Life Lease housing developments have been established for many years in Ontario and Canada, and have recently become the preferred choice of today's rapidly expanding retirement population. There are currently over 80 Life Lease communities in operation across Ontario. Life Lease housing has proven to be a creative option for providing housing, programs and support, plus an opportunity for investment today for tomorrow.
Life Lease communities enable residents to belong to a community designed to meet their changing needs. Future support services are provided to residents so that they can maintain their independence for as long as possible. Most of all, residents find the community of shared interests and values, the reduced home maintenance of a condominium-like environment, together with access to future support services to be particular attractions of Life Lease housing.
J.Debok, Evergreen Terrace Life Lease Community, Grimsby, Ontario
The Life Lease form of tenure offers similar protection to freehold ownership. For example, the Lease can be registered on title to the property in the same way a deed can be registered on a condominium or detached house. This registration protects the interests of the residents.
When the resident or their estate wishes to sell their life lease interest, they receive market value, less a small administration fee. As the market value of local real estate increases, so does the value of the life lease interest. Mature adults are able to protect their investment and earn a return similar to the equity growth in their family home.
For more information on the Life Lease Concept, please send an email to email@example.com.