Mortgage Free! Crestview Housing Co-operative celebrates payment of mortgage in full with ‘mortgage burning’ ceremony
Crestview Housing Co-operative celebrated a major milestone on Tuesday, January 15 as they hosted a mortgage burning ceremony.
The group marked the completion of their mortgage payments—paid in full at a cost of $2,330,471.00.
The Hosing Co-operative, which is home to just over 60 residents, came together, along with some invited guests, to ‘burn’ their mortgage, marking a 35-year end and fulfillment of their agreement with the Saskatchewan Housing Corporation. Several dignitaries also joined in for the celebration with Crestview Housing. MLA for Moose Jaw North Warren Michelson, Gwen Beitel on behalf of MP for Moose Jaw Lake Centre, Tom Lukiwski and Mayor Fraser Tolmie were all in attendance and brought congratulatory remarks.
In his remarks, MLA Michelson said Crestview Housing Co-operative is an exemplary organization that has shown how a vision can come together through hard work, planning and dedication. “The decision to construct Crestview Housing was a big decision and huge undertaking at the time, but I applaud Crestview for taking that initiative. For more than three decades, Crestview has provided quality, affordable housing for seniors. Today’s mortgage burning marks the fulfillment of Crestview’s agreement with the Saskatchewan Housing Corporation,” Michelson said. “However, it is much more than that. It is the celebration of a vision and a plan and job well done for all the work and fulfilment of that commitment. There were twists and turns along the way, but you overcame that, and this event reminds us of how important it is to think positive and to plan for the future. Crestview will be remembered for the planning on its part, so on behalf of the Government of Saskatchewan, I want to congratulate you for this milestone achievement.”
Tolmie also congratulated the group. “This would not be possible without the vision and great partnerships of people who came before. I also want to commend the hard work and dedication of the organization and the residents who live here. I am happy to be a part of this and I congratulate you on your special day,” said Mayor Fraser Tolmie.
So, what’s next for the Housing Co-operative now that they are mortgage free? Irene Young, Vice-president for Crestview Housing Co-op expressed her delight for this major achievement for the group. She says, however, there is still much work to be done. “I am very pleased to see that we’ve finally been able to pay off our mortgage. What happens from here is a challenge for us because now we’re mortgage free; we have that money now that is not going to mortgage anymore. So, the question now is, ‘how do we manage that money?’ That’s the challenge for us going forward because not only do we have to continue daily operations, but we have to think about how we are going to do renovating and major projects coming up. However, we are very pleased to now be mortgage free.” Young commended Co-operative Housing saying, “It’s a wonderful place to be. I certainly support co-op housing. I’ve been here for 22 years and I’ve never looked back. The community and family we’ve developed here is a great way to be able to live. Also, the property is amazing, the security and all the concept that comes with co-op housing is great and I fully support this type of living.” Some of the residents also shared their excitement with the Express. Elizabeth Cyr who was one of the residents impacted by the fire at Crestview just over a year ago, says she is happy to be back and to witness the completion of the mortgage payment. She had been living there since 2002, before being misplaced by the fire on December 10, 2017. She returned in September 2018 following repairs. “I am so excited about this mortgage burning today. I’m also delighted to be back. I’ve always loved it here. My suite was one of the ones that was burnt, so I am elated to be back with this amazing community of people at Crestview. It’s been wonderful and I’m looking forward to continuing to be here. We have a great organization here and we’re thankful that we’ve come this far.” Lorne Lindquist, a new resident who has been living at Crestview for six months says he is happy to join such a wonderful community. He commended the organization for completing the mortgage and looks forward to being part of the family. “It’s been great so far. We came from Central Butte where we sold our house and came to Moose Jaw and we couldn’t have found a better community of people to be living among. Crestview is a great facility to live.”
Crestview Housing Co-operative stemmed from a core committee to plan and build a Housing Co-operative for superannuated teachers. In 1982, the site was selected and plans underway. In 1984, the building was completed and occupied. In 2017, the building was damaged by a major fire in the west wing. The building was, however, quickly refurbished and those residents who were misplaced by the fire returned home in September 2018. Today, the group is happy to report that its mortgage has been paid in full.