CoHo Success Stories

Buyers: Matt, Heidi, Yvette, Steven, Rob, Kathleen, Caitlan & Ben

Previous Relationship: Strangers

Purchased: 8 Cottages on 3 lots in Horseshoe Bay, Fall 2021

Background:

Built in 1910, the Horseshoe Bay Cottages are a local landmark consisting of eight small homes on three lots just moments from the harbour.  Originally built as summer vacation cottages for steamboat workers and their families, they have long been occupied as full time residences whose unique structures and setting made them ideal for building community.

The Twist: 

In spring of 2021 the long term owner of the property decided it was time to retire, and began preparations to sell the property.  Some of the tenants were interested in buying the property but didn’t know where to start. They connected with CoHo BC Realtor Noam Dolgin and began exploring the possibility of collectively purchasing the property.

The Plan:

The interested parties, in collaboration with CoHo BC ran a series of open houses, tours and had hundreds of conversations to find the core group of people who would fit these homes and this community.  The group was covered locally in the North Shore News and nationally in the Globe and Mail (paywall).  Interest came in from existing tenants, the CoHo BC community, Horseshoe Bay locals, investors, co-housing advocates and many many more, from as far away as Montreal!

The Execution:

Finding the final crew was a challenge, as they worked to build a community and a structure to take on this unique property. People joined the group and then left for a variety of reasons, fortunately helping propel us forward while they were part of the team. Over the next 6 months a communal vision was formed and an innovative ownership structure built to suit this unique community and property.  The group built and then continually tweaked our financial projections; conducted inspections and talked to contractors, city hall and many more. They negotiated legal agreements and community visioning statements; arranged financing; and of course met with dozens and dozens of prospective partners and neighbours.

Success!!

Success in this project was never guaranteed. There were at least 3 moments when for a variety of reasons the path forward looked impossible, but thanks to the perseverance of a core group of dedicated individuals and with the help of CoHo BC the Cottagers were able to get over each of those moments stronger and more focused as a group. 

The Cottagers officially took possession on January 27, 2022 and are now busy at work turning their vision into reality. As of the date of possession, the collective consisted of 8 owner-occupiers and a few angel supporters.

Congratulations to the Cottagers for pulling this off and creating such a wonderful and unique community!