Life lease housing developments have been established for many years in Canada, and have become the preferred choice of today’s retirement population. Life Lease is a creative option for providing housing, programs and support, as well as an opportunity for capital investment and security of tenure. All maintenance, property management and building insurance are the responsibility of the non-profit organization (St. Andrew’s Residence) and are paid for under the monthly occupancy fees.
There are several different styles of Life Lease available in Canada. At St. Andrew’s Terrace, the Market Value Life Lease plan is employed.
Under the Market Value model, the buyers pay the cost of purchasing their unit, as well as a proportionate share of the common areas and facilities.
Under the Market Value Life Lease model, when an owner’s lease interest is sold, the price received is based on the fair market value of the unit at the time of sale and transfer. This provides the Life Lease owner with the same potential for equity growth as owning a single family home or condominium.
Life Lease communities allow 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 as long as possible. Most importantly, residents find the community feeling of living with other mature adults, along with the reduced home maintenance of a condominium-like environment, to be the greatest attractions of Life Lease housing.