Co-op Housing Leases Renewed with New Terms in Vancouver

Co-op Housing Leases Renewed with New Terms in Vancouver

  • Real Estate
  • Vancouver
July 14, 2021

The City of Vancouver has been pressured to come up with new plan for Co-op housing in Vancouver as the first lease renewal is coming to end this October. Until a new agreement is renegotiated, many of the tenants who signed their leases during 1970s and early 80s were unsure if their lease can be renewed.

The City of Vancouver has proposed new framework for the lease. Co-op housing will continue to be affordable housing instead of market rental. This is great news amid covid when securing a home is very difficulty considering they are already in a co-op in the first place. According to Thom Armstrong, “the co-ops housing represents 25% of the city’s entire non-market portfolio.” The city owns more than half of it equating to a total of 3700 units.

Although it remains as affordable housing, the terms are still based on today’s market. The tenant will still see a bump on their rent. The city made clear that no co-op members were going to be displaced and the building will be renewed in a financially sustainable way.

“The framework approved Thursday would allow for new leases where rents for higher-income co-op members would be set at 25 per cent of the median Vancouver renters’ income, or 15 per cent below average area rents, whichever is less. And it would allow the city to offer subsidies for lower-income, rent guaranteed income units in co-ops, based on the benchmark of 30 per cent of household income. Both will require annual income testing”

“The city’s goal was never to maximize revenue and it is not to maximize revenue,” said Chungath, the city’s director of operations for arts, culture and community services.

Chungath mentions they are working to propose additional co-op unit through densification or redevelopment. This will open to new opportunities for redevelopment incentive for developers if they participate in this co-op program.

Yoyoe Lu

Founder and managing principal

Yoyoe is the founder and managing principal of Claridge. She was ranked one of Vancouver’s top real estate agents. Currently, Yoyoe is our strategic mind leading the team to success. Her affiliation with industry professionals put her ahead of our competitors. Yoyoe is also part of the Rotary Club of West Vancouver, Canadian Homebuilders Association, Urban Land Institute and Urban Development Institute.

Ashley Osborn

Development Site and Investment Specialist

Ashely is our lead land and investment advisor. He has been consistently featured in the annual top 100 real estate deals of British Columbia ranking. With over $15 billion worth of domestic and international real estate investments under his belt, Ashley is one of the top agents in the province. His 20 years of real estate and financial experience make him a master in negotiation and acquisition.

Patricia Wong Chong

Investment and Leasing Specialist

Patricia is our investment and retail leasing advisor. Her experience in brokerage and market research analysis has helped her comprise over $550 million in commercial real estate transactions. Patricia is responsible, detail-oriented, and professional. Her strong work ethic and positive attitude have led her to surpass all her competitors.

Schumann Li

Land Assembly & Residential Specialist

Schumann is a top-producing realtor in the Lower Mainland with more than 30 years’ experience. Over the years, Schumann hasn’t just garnered awards, but the trust of countless customers. Her clients continually refer to her outstanding professionalism, work ethic and poise.

Wendy Kaip

Sales Associate

Whether it’s decoding city policies, strategizing relocation plans, home sellers looking for a trustworthy advisor to unlock their property’s maximum potential- Wendy is here to help every step along the way.

Prior to real estate, Wendy spent over a decade in the mining industry with her attention to detail, keen negotiation skills, extensive network and strong reputation for getting the deal done, bringing endless value to her current real estate clients.

Whether you are thinking about selling to a developer, or have more questions about commercial real estate, Wendy invites you to connect, to see how she can utilize her expertise and team to help create value and maximize your real estate goals.

Simon Chan

Managing Broker

Simon is the managing broker of Claridge Real Estate Advisors Inc. His expertise has helped our agents resolve many difficulties. Not only is Simon knowledgeable with real estate legislation, but he is also very detail orientated. With Simon on our team, our agents are confident to conduct businesses and will always get the support they need to ensure they’re not walking on dirty water.

Frank Zhou


As the analyst of the company, my key job is to help brokers to find marketable clients and locate feasible development sites by collecting and analyzing up-to-date market transaction data and conducting target market and property-level research. Meanwhile, I am also in charge of maintaining the company’s property database to ensure accuracy and comprehensiveness and continuously upgrading the level of knowledge by staying up to date with hot topics, and market trends, and incorporating findings into everyday work. Before joining the company, I worked for CR Group as a real estate investment manager, focusing on capital raising, equity and debt financing, acquisition and renovation. I hold 2 master’s degrees, one in Housing Management and the other in Economics.