Life Lease

History

Since 1997, Garden Park Tower, owned and operated by the Clearbrook Golden Age Society, has provided residents with comfortable, worry-free living in a harmonious community by offering generous-sized housing units by way of Life Lease agreements.  Life Lease agreements have been used successfully for many decades in Canada, most notably in Manitoba, where 1 in 50 seniors lives in a Life Lease community.  There are different models of Life Lease agreements, so for those interested in what a Life Lease has to offer, the following information to introduce you to the benefits and features we provide residents.  

What is Life Lease?

A housing arrangement where an eligible resident is granted the life-time right to occupy a housing unit and to use the common facilities upon payment of a single up-front payment called a Life Lease Capital Payment.

In addition, residents pay monthly Maintenance Charges toward the management and upkeep of the property, and toward a Contingency Reserve Fund.

Upon the termination of the Life Lease, the departing resident or his/her personal representative must deliver vacant possession of the housing unit to the Society and the resident or his/her estate will receive a redemption payment pursuant to the terms of the Life Lease agreement.

Life Leases can vary widely and are not well understood.  Seek professional advice before entering into this form of legal agreement.​ 

Details

Benefits of Life Lease

• Sense of community with friendly neighbours
• Security of tenure; right to occupy
• Security of investment; right to redemption value when the lease is terminated
• Resident involvement in the management of the project
• Worry-free maintenance
• Affordability
• Peace of mind 

Is Life Lease for you?

Life Leases provide a unique housing alternative for seniors who want to live in community.
Residents must have accumulated sufficient equity to be able to enter into a Life Lease agreement.
Retired and semi-retired people who are capable of and maintain independent living. 

Cost of Life Lease

The Life Lease Capital Payment of a Life Lease agreement for a housing unit in Garden Park Tower is typically the current Assessed Value, as determined by the BC Assessment Authority.
There are typically no real estate fees or property transfer taxes paid on a Life Lease agreement.

Monthly Fees

• Maintenance, repairs and replacements to the building and individual housing units
• Utilities (hydro, gas, water, sewer)
• Common areas and amenities (solarium, exercise room, woodshop, underground parking)
• Garbage collection, landscaping, snow removal and cleaning costs for the common areas
• Building insurance
• Contribution toward a contingency for future expenditures 

Personal Fees

• Residents’ insurance on personal property and on liability
  (Note: typical condo or tenant/renter insurance is not appropriate for a Life Lease)
• Telephone, television and internet services
• Property taxes (Note: Home Owner Grants are available for eligible residents) 

Fee Increases

Yes, fees do inclrease from time to time.  However, there is no motivation for the charges to increase without good reason as the building is managed on a non-profit basis. 

Further Information

For more information and a personalized tour of Garden Park Tower and the wonderful community that residents enjoy, please contact Clearbrook Golden Age Society by calling (604) 853-5532 or by email to LifeLease@GardenParkTower.ca.  For your new home and community, consider Garden Park Tower. 

This article has been prepared for informational purposes only and the information contained herein is specific to Life Lease agreements for housing units in Garden Park Tower.  This article does not constitute an offer to lease from the Society nor legal, tax or insurance advice with respect to Life Lease agreements for housing units in Garden Park Tower or any other form of Life Lease agreement.  Any person who is considering entering into a Life Lease agreement, whether with the Society or any other party, should obtain independent legal advice and professional tax and insurance advice with respect to the agreement prior to entering into the same.