Finances

Hearthstone Village Cooperative Inc. owns the property and currently has a mortgage with Vancity Credit Union. To join, each new members buys a membership share for five hundred dollars and pays a joining fee of ten thousand dollars. The 5 families are currently guarantors of the mortgage as are new members upon joining, until such time as the co-op becomes the guarantor.

BUY-IN 

• Unlike most cooperative housing developments which are not-for-profit projects, Hearthstone Village is an equity cooperative.
• An equity co-op enables members to realize personal equity (with some limits) from their investment upon terminating their membership.
• Members will acquire land tenure for a parcel of land for a building lot through the purchase of a Class C share. 
• The value of the share is based on the cost to purchase the common land, develop common infrastructure, buildings and amenities, and the amount paid so far on the mortgage. 
• Members may purchase a Class C share and undertake building a house within the building and development guidelines of Hearthstone Village 
• The cost of a Class C share is currently $110,660 (2022).