According to the Canada Mortgage and Housing Corporation (CMHC), Canada will need an additional 3.5 million homes by 2030. Housing continues to get less affordable as the average price of a home in Canada rose 6.3% to $668,754 over the past year.
The Government of Canada has committed more than $82 billion to make housing more available and affordable. While the government is providing funds, they’re relying on private businesses, municipalities, and regular people to take the lead on building these new homes.
People need to work together to access this funding and create the housing solutions their communities need, and creating co-ops is a great way to do it. Here are four options that could help you and your community address housing issues using the co-op model.