You can find more information on housing co-ops on the CHF BC (The Co-op Housing Federation of British Columbia) website or the CHF Canada (Co-op Housing Federation of Canada) website.
Our well-kept grounds and gardens are the envy of many. The co-op is in walking distance to local schools, from kindergarten to college, local amenities, and a network of walking trails. In a collective arrangement with the strata across the street, the co-op co-owns an outdoor swimming pool with paid pool attendants. The co-op’s children spend many happy hours each summer at the pool.
One of the secrets to our success is employing our own office and maintenance staff, who keep close eye on the daily operation of the Co-op. We also enjoy weekly pick-up service from local companies who provide an efficient organics recycling program as well other garbage and recycling programs. We employ local gardeners, landscapers and arborists to keep our property looking its best throughout the year. We have embarked on an annual Maintenance Program with many contractors to keep our gutters and drains flowing, windows shining, sprinklers flowing, and alarms and exterior lighting working properly.
In addition to 71 two-floor townhouses with basements and private yards, the co-op has a small apartment block of 15 “maisonettes”, many of which are one-level suites, great for members who need to downsize.
Marigold is a happy mixture of families, couples, singles, and seniors who enjoy being active participants and neighbours in our community. We take pride in our buildings, grounds and the volunteering that it takes to oversee this co-operative. Co-operative housing is people coming together to provide affordable housing for themselves.
Members purchase shares amounting to a small percentage of the value of the unit they will occupy which is refundable should the member leave the co-operative.
Marigold is the largest housing co-operative on Vancouver Island. We have 86 two to four bedroom units housed in 13 buildings on three small private roads. Marigold was built in 1976 as part of a housing development that also includes two strata councils and a shared recreation facility between the three groups.
We are located close to McKenzie Elementary, Marigold Elementary, Colquitz Middle School, and Spectrum Secondary School as well as a short distance from Camosun College’s Interurban Campus.
The Colquitz Regional Trail system and the Swan Creek Nature paths are part of Sannich’s Centennial Trail system, which provides a jogging trail/nature path right out our front doors.
The Swan Creek Recreation Centre is operated by Marigold Co-operative and the two strata’s across Columbine Way from us (Carnation Place and Crossandra Crescent). The Rec Centre houses a daycare, outdoor basketball court, outdoor pool, showers, a meeting hall, and Marigold’s office.
We are situated 15 minutes outside of downtown, off of Columbine Way, which runs between Carey Road and Interurban Road and allows for a number of traveling options. Bike and walking paths are immediately accessible and BC Transit routes #8, #21, #22, #30, #31, and #51 all pass by these roads.
Members purchase shares amounting to a small percentage of the value of the unit they will occupy. This is called a Share Purchase and is refundable should they leave the co-op. Only members may be shareholders. Each member has one vote in the affairs of the co-op, regardless of the value of their shares. For example, if you choose a 2-bedroom unit, your share purchase will be less than that of a 4-bedroom unit, but your vote will carry the same weight.
Shareholders elect a Board of Directors from the membership. The Board assumes responsibility for conducting the affairs of the co-op under the direction of the membership. However, the Board may, in turn, hire professionals when it is deemed necessary. These professionals would work under the policy direction of the Board of Directors.
Members pay monthly assessments (housing charges), which cover the payment of principal and interest, taxes, land purchase, maintenance, water, and other necessary expenses. The co-op is non-profit.
Members take an active part in managing and long-term planning for the co-op. Sometimes the services and advice of professionals is required, but the final decisions on all matters rest with the membership, because a co-op is a self-directing autonomous legal association.
Members do not individually own the units they occupy, because ownership in a continuing housing co-operative is collective, and rests with the entire membership; however, they do have the “right to residency”. Only willful and serious breaches of their lease or the co-op rules, which are voted on by the membership at a general meeting, are cause for membership to be revoked.
There are four important differences between renting and co-operative ownership:
Most non-profit housing co-ops currently receive money from the government (federal and/or provincial) to help the co-op subsidize a certain number of housing units. The housing charge for these units is adjusted to the income of the household. If a household qualifies for a subsidy, their housing charge is usually set at roughly 30-35% of the household’s income. Not all co-ops currently have subsidy available, and subsidy is not a certainty going forward.
Marigold Housing Co-op differs from these programs, in that our members pay housing charges directly related to their income, and are therefore not reliant on any form of government to offer affordable housing to our members.
If you would like to learn more about other types of subsidized housing, click here to learn more about subsidized units in Victoria through BC Housing – BC Housing handles subsidized housing applications from a number of different sources, including CRD Housing and some housing co-ops.
You can find more information on housing co-ops on the CHF BC (The Co-op Housing Federation of British Columbia) website or the CHF Canada (Co-op Housing Federation of Canada) website.