Ambleview Place Housing Co-op share purchase process.

Helpful answers for prospective members 1. What is the co-op responsible for? How is it run? Ambleview Place is a member-run co-op governed by an elected Board of Directors made up of members. Members are required to take part in the life of the co-op by serving on the Board and/or on one or more committees, which support areas such as eg. finance, maintenance, membership and co-op well being. Rules and policies guide how the co-op operates and help ensure a respectful, well-functioning living environment; each suite is provided with a Rules and Policies binder, and in special circumstances the Board may approve changes or exceptions to these rules. 2. What happens when the lease between the District of West Vancouver (DWV) and Ambleview Place expires in 2047? The lease expiry in 2047 is a known and planned milestone. As that date approaches, Ambleview Place and the DWV will work together well in advance to determine next steps. These discussions may include renewing the lease, extending the agreement or establishing a new long-term arrangement. Long-term municipal land leases are common for housing co-ops and they do not mean the co-op ceases to operate when a lease expires. Planning for renewal is a standard part of responsible co-op governance. Any future decisions will be communicated clearly to members and buyers, with the goal of maintaining housing stability and protecting members’ investments. 3. Are assignments/subletting, rentals or roommates allowed? No. Suites are intended for owner-occupied use by the member household only. Subletting, rentals, assignments and roommates are not permitted, helping to maintain a stable and consistent housing co-op. 4. Are adult children or care workers permitted to move in if a member requires additional care? In situations where a member requires additional care, adult children may be permitted to move into the suite, subject to co-op policies and Board approval. 5. Are there any restrictions regarding travel? No. Members planning to be absent for more than 30 days must obtain prior written approval from the Board. For safety and insurance reasons, members are asked to notify the office, arrange for their suite to be checked at a minimum every 48 hours, and take standard precautions such as adjusting the thermostat and shutting off water and hot water tanks. Please refer to your personal insurance for any additional requirments. 6. What is the process for moving out / cancelling my co-op membership? Is my member share returned? Members are required to provide two full calendar months’ written notice, calculated from the end of the month in which notice is given. Once the member share has been sold to a new member, the share value is returned, less any outstanding charges related to the suite. 7. Who is the building owner, and who manages the property? Ambleview Place owns the building and leases the land from DWV. A private management firm is hired to manage accounting, disbursements, attend AGM meetings and other administrative tasks. 8. What does the monthly maintenance fee include and what other costs are members responsible for? The monthly maintenance fee covers the costs of operating and maintaining the co-op, including common areas, the building exterior, surrounding grounds and basic cable and internet service. Members are responsible for setting up and paying for their own BC Hydro account. In addition to the monthly maintenance fee, members are responsible for property taxes and are required to sign the Seniors Property Tax Grant over to Ambleview Place. Members must also carry mandatory contents insurance that meets co-op requirements. Details of the required coverage are provided upon acceptance into the co-op and proof of insurance is collected annually by the Insurance Committee. 9. What am I responsible for fixing myself and who do I contact for repairs? Members are responsible for the proper use, care and routine cleaning of everything within their suite, including windows and skylights, hot water tanks, and all electrical and plumbing fixtures. Any damage beyond normal wear and tear is the member’s responsibility to repair. Ambleview Place is responsible for maintaining and repairing building-wide systems, common areas and the building exterior. Clear maintenance guidelines and recommended contractors are provided to new members. 10. How are maintenance charges paid? All maintenance fees are paid through automatic monthly pre-authorized debit. This helps ensure predictable, hassle-free payments. 11. How do maintenance charges increase over time? Housing charges are reviewed annually and adjusted as needed to reflect operating and long-term maintenance costs. Because the co-op operates on a non-profit basis, increases are typically more modest than those seen in the private market. 12. How often are special levies issued? Special levies are not routine. The Maintenance Committee conducts ongoing assessments of all building systems, including common areas and the building envelope. Monthly maintenance fees are collected to fund planned repairs and upkeep. Special levies are only considered if an unexpected or significant expense arises that cannot be covered by the existing maintenance fund. 13. Are guests allowed? Yes, guests are welcome. Members must be present during their guests’ stay. Any guest staying longer than two weeks requires written approval from the Board. 14. Is buying into an equity co-op more affordable than renting and how does a share purchase work? Yes. At Ambleview Place, monthly housing charges typically range from $500 to $731, compared to market rents of $2,400 to $5,000 per month. Members purchase shares in the co-op, which gives them the right to occupy a specific suite. Share prices range from $252,377 to $421,749 and are paid in full at the time of purchase. Unlike renting, this investment allows members to build some equity that may be recovered when the shares are sold, subject to co-op policies.