Toronto’s most comprehensive real estate co-ownership conference to date!
Saturday, March 2, 2019
““My passion for real estate comes from a joy in helping people thrive. I recognize that our homes are the foundation of our lives, providing a means for personal, community, social and economic success.””
Purchasing a property co-operative may seem daunting and you have a lot of questions.
Join us on March 2 to learn how to complete the 5 key steps to make it happen:
The Partnership Model: Where do you start?
The Mortgage: How do you finance a co-operative real estate purchase?
The Home: What kind of properties should we look for?
The Agreement: Do we need written agreements to make this work?
Contingency Models: How do you plan for future outcomes?
The Partnership Model: Where do you start?
A successful partnership in co-operative real estate needs to be thoughtful. Not everyone will bring the same things to the partnership, or has the same needs:
What assets, equity or income does everyone bring to the partnership?
Does everyone need equal space? Equal privacy? Do some partners need childcare? Or homecare?
What does the group need? How many kitchens? How many cars?
How do partnerships work when some partners contribute more than others?
The Mortgage: How do you finance a co-operative real estate purchase?
Before looking at properties, it’s essential to understand what you can afford. Develop a financial plan for the purchase that takes into account what the partnership has to work with:
How do you create a mortgage for multiple partners? What are the rules?
How does the model save money? What is the cost of moving in together?
Who are the best lenders to work with?
The Home: What kind of properties should we look for?
A co-operative home purchase needs to accommodate the maximum number of needs of the group:
What are the best types of co-operative properties?
What are the pain points and how do you remedy them?
How do you prioritize needs e.g. a garden vs. a garage?
When do you renovate to make it work?
The Agreement: Do we need written agreements to make this work?
Short answer: absolutely. But there are different types of agreements that create clarity about shared vs. private spaces and roles and rules in the home:
What is an equity co-op model vs. a corporation?
What works best for co-housing?
What remedies should we think about to resolve problems?
Contingency Models: How do you plan for future outcomes?
You need to plan for changes in the life of your partnership and the life of your partners. Learn how to be prepared for any outcome:
What happens when a partner wants to bring in another person?
What about a partner’s income loss?
What if a partner dies or wants to leave?
Hear how they made a co-operative real estate purchase work for them.
This family made a conscious choice to have a co-housing partnership. Two generations in the same house would allow both families to live more affordability, in proximity, but not together.
For the younger generation, it meant gaining equity in the real estate market for the first time. For their parents, it meant living more affordably and more centrally (without a car) in the heart of the city.
These four friends took a hard look at the cost and reality of retirement homes. They wanted to have better control of their expenses and environment and wanted to be able to choose their own company in their retirement years. Co-housing seemed like a good solution. They pooled their resources and created a unique home that gives all of them both private and shared areas, and a place to get together for a glass of wine at the end of the day.
Speakers will include Lesli Gaynor, sales representative for GoCo Solutions and the Fridman Team at Forest Hill Real Estate. Lesli specializes in co-operative real estate. She has helped her many clients navigate their co-operative purchase and create a new home.
She will be joined by Lesley Tenaglia, who will discuss financial planning for co-operative real estate. Other speakers will include real estate, legal and community experts including Jane Farrow, a journalist and researcher in urban planning issues and advocate of livable cities.
The conference attendees will also hear from families and groups that will tell their stories about how they navigated their co-operative real estate purchase, and their experiences of living co-operatively successfully.
Make an Affordable Home Purchase
Real estate purchases and rentals are becoming too expensive for most individuals: Some Torontonians are spending up to 75% of their income on housing (Globe and Mail: Jan 2018)
Live in Community
Sharing space and resources creates healthy, more affordable communities. Less isolation means more engagement in community activities.
Stay in Your Neighbourhood
Co-operative real estate offers the opportunity to live or remain in communities you know and love.
Date: Saturday, March 2nd, 2019
Time: 9:00am - 4:30pm
Location: CSI Cafe: Centre For Social Innovation (720 Bathurst St., Toronto)
The Co-operative Real Estate Conference is being hosted by GoCo Solutions alongside supporting sponsor The Fridman Team.
