Q&A information on living at The Atrium At Parkgate

1. What is an equity co-op?
Equity co-op residents purchase membership shares that give them the right to live in a specific suite and use all common areas and facilities. You pay monthly maintenance fees for the upkeep and are expected to contribute to its community living.

2. How is an equity co-op different from a condominium?
In a condo, you pay for and own your individual unit. In an equity co-op, you pay for and own shares that entitle you to occupy the unit. In both cases you also pay monthly maintenance fees. The co-op model offers a much stronger sense of community and resident involvement.

3. Why are homes at the Atrium more affordable than comparable North Vancouver condos?
Entry costs are significantly lower than comparable condos in the area, but the co-op shares may not grow as much in value over time compared to condo values.

4. Do residents pay monthly fees?
Yes. Residents pay a monthly housing charge that helps cover building operations, maintenance, building insurance, property taxes, reserve fund contributions, and other shared expenses.

5. Can I sell my shares if I decide to move?
Yes. When a resident decides to leave, the shares may be sold, subject to the co-op's rules and approval process. Share values are determined by changes in the Consumer Price Index over time.

6. What does community participation mean?
The Atrium is a community-oriented co-op. Residents are encouraged to contribute in ways that match their interests and abilities. Participation may include gardening, committee work, social events, building projects, welcoming new residents, games nights, and other activities that help strengthen the community and provide for an enjoyable living environment.

7. Is participation mandatory?
Members are expected to contribute to the life of the community. Expectations are reasonable and flexible, recognizing that people have different skills, interests, and physical abilities. If such participation is not of interest to you, an equity co-op may not be the right fit.

8. Can I rent out my unit?
No. Members must live in their unit as their principal residence. Rentals are strictly prohibited. This helps maintain a stable, engaged community and ensures that residents have a genuine stake in the co-op.

9. How does the application process work?
Prospective buyers submit an application and may be invited to participate in an information and interview process. The goal is to ensure that applicants understand the co-op model and that the Atrium is a good fit for both the applicant and the community.

10. Is the Atrium right for me?
The Atrium may be a good fit if you are: 55 years of age or older; value community and neighbourly connections; want to remain independent;  are willing to participate in community life and willing to consider an alternative to traditional condominium ownership.

11. Is there a charge for resident parking?

If you have a vehicle, a secure, underground parking stall will be assigned for your use at  no charge. If more than one stall is required, a small monthly fee will be charged. All vehicles in the underground must be in running order and registered to the shareholder.
 

12. What other expenses besides the monthly maintenance charges can I expect?

You will pay for your own internet, telephone, and TV, your electricity use, taxes and water usage, as well as a small charge if your suite has a gas fireplace.
 

13. Is there a charge for using the bike cage?

No, for the present it is free for shareholders to store their bikes.
 

14. Is there guest parking?

There is day-time guest parking in front of the building and on the street, as well as limited overnight guest parking in our secure garage.