Ambleview Place is a senior’s equity co-operative. It is a housing project, owned by its members, that was developed in collaboration with the District of West Vancouver to provide housing for seniors in West Vancouver. Ambleview is built on land leased from the District of West Vancouver. Further details of the terms of the lease can be found at the CMHC Ambleview website (see link on Home Page).
An applicant who wishes to become a member of Ambleview must be 60 years of age, or older.
New members are invited to join one of the various committees that oversee and contribute to the operation of the co-operative. By volunteering in this way, the members of the co-op are able to keep maintenance expenses as low as possible.
Members are expected to attend semi-annual General Meetings of the co-op, and to vote on matters related to its operation.
The shares purchased in the co-operative entitle a member to occupy a particular suite, but, unlike a condo purchase, the occupier does not have a strata title to the suite. Because of this, financial institutions do not normally grant mortgages for co-operatives such as Ambleview. A prospective member must therefore have the purchase price of the shares in cash, or sufficient collateral to arrange independent financing.
The price of the shares varies according to the type of unit associated with the shares. Values are adjusted annually by an independent appraisal.
The price of a unit in Ambleview is lower than that of a typical condo of the same size in West Vancouver, but, while its value will normally increase over time, it will not likely do so at the same rate as the value of a comparable condo.
A monthly maintenance fee is charged for each suite. The amount is based on the size of the suite and is adjusted annually in relation to the expenses involved in providing services for and maintaining the common areas of the property, the exterior of the building, and the grounds.
The purchase of shares in Ambleview is not subject to real estate fees or government taxes.
The occupier of each suite is responsible for paying for any repairs or maintenance required for the interior of that suite, including the decor and accessible fixtures and fittings. Payment for repairs required to the exterior of the building, within the walls, or beneath the floors, is the responsibility of the Co-operative as a whole, and the cost is shared by all the members.
Members are required to carry insurance for the personal effects in their suite and personal liability insurance.
Prior to purchasing, prospective members should review the Occupancy Agreement, the Rules, and the other information in the Ambleview Place Housing Co-operative Handbook.
A secure parking space is provided if you own and operate a vehicle.
The keeping of pets is not permitted.
A storage locker is provided for each unit.