Want to live in a co-op home? Our co-op home loan is one of the few options out there designed to help you purchase shares² to your new home in a co-operative housing community.
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.
Borrow with competitive fixed term and fixed rate options to make your finances predictable and affordable.
A co-op home loan lets you borrow up to 65% of your co-op home’s value.¹
Here’s what applying for a co-op home loan is like.
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.
As a co-op ourselves, we know the ins and outs like no other. Get advice and all your questions answered.
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.
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.
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.
Typically, when a homebuyer gets financing for their purchase, the property itself is considered collateral for the mortgage. However, as someone buying into co-op housing, you’ll receive a loan in order to purchase shares¹. So, these – and not the actual property – become the collateral.
Connect with a co-op loan or mortgage specialist to get tailored advice or to start your application.
Book an appointment
Monday - Saturday: 8 am to 8 pm
Sunday & holidays: 10 am to 5:30 pm
Metro Vancouver: 604-877-7000
Greater Victoria: 250-519-7000
Toll-free: 1-888-826-2489
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¹ 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.
² The contract of sale and share loan may be subject to the approval of the Cooperative Board.