We’ve talked about affordable ownership before, but here’s a group actually making it happen!
Driftwood Village Cohousing is a 27-unit, five-storey building with diverse unit types for singles, young families, and retirees that will hopefully be approved at an upcoming public hearing in the City of North Vancouver on July 9. You can check out a fact sheet here.
If you haven’t heard of co-housing before, here’s how it might differ from other housing types:
The 'developers' are the actual future residents who will live in this building
- The community is intentional — sharing space and meals together often
- People typically own their homes with a strata structure and sometimes rent
Knowing your neighbours and living in an intentional community all sounds great and all...
But how is it affordable?
Driftwood is proposing that eight of the 27 units (four 3-bedroom and four 2-bedroom) will be designated as 25 per cent below-market ownership in perpetuity, to fulfill the required Community Amenity Contribution, and to help a wider range of families live in North Vancouver.
That means that down the road, every time one of these units are sold, the price will be 25 per cent below whatever the appraised market price is.
A similar model was implemented in another co-housing project 20 year ago (Quayside Village in North Vancouver), and this group is hoping to do it again — but they need our support.
If passed, this project will provide affordable ownership for eight households now, and more in the future without any extra cost to the city, as resales will be managed by the co-housing strata with a professional appraisal.
If this isn’t a creative approach to housing affordability, I’m not sure what is.
Do you live or work in North Vancouver (or want to live in North Vancouver)? Do you want to see this project go forward?
Here are two ways you can show your support
Sign up to speak at the public hearing on July 9 at city hall by adding your name and address to the sign-up sheet located outside of the council chamber 1.5 hours prior to the start time of the public hearing.
Write to [email protected] telling the mayor and council why they should approve this project. We’ve put a sample letter together you can download and send here. If you send it before July 2nd, it will be included in the package that goes to council.
Want to know more about how you can support more projects like this in Metro-Vancouver? Would you like to join our all-star team of organizers?
Catch up on the action
We’ve been on a roll lately. Learn about our recent campaign activity:
Let’s do more
We want to restore housing affordability for renters and owners — forever.
You can help by becoming a Gen Squeeze Member: