Ontario Championing Housing Choice at Every Stage of Life
Province Releases Life Lease Housing Guide
The Voice of Canada News:
Ontario is helping seniors live independently and find homes they can afford that meet their unique needs. Life leases are often more affordable than condominiums and offer senior-focused services, social programs and a sense of community. The Life Lease Housing Guide is the third in a series under More Homes, More Choice: Ontario’s Housing Supply Action Plan designed to spur innovation and new approaches to home ownership.
“Our government’s housing supply action plan, More Homes, More Choice, is all about helping people find a home that meets their needs and their budget,” said Steve Clark, Minister of Municipal Affairs and Housing. “As part of our plan, we’re producing innovation guides, including one on life leases, because we know people want more options and choice at every stage of life.”
This latest innovation guide contains practical information to help people decide if a life lease is right for them, including different models, common services and fees, and other considerations.
“I’m so pleased to help launch the Life Lease Housing Guide,” said Andrea Khanjin, MPP for Barrie-Innisfil. “We have a strong and resilient seniors’ community, and this innovative type of housing can be a great alternative for people who are looking to downsize.”
Ontario has many life lease communities across the province, run by non-profit and charitable organizations, as well as private sector providers.
“I commend the Government of Ontario on developing this comprehensive, practical guide to Life Lease Housing,” said Jeff Lehman, Mayor of Barrie. “A life lease is a great housing option for seniors — it is affordable and provides a great sense of community. The guide will make it easier for people to learn about a Life Lease and make decisions on different housing options at a time when Canadian society is aging, making it easier to find good housing options is an important priority.”
QUICK FACTS
In life lease housing, the buyer purchases an interest in a property, which gives the buyer the right to occupy a unit for a long period of time, often for their lifetime.
If the life lease holder passes away, their inheritor may inherit the life lease interest, but not the right to occupy the unit. The inheritor may benefit from the sale of the life lease, but cannot automatically move into the home.
