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Home Buyers

  • Instead of keeping your savings in a bank, you can buy Housing Co-operative's shares while you wait for your turn to occupy your house.
  • Your shares in the Housing Co-operative will work as an investment and, you will earn quarterly dividend until you occupy your house.
  • You choose the location of your house/ apartment. You must have shares equivalent to at least 20% of the first $100,000 cost of the desired house; 25% of the difference between $100,000 and the actual cost of the house up to $200,000; 30% of the difference between $200,000 and the actual cost of the house up to $300,000; and 100% of the difference between $300,000 and the actual cost of the desired house. These shares must be invested with the Co-operative for at least six months. The maximum contribution by the Co-operative will not be more than $225,000.
  • You pay fair and mutually agreed occupancy charges (rent) proportionate to the Housing Co-operative's ownership in the house.
  • Monthly occupancy charges will be reduced from the following month in the proportion of additional shares you buy any time during the year.
  • As a result of completion of 100% ownership or sale/transfer of the housing unit, any gain or loss realized, will be divided as follows:
    1. 90% to the member and 10% to the Co-operative, if at that time, the member had accumulated shares equivalent to more than 50% of the cost of the housing unit;
    2. 80% to the member and 20% to the Co-operative, if the member had accumulated 50% shares or less of the cost of the housing unit.
  • This gain or loss will be shared after making an adjustment for authorized improvements, expansions and certain legal expenses incurred by the member.
  • To complete the ownership of the occupied housing unit, the member will have to accumulate shares equivalent to the cost of the housing unit plus one (1) Class "G" Preferred Share.
  • The cost of the above Class "G" Preferred Share will be determined by the Board as 10% or 20% of the difference between the present fair market value of the said housing unit minus the actual cost, the cost of authorized major improvements and expansions, and certain legal expenses.

Please refer to the Regulations and By-laws for more details.

To become a member, please fill out the application form and mail it along with your cheques as instructed in the application form to our address.

Before you put an offer you must get a possible closing date from the Ansar Co-op's office and that date will be valid for a week only. You have to reconfirm that date if negotiation takes more than a week. The conditions contained in APPENDIX "A" (which can be downloaded from the forms menu) must be included in your offer.