The Life Lease concept enables residents to belong to a community designed to meet their changing needs. Life Lease housing developments have been established for many years in Ontario and there are currently over 100 Life Lease communities in operation across the province. Life Lease housing offers a creative option to living in a condominium like environment with an opportunity for investment. It is ownership of a housing unit that is leased from a Charitable or Non Profit Group. A Life Lease resident purchases the exclusive right to occupy a specific unit/suite and, in Ontario, are neither tenants nor property owners. A Life Lease suite is purchased at fair market value by the resident. The resident has exclusive use of their suite, shared use of all common areas and facilities, and many more benefits. The Life Lease suite has the potential to earn a return on one’s investment similar to equity growth in a home. All this is accomplished without the worries and headaches of owning, maintaining and selling a home.
A Life Lease provides the opportunity for capital investment and security of tenure with no termination date. The resident can gain capital appreciation on their leased suite and initial investment similar to that which may be realized on a private home or condominium. All maintenance, property management, building insurance, taxes and utilities, are the responsibility of the non-profit organization and are paid for under a monthly resident maintenance fee. This feature is especially favoured by residents who do not want the worry of the details of security and maintenance
of their home, and enjoy the freedom of being able to leave the daily details to the property manager and non-profit organization. Residents have input into the management and operation of a Life Lease development through its representation on the Board of Directors and its Committees.