applaud these people! Co-op non profit is the way to bring down rent and keep life affordable! Co-op needs a big comeback through out Canada, It would help house so many people who do not have a place to live!
This kind of tenant organizing is a threat to capitalism and will be shut down whenever possible. We need more of this. Kudos to these tenants. Good work!
How's it a threat? The tenants decided to pool their money together and buy the property themselves.
This is amazing news! Warmest wishes
Way to dream you guys! Congratulations for making a huge impact in your area! God bless you all on your new and epic journey ❤
So needed. Power to the people. More of this needs done. Many are paying others mortgages. Strength in numbers. Sky high prices for rent & people are truly suffering.
Imagine that adults taking control, well done!
Totally impressed, wtg👍
With government impotence and incompetence and general uselessness on the housing front, citizens need to take action on their own... good for them!!!
It's those with money that are influencing government to do nothing about the housing situation
Why should we rely on government? These people didn’t
@@aavvcc yes it does.. dougie refused trudeau money for affordable housing... bc his rich developers refuse to build such housing. he's corrupt... wanted the green belt instead of infill housing or converting buildings to housing.
.. well done. stories like this makes me happy
Lets hope they can maintain it.
Good for them.
Citizen activism ✊
Excellent idea…for sure !
Good, displacing residents is never a good thing.
No tax dollars involved? Bravo!
Tax dollars supporting the creation of more Co-ops is a far better and genuine investment than subsidizing private for-profit developers or "investors". Lack of housing security costs taxpayers far, far more in increased costs to addressing poverty, homelessness, mental (and physical) health crises, addictions, encampments, property theft, policing, judiciary and prisons. Affordable housing/security prevents/fixes all of the above.
But it's not as good as no tax dollars involved. When you block the road to the ring of fire, yet keep borrowing(for good reasons), Wall street still cuts your credit off(Bob Rae/Pink Floyd Laughlin) and someone like Mike the knife has to come in and chop....I remember....fools don't. Ford is the most stable, middle of the road politician Ontario has had since Bill Davis and the political pendulum has finally stopped swinging wildly left and right....enjoy him while you can. Never thought we'd get so lucky.
This would be a low cost way for the government to keep housing more affordable instead of throwing money at big developers. Since it makes sense there’s no chance they’ll do it.
Good for them congratulations 😊
Well-done!! This is a great achievement for these people, and I hope others can learn from it and put it into action for themselves as well. I think its extra awesome that they have board game nights and activities where the tenants have real friendship and social interaction.
Let’s see how this pans out.
Finally Canadians are doing something the government for some reason can’t do
Awh heck yeah! Let’s keep this up Hamilton
Fantastic! Congratulations!
Congratulations
Good for you. Great leadership, great perseverence. Very glad you will be helping otners to do the same. Excellent work you guys, it will help a lot of people. Wish mybuilding woulddo that. Owners ga e flipped our building 4 times in the last 12 years. Now an American company owns our pla e,they are great responsible landlords. Buteverytime a long term teant moves our their apartment gets renovated and the price increases to $1750 plus utilities for a one bedroom. We'd love to move to a larger apartment, which you used to be able to do with the original owner, and pay a reasonable increase, but now we don't dare. We're in our 70s and 80s so going out and earning more by working more is no longer an option. We are stuck here because everywhere in Toronto is either unreasonably expensive or its a poorly- tended building, the landlords and property managers are angry and disrespectful even if you are a good, reliable tenant. We've had 3 landlords like that, or property managers they employ, who are painfully rude. You go, young people!
It’s about time someone stood up to monsters like Blackrock and other entities scooping up all the real estate and pushing out all us little guys!
Keep Blackrock's name out your mouth! They have nothing to do with this.
@@shauncameron8390 I was using them as an example of companies that gobble up real estate. I had no idea that I offended you and the other Blackrock lovers out there lol
Awesome ❤
Excellent. It's about time for the tenants to deal with their most beloved Canadian government. May the best men/women win.
Sounds like a great idea until decisions regarding maintenance repairs and upgrades are required!
Why would it be a problem now if it wasn’t a problem before? There is a thing called a maintenance budget. Maybe you’ve heard of it
You’re obviously not familiar with how housing co-ops work. Many are better managed than condominiums.
@@polishtheday
And also public housing.
@@shauncameron8390 Housing co-ops are not public housing. For one thing, housing co-ops are managed by a committee of people who live there and respond to the needs of that community.
Rents pay for general upkeep and major repairs. Although the rents are usually below market, they’re set according to income so this isn’t always the case. I once looked into a co-op where I would have paid so much in rent that buying an equivalent condo would be cheaper. Those who pay higher rents in a co-op are subsidising those who can’t pay as much instead of paying that extra bit to a landlord.
Public housing is usually managed by cities, municipalities and non-profits whose members don’t live there. They’re dependent on donations and/or government funding, which can be unpredictable.Almost all the rents have to be set low and may not be enough to meet long term costs.
Awesome
Congratulations to you all!!!!!
More should fallow your decision . Congrats
Nice looking building
Amazing!!!
That’s awesome! 👏 😊
Good job
Love this for them
This is great.
How did they pay 4.8M?
We need money to repair garage,
There ya go. Smart move.
That's how you do it! Want to own the means of production? Build it or buy it.
❤❤❤❤ amazing
Amazing
Good for them, am I the only one who thinks 5 million for that is ridiculous? No way that landlord paid anything close to that. Most likely an international landlord or company. I see these guys selling triplexes for over a million, just because it’s a rental. But the same house as a single family residence goes cheaper. A lot of houses being bought turned into a duplex etc and then put back on the market with a huge mark up. Jack the rent up sell it for more. This shouldn’t be allowed in this country. Glad these people figured it out.
Wait until y’all see what it cost for repairs…. Prices will go up
You have denied Wall Street some money
they will be pushed out in soon
Did they get a bypass on the updating requirements when a new owner takes control of the property?
We the people of Canada know we can do it with out this greedy liberal NDP government. Thanks to Canadians citizens for supporting this great cause.
So right off the hop they cant afford it...hmmm...wait until their 1st big repair....
😊👍
wow hiw they got money
Co-ops can get mortgages just like a business can. What a dumb question.
@@polishtheday did you read description?
"they couldn’t afford the down payment and turned to the community, where they received help from various partners."
@@AlexPescado You need a downpayment to get a mortgage and, as I said, co-ops can get mortgages. They turned to the community for help with the downpayment.
Shout out to the landlord. I know people are going to groan me for this, but he could have not sold to them and held out for a corporate buyer. With corporate money, he could have possibly gotten more than the $5M he was asking for.
Yes, he could have, but he didn’t. There are some things in life more important than profits. You should check it out some time. Expand your horizons.
@@62Cristoforo I was actually commending the landlord for selling to the tenants instead of taking corporate money. That's why I said "shout out to the landlord." Shout out as in good job. People love to vilify all landlords. Here's one that did a decent thing.
So does this mean they are condo owners now?
Condo owners each own individual units, so no. Cooperatives have members (the "tenants") who don't own anything individually and can't ever sell their units for personal gain; all units are collectively owned by the non-profit Co-op, whose members eventually change, e.g. death or vacating to buy their own property elsewhere or whatever other reason. Rents increase just enough to cover maintenance and any "profits" are reinvested into future maintenance/needed upgrades. The only 'problem' with Co-ops is there aren't enough of them and the ones that already exist have multi years-long waiting lists because turnover is so low. They are a proven solution to affordable housing security which is why parasitic real estate "investors" and developers and corrupt gov't policymakers haven't supported them more.
👏👏 What an incredible idea. It must have been a challenge & unnerving to go through all the hurdles & red tape but your hardwork & unity paid off! Bravo for you. Geeze a single house costs $2 million alone in Vancouver. I hope you've opened doors for so many others facing this crisis. Such a wonderful looking building to boot !
@@lynb1022Thanks for explaining co-op housing. More people need to know about how they work. More of them would go a long way to solving housing issues in Canada for most of us, including the middle income. We don’t hear about them enough in a media landscape obsessed with profit above quality of life.
Just one correction, there is also a cooperative form of ownership where you own a percentage of an entire building, but you can sell your share. There are many units like these, and some across Canada as well. They’re called “indivise” in Quebec. And they should not be confused with housing co-ops, which you have nicely described, or condos, which is also known as “strata” ownership.
@@polishtheday thanks for that clarification. I did know about co-op shares existing but not how they work or that they can be sold (hope it's well-regulated so the people who benefit from them and imo should be paying it forward when they leave don't regress into the same Ponzi as "the market").
@ It’s as well regulated as the condo market and you can obtain a mortgage, but the minimum downpayment is 20% and you can’t shop for your mortgage at just any financial institution. There’s a bit more paperwork at closing. A lot of older buildings in New York have this form of ownership, with the most famous one being the Dakota where Rosemary’s Baby was filmed and John Lennon used to live.
I hope they did an engineering study before they put in an offer.
blame private equity link to developer for our housing affordability, somehow socialism is better for our mental health huh
Until the taxes go up. Coming soon.
That’s not how taxes work
Congrats
You better try to put 15 % every month away. And save up for roof and hvac. And build a kitty for unforseen.
And that might not be enough.
BUT congrats
They’re already aware of this, I’m sure. They would have learned about this while going about setting it up and have associations and other co-ops more than willing to help out, unlike condo associations who rely on volunteers who don’t always have the interest of all owners in mind and have to shell out money to a management company. I’ve been on a strata council and know all about uninformed condo owners.
The difference between this and a condo is that the money the residents pay for rent isn’t going to a landlord. Some can be used for maintenance and the residents have a say in what takes priority.
They dont own anything!!!
shares in co-op
You have to watch out for Adrian pannozzo. Very croupt ex cop he’s brings in his ex cops friends with there cops wages
Justinflation in housing and poverty is so bad in Hamilton. Keep voting ndp and liberal
And you think the other party has a better fix?
@polishtheday Trudeau doubled housing prices
@ Really? The value of mine hasn’t doubled. It’s not even close. It almost tripled under Stephen Harper.
But that’s really a non-issue because housing is mostly a municipal and provincial responsibility over which the federal government doesn’t have much control. They don’t control interest rates either or global trends. We’re not the only country with housing issues.
I do hold the Liberals responsible for two things related to housing though. First, they transferred any responsibility they did have for housing to the provinces, who in turn transferred it to the municipalities. I think this was under Paul Martin. That’s one reason we quit building housing co-ops (co-ops took out mortgages just like anyone else with some help back then from the CMHC).
Second, they offered all sorts of perks to first-time buyers (I was one of them) like lower down payments and the chance to use RRSP savings towards them and did nothing for renters. It also enabled many of us who would normally be renters to get into the housing market unaware of what a wild ride that was going to be. We thought we were buying housing stability, just a roof over our heads, but increased demand from those who would have continued renting was one among several things that caused prices to go up.
The Liberals in those days fell for Chicago School neo-Liberalism just like everyone else. And look where it got us.
@@polishtheday who will you be voting for in the next election? don't tell me NDP smh
housing is provincial ... dougies fault, he cut rent control, he refused JUSTINS money for building affordable housing bc his rich developer friends want to build mcmansions.
dougie also blocks min wage hikes as well... nothing to do with JUSTIN dear.
inflation is global issue dear sound dumb bc americans blame biden, LMAO
senior pp has no plans but to fleece us all just like trump.
Hurray…hurray! Tenants bought the property, they will Never raise rents…Guess what’s going to happen??!!
The day will come when the heating system, roof replacement, catastrophic repairs will happen, they will not have the funds to repair it or fix anything…
Sitting together & playing board games and singing koumbayaa will all come to an end and argument will take over…good luck!
Keep voting trudeau and singh
Ok. I will do that
Thank you for that advice.
housing is provincial so you are mad at dougie last I checked he's con dear. he's the one that canceled rent control blocked min wage hikes and refused trudeaus money for building affordable housing. not so fast if you think pp has any clue but to fleece us all.
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