Life Lease

Life lease housing developments first appeared in Ontario and Canada more than 33 years ago. In recent years, these communities have become increasingly popular, since they meet the housing and support service challenges faced by the country’s aging population.

Living in a life lease community can have many advantages: the units are less expensive to buy and maintain, they offer a solid return on investment and they often provide access to future support services. However, the main benefit is the strong and cohesive sense of community.

Since life lease communities are age-restricted, usually to people 60 years or older, residents enjoy their retirement years surrounded by neighbours with similar tastes, needs, values, lifestyles and interests. In fact, the life lease concept is more about creating a community than it is about building housing. As residents age, this community becomes an integral ingredient for a happy and healthy lifestyle, bringing a sense of belonging and peace of mind, as residents tend to look out for one another. Residents may also take an active role in managing the property and organizing activities and programs. This provides a sense of purpose that is not possible for someone isolated in a single family home or condominium.

Life lease projects have extensive amenity areas to encourage the community aspect; examples include workshops, hobby and craft rooms, libraries, fitness centres and raised hobby gardens. As well, building designs and programming usually allow for future support services to help aging residents remain independent for as long as possible. Quality of life may be enhanced through on-site wellness centres, dining rooms, housekeeping and cleaning services, personal care, transportation and so on. With a minimal level of such services, 65 percent of residents can enjoy their later years without moving to a retirement home or long term care home.

One of our Terraces Residents sums up the benefits of the life lease concept this way: “The chance to live completely independently, yet amid like-minded people, is a cause to celebrate”.

More information on the Life Lease Concept.