Hidden gems
Oak Bay’s co-operative housing units offer stunning vistas, secure lifestyle, for a reasonable price
The day she walked into the Beach Drive apartment, Carol-Anne Moore knew she wanted it.
“It was the right size and had the view,” she said, sweeping her arm toward the 180-degree eastern panorama of Haro Strait and Mount Baker.
Moore had looked at condominiums for sale on Dallas Road, but found the Beach Drive co-operative apartment more tranquil. She bought it in April 2009 and after some updating and renovations moved in June 1.
There are 14 co-operative apartment buildings in Oak Bay: most were built in the Beach Drive, Windsor Road area in the 1950s. Unlike co-ops built from the 1970s on elsewhere in Greater Victoria, these apartments sell for market value. For example, two 600-square-foot, one-bedroom units on Beach Drive with ocean views are currently listed at $249,000.
“Buying a Beach Drive co-operative apartment can be a real bargain compared to purchasing a condominium in the same neighbourhood,” said realtor Shelley Saldat, who arranged the sale for Moore.
“The co-ops on Beach Drive are wonderful if you have a very large sum to put down or the entire amount,” she said, pointing out that banks won’t arrange mortgages for them.
“Many lawyers in town are still confused on how to convey the property, as it is shares in a corporation to be transferred and is not a freehold strata with a real interest in land. Banks like to know that there is some terra firma being purchased.”
Co-ops are distinct from condominiums in that prospective buyers must be approved by the building’s board. They are similar to condos in that residents must agree to live by certain rules and pay a monthly fee to cover the building’s operating and capital expenses. Both elect a board to govern operations.
Oak Bay’s co-ops are different than most other co-ops in Greater Victoria, which attract low- and middle-income earners. Residents in such buildings pay between $1,000 and $3,000 in initial share purchases, then pay a monthly fee that is usually less than the going rate for a rental apartment, said Thom Armstrong, executive director of the Co-operative Federation of B.C.
“They’re almost always lower than market rates … There could be a gap of $100 to $300 per month. You can expect co-ops to be anywhere from 75 to 90 per cent of market rents in the area.”
B.C. has 260 non-profit co-ops, which are regulated by the province’s Co-op Associations Act. Those in Oak Bay fall under the Companies Act and can’t be part of the federation, Armstrong said, because their shares are sold at market value.
Living in an Oak Bay co-op is like living within a family, Moore has discovered.
“There are prime movers and shakers and there are the sitter-backers,” Moore says about how tasks get done.
But residents do watch out for each other. If she doesn’t pick up her newspaper by the end of the day, another neighbour knocks on the door to make sure she’s okay. In addition to regular business meetings, a monthly newsletter, monthly teas and seasonal dinners or barbecues help maintain a social connection.
“But the best part is, I know I can lock my door and leave and know that everything will be alright,” Moore says.
vmoreau@oakbaynews.com
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