Housing Co-operative for Canadians.
Far lower living costs over renting.
Below you will see actual examples of what the financials are for various houses. Some Toronto , Windsor, Bellville, British Columbia, and some small towns. These examples apply most anywhere in Canada. Understand the basics before you join Epheo.com to select where you want to join or start a co-op.
If you own a home outright join epheo and message me BEFORE you list it anyplace. You will end up with more money in your pocket, usually 3% to 5% more. See PRIVATE SALES for calculations and details
Costs are per bedroom so both single people, married couples, or simply 2 friends sharing can be accommodated. You decide. Financing co-operatives is tricky. Our lenders allow up to 5 on title and on mortgage. However more can be allowed depending on the house and number of occupants.
What is Co-operative Housing? It is a type of residential housing where the resident-members own the building collectively. The resident-members manage the building and make decisions about its operation, such as setting monthly cost and making repairs.
Benefits of Co-operative housing:
- Co-operative housing is far less money than renting or the costs of your own home.
- Plus you build equity in your co-op house.
- You preserve your money: Your monthly payments are lower and build equity in the property rather than being lost as rent.
- Potential for extra appreciation: The value of the house can increase over time, leading to a higher equity stake.
- You can travel and not worry about your house. Resident-members look after bills and upkeep when you are travelling. You simply pay your monthly.
British Columbia:
Actual Example:
Sookie, Vancouver Island
A $799,900 5 bedroom house 2 bathrooms
Costs are per bedroom so both single people, married couples, or simply 2 friends sharing can be accommodated. You decide.
- The investment is $35,836 for each bedroom : 1/5th of the down payment, land transfer taxes and legal fees.
- Monthly Costs: The combined monthly cost for each bedroom is (1/5th of the mortgage payment, property taxes, insurance, and utilities) equals $1,553/month (10 year mortgage), or $2,607/month (5 year mortgage)
- When Mortgage Paid: Each bedrooms monthly goes down to: $137.
- Equity Build-Up: Each month your equity grows. When mortgage is paid equity is $159,980 PER BEDROOM in the house. This is a significant return whereas you have zero return with rent.
See the house. If this link does not work the house got sold
Join Epheo.com if you are interested in this house or one like it.
Actual Example:
Colwood BC, Vancouver Island near Victoria
A 6 bedroom 3 bathroom $949,900 house for a co-op
Costs are per bedroom so both single people, married couples, or simply 2 friends sharing can be accommodated. You decide.
- The investment for each bedroom is $18,842: 1/5th of the down payment, land transfer taxes and legal fees.
- Monthly Costs: The combined monthly cost for each bedroom is (1/5th of the mortgage payment, property taxes, insurance, and utilities) equals $1,850/month (10 year mortgage) or $3,101/month (5 year mortgage).
- When Mortgage Paid: Each bedrooms monthly goes down to: $168.
- Equity Build-Up: Each month your equity grows. When mortgage is paid equity is $189,980 PER BEDROOM in the house. This is a significant return whereas you have zero return with rent.
See the house. If this link does not work the house got sold
Join Epheo.com if you are interested in this house or one like it.
Ontario:
Actual Example:
Windsor, Ontario
5 bedroom 2 bath $299,900 house for a co-op
Costs are per bedroom so both single people, married couples, or simply 2 friends sharing can be accommodated. You decide.
Actual Example:
Bellville, Ontario
A 6 bedroom 3 bathroom $529,990 house for a co-op
Costs are per bedroom so both single people, married couples, or simply 2 friends sharing can be accommodated. You decide.
- The investment for each bedroom is $23,654: 1/5th of the down payment, land transfer taxes and legal fees.
- Monthly Costs: The combined monthly cost for each bedroom is (1/5th of the mortgage payment, property taxes, insurance, and utilities) equals $1,062/month (10 year mortgage) $1,760/month (5 year mortgage)
- When Mortgage Paid: Each bedrooms monthly goes down to: $124.
- Equity Build-Up: Each month your equity grows. When mortgage is paid the equity is $105,998 PER BEDROOM in the house. This is a significant return whereas you have zero return with rent.
This house would be good for retired couples that travel a lot or good friend seniors sharing a bedroom.
See the house. If this link does not work the house got sold
Join Epheo.com if you are interested in this house or one like it.
Actual Example:
Windsor, Ontario
A 6 bedroom 2 bathroom $349,000 house for a
co-op
Costs are per bedroom so both single people, married couples, or simply 2 friends sharing can be accommodated. You decide.
- The investment in each bedroom is $15,742: 1/5th of the down payment, land transfer taxes and legal fees.
- Monthly Costs: The combined monthly cost for each bedroom is (1/5th of the mortgage payment, property taxes, insurance, and utilities) equals $751/month (10 year mortgage) or $1,210/month (5 year mortgage)
- When Mortgage Paid: Each bedrooms monthly goes down to: $133.
- Equity Build-Up: Each month your equity grows. When mortgage is paid equity is $69,800 PER BEDROOM in the house. This is a significant return whereas you have zero return with rent.
See the house. If this link does not work the house got sold
Join Epheo.com if you are interested in this house or one like it.
Actual Example:
Toronto, Ontario
A $899,000 6 bedroom 3 bathroom house for a
5 bedroom co-op
Costs are per bedroom so both single people, married couples, or simply 2 friends sharing can be accommodated. You decide.
- The investment for each bedroom is $42,782: 1/5th of the down payment, land transfer taxes and legal fees.
- Monthly Costs: The combined monthly cost for each bedroom is (1/5th of the mortgage payment, property taxes, insurance, and utilities) equals $1,726/month (10 year mortgage) or $2,910/month (5 year mortage)
- When Mortgage Paid: Each bedrooms monthly goes down to: $134.
- Equity Build-Up: Each month your equity grows. When mortgage is paid equity is $179,800 PER BEDROOM in the house. This is a significant return whereas you have zero return with rent.
See the house. If this link does not work the house got sold
Join Epheo.com if you are interested in this house or one like it.
Actual Example:
Toronto, Ontario
A $959,900 7 bedroom 3 bathroom house for a
5 resident/couple co-op
Costs are per bedroom so both single people, married couples, or simply 2 friends sharing can be accommodated. You decide.
- The investment for each bedroom is $45,705: 1/5th of the down payment, land transfer taxes and legal fees.
- Monthly Costs: The combined monthly cost for each bedroom is (1/5th of the mortgage payment, property taxes, insurance, and utilities) equals $1,825/month (10 year mortgage) or $3,090/month (5 year mortage)
- When Mortgage Paid: Each bedrooms monthly goes down to: $126/month.
- Equity Build-Up: Each month your equity grows. When mortgage is paid equity is $191,980 PER BEDROOM in the house. This is a significant return whereas you have zero return with rent.
See the house. If this link does not work the house got sold
Join Epheo.com if you are interested in this house or one like it.
Actual Example:
Ponteix, Saskatchewan
A $95,000 6 bedroom 1 bathroom house.
Costs are per bedroom so both single people, married couples, or simply 2 friends sharing can be accommodated. You decide.
- The investment is $6,050/bedroom. : 1/4th of the down payment, land transfer taxes and legal fees. 1 bathroom limits this house to fewer people.
- Monthly Costs: The combined monthly cost for each bedroom is (1/4th of the mortgage payment, property taxes, insurance, and utilities) equals $491/month (5 year mortage)
- When Mortgage Paid: Each bedrooms monthly goes down to: $125.
- Equity Build-Up: Each month your equity grows. When mortgage is paid equity is $23,750 PER BEDROOM in the house. This is a significant return whereas you have zero return with rent.
See the house. If this link does not work the house got sold
Join Epheo.com if you are interested in this house or one like it.
Actual Example:
Fort Macleod, Alberta
A $249,000 5 bedroom 3 bathroom house for a
5 resident/couple co-op
Costs are per bedroom so both single people, married couples, or simply 2 friends sharing can be accommodated. You decide.
- The investment in each bedroom is $11,000: 1/5th of the down payment, land transfer taxes and legal fees.
- Monthly Costs: The combined monthly cost for each bedroom is (1/5th of the mortgage payment, property taxes, insurance, and utilities) equals $877/month (5 year mortage)
- When Mortgage Paid: Each bedrooms monthly goes down to: $136.
- Equity Build-Up: Each month your equity grows. When mortgage is paid equity is $62,250 PER BEDROOM in the house. This is a significant return whereas you have zero return with rent.
See the house. If this link does not work the house got sold
Join Epheo.com if you are interested in this house or one like it.
Something for home owners to think about.
Say you own your home outright. The co-operative can offer you an annuity for 5, 7, 10 years with a guaranteed ROI of 6%.
- A $299,900 6% annuity returns $3885 per month for 10 years.
- A $799,900 6% annuity returns $9407 a month for 10 years.
- A $1,000,0000 6% annuity returns $11,065 a month for 10 years
Plus you could stay resident in the house on the same terms as all other residents. You could then travel without worry and still have a care free home base.
Another big advantage
As your monthly expences are far lower, you can buy better food. By cooking together you can easily eat superior full nutrition meals which have many advantages! According to science a superior diet can help you live longer, keep your skin, teeth, and eyes healthy, support your muscles, boost your immunity, strengthen your bones, help reduce weight and lower your risk of heart disease. It can also help you prevent other diseases, boost your mood, and give you the energy you need to grow and repair your body. Science says that people who eat superior diets rich in vegetables and fruits have a significantly lower risk of obesity, heart disease, stroke, diabetes, and certain types of cancer.
Requirements
To become a resident/member/couple in a co-op house you need a minimum pension or salary of about $2000 per month, and money for the deposit, legal and land transfer tax. Amounts depend on the house purchased. This money is only needed when the house is purchased! Seniors also need to be in reasonable health and capable of looking after yourself. Co-op's are not nursing homes.
My name is Richard Hirtle also known as Ricky McMountain and I will be joining one of the co-operatives personally!