A housing structure in Ontario where residents purchase shares in a corporation that holds title to the building, rather than owning their unit as real property. Co-op residents hold a proprietary lease giving them the right to occupy their unit. Unlike condominiums, co-op shares are personal property — they cannot be mortgaged the same way as real estate. Co-ops are relatively rare in Ontario but do exist, particularly in older Toronto buildings, and often have strict approval processes for new shareholders.
Synonyms:
housing co-op|co-operative housing