The federal government announced it has launched a new co‑operative housing development program to support the next generation of co-op housing in Canada. The program will enable the construction of thousands of new co-op homes by 2028, with priority given to projects that focus on providing homes for residents most in need.

“By focusing on people over profits, co-operative housing is able to keep housing affordable for the long term,” said Sean Fraser, Minister of Housing, Infrastructure and Communities. “This is the largest investment in co-op housing in 30 years. It will help build thousands of new homes and create a new generation of co‑operative housing housing across Canada.”

Starting on July 15, 2024, co-operative housing providers can apply for funding through the first intake round, which will remain open until September 15th. Additional intake opportunities will be announced at a later date.

“Our government’s plan to build nearly 4 million new homes is the most ambitious housing plan in Canadian history,” said Chrystia Freeland, Deputy Prime Minister and Minister of Finance. We’re doing this to ensure every generation, especially Millennials and Gen Z, can find an affordable place to call home. Today’s investment to build more co-op housing—the largest investment in co-ops in three decades—will help us build more of the homes Canadians need.”

Co-operative housing, often referred to as “co-ops”, are managed by the people who live in it, with no outside landlord. As such, the housing model is generally considered more affordable than market rental housing. The program, administered by CMHC, will consist of approximately $500 million in contributions and $1 billion in loans to build new co-ops and grow existing ones.

Visit the Co-operative Housing Development webpage for more information on co-operative housing in Canada.