Brampton Community is Mortgage-Free

A small community located in Brampton is celebrating an important milestone thanks to the fact that they have become mortgage-free. By-de-Molen Co-operative Homes, located on Amsterdam Crescent, consists of 98 non-profit housing units, and is among the first co-op communities in Ontario to eliminate its debt.

Residents moved into the newly constructed homes back in June, 1982, and since that time, By-de-Molen Co-Op has provided affordable housing to over 500 families, supporting the skills and values of people living in and around Brampton, including large and small businesses. A portion of the homes are offered to residents who pay rents based on their income, and the remainder are available at market-value rates.

A quick walk-through of Amsterdam Crescent reveals an idyllic place, with well-maintained homes, mature trees and well-manicured landscaping. An administration office doubles as a community centre, and lush city parks surround the neighbourhood.

Schools are nearby; There is a hockey arena and pool located next door at Chris Gibson Recreation Centre, and easy transit access to other parts of the city means that By-de-Molen is, really, next to everything.

By-de-Molen Co-operative Homes states that their goals are to foster youth development, and build a community where members share a commitment to work together and contribute toward the safety, security, and well-being of all its members and other communities. “This important milestone that could not have been achieved without the support of all our members, neighbouring communities, provincial and federal leaders.”

Marlon Ospina, manager for the co-operative, says that the community’s special glow is thanks to years of sound management. “They have proven that Co-Ops can be a successful and self-sufficient business; They are financially sound, with healthy capital reserves, and the homes are in excellent shape.”

Ospina says that good management, wise selection of building materials and expert maintenance contributes to the beauty of the neighbourhood, and results in a high quality of life for its residents. “It works. When everything is maintained, the people are happy because everything is in good condition.”

The “End of Mortgage Celebration” takes place on July 8, 2017, beginning at 10 a.m., at 17A Amsterdam Crescent, Brampton, ON, L6X 2T5.

Cathy Baikie, and her granddaughter, Jordan. Cathy has lived at By-de-Molen since the first day it opened in 1982.
An example of a home at the By-de-Molen Co-Operative.

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