Looking for a new home?

Have you considered a Co-op or Co-ownership mortgage?

With the cost of owning a home increasing, Co-op and Co-Ownership Mortgages present an alternative and affordable option for buyers open to purchasing with a friend or family member.

About Co-op Mortgages

Rising costs in the housing market is causing home buyers to seek alternate forms of home ownership. Co-operatives allow buyers to purchase shares in the Co-operative Corporation and becomes Shareholders in the Corporation. It presents a more affordable method for a buyer to purchase a home. Before making your decision, it is important to understand the difference between the various legal structures of obtaining Ownership and Occupancy of a real estate.

Luminus Financial is one of the few financial institutions in Ontario that can facilitate financings for this type of home ownership. Our mortgage professionals are experienced in handling Condominium and Co-operatives financings and can help you understand the difference between the options. 

Important features of Condominiums and Co-operatives for the purchaser:


The purchaser acquires ownership of an individual Unit by a Deed.

Purchaser acquires ownership to individual Unit by a Deed pursuant to provisions of the Condominium Act, 1998.

Purchaser acquires a percentage interest in the common areas of the building.

Purchaser becomes a Member of the Condominium Corporation which:

(a) manages the affairs of the building on behalf of the members according to the Condominium Act, 1998, and more particularly the Declaration, By-laws and the Rules and Regulations; and,

(b) represents the interests of the Owners.


The Co-operative Corporation is the only registered owner of the property (registered on title). The Purchaser does not own Unit but acquires shares in the Co-operative Corporation and is a Shareholder in the Co-operative Corporation.

Purchaser acquires the exclusive right to occupy a specific Unit through a Proprietary Lease, Shareholder’s Agreement, Occupancy Agreement, not a Deed.

Purchaser acquires a percentage interest in the Corporation commensurate with the percentage interest represented by his/her shares, based on the size of the subject Unit.

Purchaser becomes a Shareholder of the Co-operative Corporation which:

(a) owns and manages the affairs of the building on behalf of the shareholders according to the Co-operative/ Shareholder/ Occupancy Agreement, the Corporation’s By-laws, and the Rules and Regulations;

(b) grants exclusive occupation rights to shareholders of a specific Unit; and,

(c) represents the interests of the Shareholders.

For even more details, and to see the full breakdown between Condominiums and Co-ownerships

Need more reasons to consider Luminus?

In addition to these great terms, we offer some exciting BONUS incentives unique to Luminus Financial.

  • Pre-approval for a $5,000 line of credit* to help you set up your home.
  • A free FiveStar Chequing Account** with no monthly fees, no minimum monthly balance, no transaction fees, and $500 in Overdraft Protection*.
  • We can also help you protect your investment with competitive home and title insurance.

* Some restrictions may apply and fees may be subject to credit approval.
** Luminus must be set as your primary financial institution to be eligible for a FiveStar Chequing Account.

Connect with us today and make sense of your mortgage!

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