In a co-op, you are a partial owner of the property. You still have to go through all the hurdles to get a mortgage, but it’s not difficult. Plus you have to deal with the risk of other co-op members defaulting on their loan. And you still have to participate in the maintenance and responsibilities. It’s not as simple as just renting a place.
Have you ever lived on a co-op?
In a co-op, you are a partial owner of the property. You still have to go through all the hurdles to get a mortgage, but it’s not difficult. Plus you have to deal with the risk of other co-op members defaulting on their loan. And you still have to participate in the maintenance and responsibilities. It’s not as simple as just renting a place.
https://www.ratehub.ca/blog/the-pros-and-cons-of-buying-a-co-op-property/
Not all co-ops function that way. There are co-ops in my city exactly as I described. The process is even similar to applying to an apartment.