What are the monthly housing rates?
1 Bdrm Apt
2 Bdrm Apt
2 Bdrm TH
3 Bdrm TH
|4 Bdrm TH||
Is there a damage deposit?
Rather than a damage deposit, members buy shares in the business as it is a co-op which is currently set at $1,600.00 per unit regardless of size. It can paid all at once, or you can pay $800.00 when you accept a unit and then $73.00 month for the following 10 months and $70.00 on the 11th and final month. Share capital is returned at move out minus any maintenance costs (including carpet cleaning) that may apply.
Are utilities included?
The member is responsible for gas and electricity and the co-op pays for water.
Questions About Applying
Why a Co-op?
How is a co-op different from a traditional rental?
In a co-operative there is no landlord, as members jointly own and manage the co-op. Members have a say in the setting policies and bylaws, the maintenance of the co-op, and the future direction of the co-op. Rainbow Housing is governed by a board of elected members, and all policy and bylaw decisions need approval by a membership majority. Members vote on the annual budget at the annual general meeting. This self governance allows members a chance to affect the costs of the operation, which, in turn, impacts their housing costs. Rainbow Housing adheres to the Co-operative Act of Saskatchewan and not the Residential Tenancy Act.
What do members have to do?
Members are required to:
- Pay their housing charges on time
- Purchase a share in the co-op
- Attend general membership meetings
- Abide by the bylaws, policies, and procedures of the co-op
- Volunteer within the co-op
Housing charges are similar to monthly rent charges. These charges help to cover the mortgage, taxes, sewer and water. The co-op is a non-profit and housing is supplied at cost. Additional costs include an application fee when you apply for membership.
Purchasing a share in the co-op works just like a damage deposit. The share costs $1600.00 and is refunded after move-out, minus any carpet cleaning costs and/or damages to the unit. The share gives each adult member a vote at Rainbow Housing general meetings. Once you are offered a unit, you will have 10 days to pay the Share Capital to hold the unit. You can either pay in full at this time, or pay $800 and make arrangements to pay $67 per month for the remaining months. If you change your mind after this point, the $800 is non-refundable.
Attendance of the General Meetings are mandatory. The Annual General Meeting serves as an election of the board and the approval of the budget for the upcoming year. As a member of the co-op you are expected to attend.
Bylaws, policies and procedures of the co-op are the agreements voted on by the membership. These are rules that are binding. Violation of these rules may ultimately lead to the termination of your membership and housing agreement.
Volunteering within the co-op is one of the ways housing charges are kept lower. Yard upkeep, snow removal, neighbour support for those physically unable to do this, small administrative tasks, social committee work, and also being a member of the board are all ways members are expected to contribute to the running of the co-op.