Union Co-operative is working to buy residential & commercial properties in Waterloo Region for permanent affordability through community ownership.
Step 1: Become a Member
People who live, work, or have a connection to Waterloo Region can become members. This maintains community ownership. Every Member gets one equal vote and can run for the Board of Directors.
Step 2: Invest for Affordability
Members can invest and then receive dividends as declared by the board. Investments can be made directly in the Co-operative, or through a self-directed RRSP that is administered by Concentra Trust.
Step 3: Have a Positive Impact
Properties purchased by Union Co-operative will be held for long-term affordability. We will work to renovate the properties over time, increasing comfort and sustainability, without displacing current tenants.
Why now?
Increasing Rents
Average residential rents increased by 41% between 2009 and 2019. Inflation increased by 19% during this same 10-year period. The City of Kitchener reports that on average rents are increased by $250 between tenants.
Unstable Housing Amplifies Challenges
Community organizations report that increasingly unaffordable housing amplifies existing challenges (e.g., homelessness, drug addiction, food insecurity).
“Naturally Occurring” Affordable Housing
Older properties with long-term tenants often have rents that are more affordable than the market average. Purchasing these properties when they become available will permanently preserve rents and ensure existing tenants are not displaced