Victoria council approves $677,000 grant for co‑op housing conversion

Victoria City Council approved more than $677,000 to convert a newly built apartment building into co‑op housing^[1].

The funding matters because it targets housing affordability for moderate‑income residents, a growing concern as rental costs rise across the city. By supporting a co‑op model, the council hopes to keep rents stable and provide long‑term security for families.

Council members voted to back the grant during a regular meeting, said the investment will help transform the 120‑unit building into a resident‑owned co‑op. "The council approved more than $677,000 for the co‑op conversion," a member said. The grant covers a portion of renovation costs and the establishment of a cooperative governance structure.

Co‑op housing allows residents to collectively own and manage their building, which can limit profit‑driven rent hikes. "Co‑op housing aims to keep rents affordable for moderate‑income residents," the council said. The city has identified innovative housing solutions as a priority, and this project adds to a broader strategy that includes new builds, subsidies, and zoning changes.

The conversion is slated to begin later this year, with developers working alongside a local housing cooperative to finalize design modifications. Officials said the project should be operational within 18 months, providing an additional supply of affordable units and serving as a model for future initiatives.

**What this means** – The grant signals Victoria’s commitment to experimenting with cooperative ownership as a tool to curb rising rents. If successful, the project could demonstrate a scalable approach for other municipalities facing similar affordability pressures.