Co-op home loan
Buy shares in a co-op home.
What it is
A loan that helps you buy shares1 to your new home in a co-operative housing community
Borrow
Up to 65% of your new home’s value2
Best part
Specialized financing from co-op experts
Why get a co-op home loan?
A lot like a mortgage
Spread payments out with an amortization of up to 25 years or the time on the Occupancy Agreement to make payments easier. Like a mortgage, you can also apply for a pre-approval.
Competitive interest rates
Borrow with competitive fixed-term and fixed rate-options to make your finances predictable and affordable.
Flexible borrow limit
A co-op home loan lets you borrow up to 65% of your co-op home’s value.2
How is a co-op home loan different?
Usually, when you get financing to buy a home, the property itself is considered collateral for the mortgage. When buying into co-op housing, you’ll receive a loan in order to purchase shares,2 which become the collateral instead of the property.
How to apply.
Check the co-op type
The co-op must be a company incorporated under the Business Corporations Act. A housing cooperative incorporated under the Cooperative Association Act does not qualify.
Talk to a specialist
As a co-op ourselves, we know the ins and outs like no other. Get advice and all your questions answered.
Provide application documents
To start the application, we’ll collect some documents about your income and the co-op home. If you’re a member, we may already have this information. After that, we’ll put together the application and our lending specialists will handle the rest.
Home valuation
A full appraisal of the unit will be required. We’ll organize this for you. The appraisal cost may vary depending on the size, value, and location of the home.
Sign for your loan
When everything is ready, we’ll set up a time for you to visit your nearest branch and submit your signatures. If you’re an existing Vancity member, you can sign virtually without leaving home.
Book a call.
Connect with a specialist to get tailored advice or to start your application.
General questions.
Monday to Saturday: 8 am to 8 pm
Sunday and holidays: 10 am to 5:30 pm
Metro Vancouver: 604-877-7000
Greater Victoria: 250-519-7000
Toll-free: 1-888-826-2489
Explore other lending.
Personal loan
Line of credit
The contract of sale and share loan may be subject to the approval of the Cooperative Board.
65% of the first $690,000 property value, and 50% of the remainder to a maximum property value of $943,000. Applications and the amount you can borrow are subject to meeting Vancity’s usual credit criteria.