Quebecers can wait years to get into co-op housing. So why isn't there more?

Relics of a long life are scattered throughout Dimitri Roussopoulos's 19th-century home. The 88-year-old has lived in the two-storey townhouse since 1972, where he and three other residents together pay less than $1,000 a month.

"I often travel and people say, 'where do you get the money for travelling?' I say, 'well, I don't have to pay a mortgage,'" he says.

Roussopoulos is one of the founders of Canada's largest housing co-operative development, the Milton Park Community, in Montreal's Plateau-Mont-Royal borough. The network spans six square blocks, with 616 housing units, 146 residential buildings and two commercial buildings.

Since co-op members own the property, no one has to worry about being evicted or the building being sold — as long as they follow the rules.

"I have a sense of ownership, I have a sense of security," says Roussopoulos. "I feel my personality enriched. I feel healthier in every way, physically and mentally."

According to the Co-operative Housing Federation of Canada (CHF), forms of social housing, including co-ops, make up less than four per cent of Canada's housing stock.

It can also take years for a co-op housing unit to become available. In Quebec, wait times can range from one to two years, according to the Confédération québécoise des coopératives d'habitation (CQCH).

In a housing co-op, members are co-owners and vote on how the building is managed.

Generally, housing co-ops are divided into two categories: non-profit and equity co-ops. In the latter, you buy a share of a building, which can gain value over time.

Non-profit co-ops are much more common in Canada. In those, you don't build equity — instead, you pay a monthly fee that covers building expenses and maintenance. When you leave, your unit goes to someone else. That means residents can pay significantly under market rate for housing — depending on the city, province and structure of the co-op.

CHF Canada says there are about 95,000 co-op housing units in Canada, most of which were developed two generations ago.

"In the 1970s and 80s there was robust federal and provincial investment in new co-operative housing supply," explains Tim Ross, executive director of CHF Canada.

"That investment slowed down due to policy decisions by governments in the 80s and 90s, to first cut and then eliminate social housing funding."

Different levels of government have scaled up funding for co-op housing in recent years. Last year, the federal government launched the Co-op Housing Development Program, setting aside $1.5 billion in contributions and loans to build and expand co-ops.