This webinar explored the attendees hopes and fears with regards to cohousing. Highlights included: - What makes an ideal site - Site criteria considerations - Hopes and fears about cohousing - The Community Wealth non-profit development model - Questions lingering from past sessions - A discuss about whether cohousing is right for the participants

1. Is Cohousing Right for You?
Module 4: Hopes and Fears
Presented by Kristopher Stevens
www.CohousingOptions.ca
Zoom Webinar
Tuesday April 26, 2022

2. 2
Traditional Lands Acknowledgement
2
Image by Kristopher Stevens, Toronto, ON - 2019
AT

3. When and how did different people live on the land?
What treaties are in place here?
How have those treaties been (dis)honoured?
What does it mean to be a Treaty Person (Indigenous or a Settler)?
Where are the Indigenous nations now?
How do I honour the lands every day in active ways?
How can our community honour the lands and all people?
3
www.native-land.ca
reconciliationcanada.ca 3
AT

4. Agenda
• Traditional lands
acknowledgment
• Welcome, agenda, review & intros
• Today’s focus
• An ideal site
• Site criteria
• Hopes and fears
• Mitigating and/or addressing fears
• Q & A
• Is cohousing right for you?
• Next steps
• FIN
4

5. The Cohousing
Options Canada Team
Kristopher Stevens
Executive Director
Alexander Theodorakidis
Marketing and Systems
Mike Labbé
(Options International)
Development Consultant
5
Image by Kristopher Stevens, Windsong Cohousing, Langley, BC - 2018

6. The four modules
Module 1 (April 5): Personal values & vision
Module 2 (April 12): Living in community
Module 3 (April 19): Getting it built
Module 4 (April 26): Hopes & fears
6
Images by Kristopher Stevens, Kristopher Stevens, Munksøgård, Denmark – 2019

7. Participant
introductions
• What is your name?
• What is the most beautiful
place you’ve ever visited?

8. Resources shared
• Cohousing 101: An introduction
to cohousing
• Cohousing 102: Taking action
taking risks
• Module 1: Personal Vision,
Mission & Values
• Module 2: Getting it Built
• Module 3: Living in Community
• Module 1, 2 & 3 handouts
• Online questionnaire links and
results
8

9. The last three workshops
• Clarified the concept of cohousing and what attracts
you
• Identified core personal values that support your vision
• Reviewed the phases of cohousing development, roles
& processes, cost vs value and high-level financial
considerations
• Talked about the types of financing needed and
structures at different stages in the process
• Discussed some of the types of challenges in
community
• Built awareness of the importance of healthy process
and dynamics
• Provided an overview of useful tools and reflect on
personal changes
9

10. Today’s workshop
objective
• Discuss site criteria considerations
• Articulate hopes and fears about
cohousing
• Practice deep listening
• Share the Community Wealth non-
profit development model
• Address any questions lingering from
past sessions
• Discuss if cohousing is right for you
10

11. • Community development services: Overall coordination, personal
and interpersonal awareness, group process training, community
building, recruitment and orientation support, communications
strategy, marketing, etc.
• Development consultant services: Project management, budgeting,
land negotiation, financial structuring, etc.
• Community Wealth non-profit financing and coordination.
11

12. What makes an ideal site?
• A collaborative land-owner
• Suitable for a ”multiplex” neighbourhood
approach of 35+ units:
• 20 – 25 units/acre (3.5 story) in smaller towns
• 50 – 60 units/acre (6-8 story) in larger urban
centres
• A larger site to allow for an eco-village approach
of multiple cohousing and/or workforce housing
neighbourhoods
• Manufactured wooden modular panel
construction is possible
• There is a housing and economic development
need in the community

13. Cohousing & Workforce Housing
13
Draft site sketch
• Cohousing is ~ 3acres/30 units
• Workforce housing is ~9acres/100+ units
13
Image by Centreline Architects, Sudbury, ON – 2020

14. Scenario
20 meters
Pioneer Valley
32 units
4,500 sq ft commons
Vancouver
Cohousing 31 Units
6,200 sq ft commons
Quimper Village
28 Units
4,000 sq ft commons
Windsong
34 Units
5000 sq ft commons
Silver Sage (Senior)
16 Units
5000 sq ft commons
Wild Sage
34 Units
3,500 sq ft commons
Munksøgärd
100 Units (5 x 2 units)
5 common houses + town square
Different cohousing scenarios
1 acre

15. Site criteria
considerations
Site criteria considerations
results
The link will be copied into the
chat box and sent as part of the
package so you can take a look at
the results

16. Status
I'm involved in a
cohousing
community
34.9%
I'm ready to join a cohousing
community
14%
I'm exploring cohousing, but
I'm not ready yet
25.6%
I'd like to start a
community
25.6%

17. Amenities
92.9
76.2 73.8
57.1
2.4
45.2
50
69
31
78.6
52.4
33.3
73.8
54.8
59.5
19
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18. Size of unit
Studio (350-410 sq ft)
5%
One bedroom (450-550 sq ft)
5%
One bedroom plus den
(550-650 sq ft)
21%
Two bedroom (700-800 sq ft)
16%
Two bedroom plus den
(800-850 sq ft)
28%
Three bedroom (950-1100 sq ft)
26%

19. Timeline
2-3 years
29%
3-5 years
50%
5 + years
21%

20. What are your hopes?
Intent, commitment, shared
experience, fun, systems
and smart processes
generate the magic!
Your community and your home
Images by Kristopher Stevens, Cohabitat Quebec, Quebec City, QC - 2020

21. What are your fears?
21

22. Fears make you
aware of
potential risk &
concerns so you
can address &
mitigate them
What if I don’t
like the people?
What if people
don’t like me?
Am I too old? Am I too young?
Will I be able to do
my “fair share”?
What can I afford?
(Buy in/Ongoing)

23. What are the risks if you do nothing?
Imagine growing up, co-parenting, aunting/uncling, aging, saging, re-couperating, dying…
Would it be different in the suburbs, the city, a house, a serviced home, coliving, cohousing…?

24. Can you build more community where
you are?

25. Be realistic…there are risks
How much will it
cost to finance?
What are the time risks?
• The economy, interest
rates, construction costs
Is there a market?
• Finding your community,
learning to work
together
Finding property &
assessing its
potential
Planning
approvals &
assessing your
chances
What are the
construction risks?

26. NEXT STEPS
Buy into an existing community, join a
forming community or initiate your own
IS IT COHOUSING
OR COLIVING?
ARE THE RISKS
SMALLER?
CAN I AFFORD IT?
CAN I GET A
LOAN?
WHAT ARE THE
MONTHLY FEES?
Image by Kristopher Stevens, Windsong Cohousing, Langley, BC - 2018

27. We’re working to address
some big concerns
• Reduce poverty, improve society and
protect our planet
• Normalize cohousing home ownership as
one of the best ways to live
• Make cohousing financially accessible
• Increase the likelihood of success
• Accelerate the community formation and
development process
• Increase certainty while mitigating risk
• Use the surplus generated to benefit our
communities
Images by Kristopher Stevens, Kristopher Stevens, Munksøgård, Denmark – 2019
27

28. An affordable home ownership model
that serves incomes between $30,000
and $70,000 without grants or subsidies
capable of meeting the number of new
units needed in your community.
28

29. The municipal economic
development opportunity
• 1.5 jobs per unit built
• Potential for the establishment of a local modular
plant
• An incentive to attract industries to the region
• A housing solution that has little impact on taxpayers
• The positive benefits from increasing the percentage
of owners in the community
• Greater employment stability
• Ability to live closer to work
• A model sustainable neighbourhood development
Image by Kristopher Stevens, Portland, OR - 2019 29

30. We have adapted a
non-profit model
that helps make
housing more
accessible through
Community Wealth
30

31. We have adapted a
non-profit model
that helps make
housing more
accessible through
Community Wealth
31

32. The development framework
Cohousing & Workforce
Housing Development
Non-profit
CMHC/ IO/
City loans
Cohousing &
Workforce
Condominiums
Other consultants,
lawyers, etc.
Contractor builds the
cohousing & workforce
housing neighbourhood
Architect,
Engineer, etc.
Members financial
contributions
Image by Mike Labbe & Kristopher Stevens, Toronto, ON - 2021 32

33. Key concepts to keep in mind:
AFFORDABILITY COMMUNITY
WEALTH
SHARED
APPRECIATION
BULK
MORTGAGE
33

34. Affordable – financially accessible ownership
• 50% of the total development’s units must be affordable whether rental
or home ownership
• To be defined as affordable, a Household needs to spend less than 32% of
its gross income (before tax) on acceptable shelter
Image by Kristopher Stevens, Cranberry Commons, Burnaby, BC - 2019
34

35. A multi-stakeholder
non-profit co-op that
uses the surplus to
enable Member
Households to own
their home & invests:
60% + to develop cost
effective ownership
housing
Up to 30% for social
enterprises providing
some jobs for the hard
to employ
Up to 10% for capacity
building and education.
50% + required to be
reinvested in the region
it was derived

36. British Columbia Community Wealth founding members
36
Supporting
Unions, Co-ops,
Non-profits &
Credit Unions
Canadian Union of
Skilled Workers
(Tom MacLean)
BC Co-op Assoc.
(????)
Credit Union
(????)
Canadian Cohousing
Network
(????)
Delivery
Agencies
Roots to Roofs
Community
Development Society
(Stan Boychuk)
Home Opportunities
(Gema Rodriguez)
Cohousing Options
Canada
(Kristopher Stevens)
Sponsored
Co-operatives
Langley Cohousing
Development Non-profit
Co-op (????)
Sponsored
Social
Enterprises
XXXX Cohousing
Development Non-profit
(????)
Inspirational
Leaders
????
????
Communities
T'Sou-ke First Nation
(????)
?AQ'AM First Nation
(????)
Aboriginal Skilled
Worker Association
(Dale Swampy)
James Bay Cohousing
Development Non-profit
(????)

37. Shared appreciation loans
● In addition to a home buyer’s down payment
and 1st mortgage, other lenders buy a share of
the home as 2nd mortgages
● No payments are made on these loans while
the owner lives in the home
● When the home is sold a percentage of the
equity appreciation along with the principal is
paid to the lender(s)
● The shared appreciation loan(s) can be paid
back before the house is sold
● The Community Wealth 2nd mortgage (the
surplus between the cost to build & the market
value becomes a share equity loan) counts
towards the overall down payment
Image by Kristopher Stevens, Harbourside Cohousing, Sooke, BC - 2018 37

38. Bulk mortgage
Duration: 2 x 10 years
Amortization period: 50 years
Interest rate: Based on Canada’s bond rate & currently
set at ~2.5%
• Prioritizes partnerships between governments, non-
profits and the private sector
• Provides low-cost loans and/or forgivable loans
• The focus is on energy efficient, accessible and
socially inclusive housing for mixed-income, mixed-
tenure and mixed-use affordable housing
www.cmhc-schl.gc.ca
Co-investment Fund
38

39. Household incomes served without grants or
subsidies (50-80% of the units).
39
Unit Type Annual Income
One Bedroom $30-35,000
Two Bedroom $40-45,000
Three/Four Bedroom $50-65,000
• Requires a minimum down payment of 5% of the market cost
• Incentive to invest more equity
• Lower monthly carrying cost than traditional rental or ownership (for profit)

40. Two scenarios
For-profit developer standard
financing scenarios
Non-profit financing
40

41. Built cost $420,000
Market- value $565,000
Traditional
For-profit Model
For-profit vs Not-for profit costs
Marketing & Sales
$40,000
Pool, Sauna, etc.
$7,000
Building Costs
$260,000
Land + Servicing
$70,000
Contingency $5,000
Marketing & Sales
$4,000
Building Costs
$255,000
Land + Servicing
$70,000
Profit
$80,000
Low-end-of-market value
$505,000
Surplus
Community Wealth
Mortgage
$85,000
Non-profit Model
Includes development
charges, design/ architecture,
property taxes, permitting
fees, etc.
Use the same construction
contractors and trades
Soft Costs
$45,000
Municipal Costs
$35,000
Municipal Costs
$35,000
Soft Costs
$73,000
Commons
$6,000
1,200 sq. ft.
3 bedroom
41
Built cost $485,000

42. Your
investment
Bank debt
1st position
mortgage
The capital stack
Your
investment
Preferred
equity
Bank debt
1st
position
mortgage
Appraised Market Value
For-profit
42
Your
investment
Preferred
equity
Bank debt
1st position
mortgage
Shared equity
Preferred
equity
$
$
Your
investment
Bank debt
1st position
mortgage
Preferred
equity
Shared equity
Appraised Market Value
Non-profit
• Highest risk
• ‘Preferred’ return
• Expectations of growth & profit
• Highest interest rates among debt
• Normaly no profit share
• Shared equity (if non-profit)
• Highest risk profile of all debt
• Bank or private money loan
• Higher risk but still well secured
• Higher interest rate than 1st loan
• Foundational loan
• Heavily regulated
• Lowest risk, lowest interest rate
• Strict recovery rights
Lowest priority position
Highest priority position

43. 20%
80%
Owner’s Down Payment
The capital stack
First Mortgage
5%
10%
85%
+
Mortgage
insurance
premium
New home buyer CMHC
Shared equity Loan
43
5%
10%
48%
+
NO mortgage
insurance
-------
Private @3%
$200,000
CMHC @ 2.5%
17%
20%
Community Wealth
(deferred profits)
shared equity loan
Shared equity or variable
payment loan
$
$
20%
60%
+
NO mortgage
insurance
-------
Private @
3.5%
$200,000
CMHC @ 2.5%
3%
17%
Lowest priority position
Highest priority position
Appraised Market Value
For-profit
Appraised Market Value
Non-profit

44. $113,000
(20% of market
value)
$452,000
Owner’s Down
Payment
For-profit approach with traditional financing
First Mortgage
(traditional)
$28,250
(5% minimum)
$56,500
(10% of market
value)
$480,250
New home buyer
CMHC Shared
Appreciation
Loan
First Mortgage
Monthly P&I $2,947
Common Exp. & taxes $486
Total Carrying $3,433
First Mortgage
Monthly P&I $3,130
Common Exp. & taxes $486
Total Carrying $3,616
5% down 1st time buyer
20% down
Appraised Market Value
$565,000
<20% down payment
requires mortgage
insurance
44

45. $15,150*
(Minimum of 3%)
$50,500**
(Up to 10%)
$249,350*
$85,000**
(17%)
Appraised Market Value
$505,000
Community Wealth
2nd mortgage down
payment
Owners down
payment
Provincial
infrastructure
loan
New home buyer
CMHC Shared
Appreciation Loan
First Mortgage
Monthly P&I $590
Common Exp. & taxes $486
Total Carrying $1,076
Non-profit approach with non-profit financing
$70,000**
$35,000**
Owner’s portion
of
CMHC bulk
mortgage
$100,150*
(20%)
$299,850*
$20,000**
$85,000**
(17%)
Land
Municipal Expenses
20% down 3% down 1st time buyer
First Mortgage
Monthly P&I $957
Common Exp. & taxes $486
Total Carrying $1,443
Together equals 20%
threshold mortgage
insurance threshold
Remaining
Infrastructure
loan
*Owners equity and mortgage accrue value to owner
**Shared appreciation loan accrues value to lender
45

46. $15,150*
(Minimum of 3%)
$50,500**
(Up to 10%)
$249,350*
$85,000**
(17%)
Appraised Market Value
$505,000
Community Wealth
2nd mortgage down
payment
Owners down
payment
Provincial
infrastructure
loan
New home buyer
CMHC Shared
Appreciation Loan
First Mortgage
Monthly P&I $590
Common Exp. & taxes $486
Total Carrying $1,076
Non-profit approach with non-profit financing
$70,000**
$35,000**
Owner’s portion
of
CMHC bulk
mortgage
$100,150*
(20%)
$299,850*
$20,000**
$85,000**
(17%)
Land
Municipal Expenses
20% down 3% down 1st time buyer
First Mortgage
Monthly P&I $957
Common Exp. & taxes $486
Total Carrying $1,443
Together equals 20%
threshold mortgage
insurance threshold
Remaining
Infrastructure
loan
*Owners equity and mortgage accrue value to owner
**Shared appreciation loan accrues value to lender
46
Decreased carrying cost of
$1,990 monthly
Decreased carrying cost of
$2,540 monthly

47. 47

48. • The shared appreciation 2nd mortgage enables broader participation
• The “surplus” generated helps the purchasers first and then others
• Potentially defers municipal fees & other costs
• Lowers the overall cost of the project
• Lowers the carrying cost and financing interest rate for all
• Can allow for the sharing of development costs due to increased scale
• Locks in the price based on market value while creating a buffer
• Opens-up potential off-market sites owned by likeminded land-owners
• Creates venture capital & loans for cohousing housing, financially
accessible housing & other social enterprises
• Builds a coalition of likeminded people to improve their communities
48
The community wealth approach means
48

49. Is Cohousing
Right for
You?
Is Cohousing Right for You? results online
The results will be shared in the chat box

50. ALL DONE!
THANK YOU!
Kristopher Stevens
Executive Director
Kristopher@CohousingOptions.ca
416-303-1201
Alexander Theodorakidis
Marketing and Systems
Alexander@CohousingOptions.ca
647-403-9048
50