From what we understand, there is a pilot project going on in which some cooperatives are working with, say, Alterna credit and savings and trying to lend and extend an existing mortgage.
Of course, cooperatives expect, as would any individual or business, that if they are going to break an existing mortgage there will be a penalty and fees to pay. However, for a cooperative unit that has about 90 units of housing and is looking at lending and extending, CMHC is expecting them to pay a $140,000 penalty to break that existing mortgage. For a small cooperative, that is a huge amount. Does that not seem excessive?