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Life Lease

What is Life Lease Housing?

 

This is not a simple question to answer because the variability among life lease projects in Canada is extreme. In our case, the only real difference between a life lease unit at Town Square Manor and a condo unit is that the life lease resident’s name is not on title and Town Square Manor has some control over who (seniors) lives in the building.

Our life lease is a legal agreement that permits the purchaser to occupy a dwelling unit for 49 years. As life lease residents you are not the owners of your unit.  You purchase a “right to occupy” the unit, but you are not owners of an interest in land-your names are not on title.

For the sale/purchase of a life lease we use a market value format. This means that the life lease interest is redeemed at whatever price the market will bear at the time of sale.  Purchasers pay an amount similar to that for a comparable condominium.

Life Lease offers independence, freedom from the responsibilities of home ownership and a supportive community.

Under the terms of the Life Lease agreement you:

  1. have the "right to occupy" your suite for a term of 49 years and 11 months, by making the full Life Lease payment in advance.
  2. are responsible for paying the monthly maintenance fees for building maintenance, insurance, management, common-area utilities, heat and Replacement Reserve, plus a monthly surcharge for municipal taxes.
  3. pay for your own electricity, telephone and cable service, maintenance of your own appliances, interior decoration and any alterations you make to your suite.
  4. have a voice in the decision making process; one third of the Board of Directors is elected by the residents.
  5. may sell your Life Lease at any time and specify the asking price.
  6. will authorize The Corporation to oversee the sale of your Life Lease for you, and deduct an administration levy and Real Estate Commission from the selling price of the new Life Lease, with the balance of the funds returning to you on completion of the sale.

 

Helpful Links:

 

Life Lease Housing Resource Guide - 2014
Questions and Answers for People considering Life Lease Housing.
Ontario Ministry of Municipal Affairs and Housing
http://www.mah.gov.on.ca/AssetFactory.aspx?did=10455

Life Lease -Information on Life Lease Housing and the Life Lease Concept
Life Lease Development Inc. 1996-1997
http://www.lifelease.com/info.html

An Examination of Life Lease Housing Issues - CMHC Research Highlight April 2007
http://www.cmhc-schl.gc.ca/odpub/pdf/65427.pdf?lang=en

Life Lease Residential Housing - Is it Time for Legislation? March 2009
http://www.zock.ca/Is it Time for Legislation 30 March 2009.pdf

Downsizing - Tips and Tricks
http://www.seniorcitizensguide.com/articles/connecticut/downsizing.htm

ONE Source Moving Solutions For Seniors
http://www.onesourceforseniors.ca/

 

Contact Us

By Mail:

Town Square Manor
ATTN: Life Lease Sales
55 Pelham Town Square
Fonthill, Ontario
L0S 1E3
By Email:

Harland Young: harlandtsm@gmail.com

Glen Wurfel: glenwurfel@live.com
By Phone:

905-892-0927


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