Welcome to the Atrium Buzz blog !…
The Atrium on Parkgate Avenue in North Vancouver, is an Equity Cooperative, which is geared toward those seeking affordable housing. Co-ops are designed for long-term residency, rather than an investment tool. When a suite is re-sold, the calculated selling price is based on the last purchase price plus the increase in the cost of living (consumer price index). This restriction works to keep co-op communities affordable. Current prices at The Atrium for a 2 bedroom, 2 bath suite average $350,000 – well below market value. Shares must be purchased in cash as mortgages are not available.
Members are expected to live in the Atrium full-time and actively participate in the affairs of the Co-op. This could include volunteering as a Board Member or on one of the many committees. An important distinction between a condominium and a cooperative is that cooperative associations require that prospective purchasers be approved by a committee composed of current owners.
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