Applications now open for Toronto’s first new housing co-op in 7 years

August 24th, 2017 by Iler Campbell

Naismith Co‑op, Toronto’s first new housing co-op in seven years, is now accepting membership applications.  Located at 10 York Street in downtown Toronto, the new co‑op is comprised of 7 two bedroom units in a 65‑storey condominium.

Naismith came about thanks to a deal negotiated by former city councillor Adam Vaughan with the condo’s developer, Tridel, under section 37 of the provincial Planning Act. Section 37 allows for a community benefits agreement to be negotiated in exchange for the approval of a development that does not meet regular zoning regulations.

Naismith joins over 165 co‑ops in the Greater Toronto Area that are part of the Co‑operative Housing Federation of Toronto (CHFT).

Tom Clement, Executive Director of CHFT, says that since the co‑op will be choosing applicants by lottery, this is a great opportunity for interested and qualifying applicants to have an equal chance of being selected.  In the past, co‑ops have selected applicants on a first‑come first‑serve basis.

All qualifying applicants who submit an application form by midnight on Wednesday, October 4, 2017 will be included in the draw.  The co‑op will fill seven two‑bedroom affordable units with a monthly housing charge of $1,075.00 plus utilities.

To qualify for a two‑bedroom unit at this rate, the applicant’s annual household income must be below $51,500 (before taxes) when they sign the housing agreement. No additional rent subsidies are available.

New affordable housing stock is wonderful news. We believe in the potential of co‑ops as much as we ever have – and we hope to see many more in the future!

You can learn more about Naismith Co‑op and apply to be a member here.

Filed in: Co-operative Law, Housing