Just so people don't get confused, the housing co-op in this article is very different from a non-profit housing co-opertive, to which I've referred repeatedly in other threads (sadly, the co-op in which I work doesn't have brass elevator buttons...or a door man ). In a non-profit co-op, you don't have to 'buy into' the corporation. The Co-operative owns the building and property and though the members (the people who make up the co-operative are called members) may change, the co-op continues. People who are approved for membership (co-ops usually have a Membership Committee that does the interviewing, though I imagine that smaller ones have the Board do double duty) move into the unit, paying first and last month's housing charge (not rent 'cause as a member of the co-operative you're an owner of the property) and usually a maintenance deposit, which is refunded to them upon moving out if they've left they're unit in a good condition.

Non-profit co-ops receive funding, from the Canada Mortgage and Housing Corporation (if they were developed under federal initiatives) or from the Ministry of Municipal Affairs and Housing (if they were developed under provincial programs. Though they have to answer to their funding authorities to make sure that they're using the funds responsibly, co-ops are not owned by the government. They are independent organizations.

More information about not only housing but other co-operatives can be found on the links page of the Co-operative Housing Federation of Canada's website.

Here's another interesting link on
non-profit housing co-operatives.