Life Lease housing developments have been established for many years in Western Canada and have recently become the preferred choice of today's rapidly expanding retirement population. Life Lease housing has proven to be a creative option for providing housing, programs and support, plus an opportunity for investment today for tomorrow.
Under a Life Lease Plan, residents purchase a life lease interest, at market value, in both property and their home, similar to purchasing a home or condominium. They have exclusive use of their home, shared use of all common areas and many more benefits than home ownership.
The life lease form of ownership offers similar protection to freehold ownership. For example, the life lease can be registered on title to the property the same as a deed can be registered on a condominium or detached house. This registration protects the interests of the resident.
Actual ownership and title of the Life Lease property remains in the name and protection of the not-for profit organization that ensures high quality management and long term maintenance benefits for all residents. What makes life lease housing attractive is the sense of community, ability to be involved and the availability of services, in a setting that responds to changing needs.
Statistics indicate that householders over the age of 60 move an average of 3.2 times during their retirement years. This equates to a move from a single-family to a condominium or apartment, to a retirement home and sometimes on to a care facility.
Life Lease communities enable residents to belong to a community designed to meet their changing needs. Support services are provided as residents age allowing them to maintain their independence for as long as possible.
Once the resident takes possession of their unit, they pay a monthly fee, similar to a condo fee, which represents the resident's share of common project costs including maintenance, management, insurance and contribution to a replacement reserve fund.