In Barrie, there are several buildings that are a bit like condos, but not quite. They are designed for seniors who are independent but want to live in a community of people their own age.
Life leases are popping up all over Ontario. They are built like apartments, so that seniors can live independently – cooking, cleaning, taking care of bills. They are often restricted to people over a certain age, to foster a community. Generally, the owner of the building will not require probate, so they can be transferred more easily on death.
In order to move into a life lease, the buyer purchases the right to rent the unit from the owner for the lifetime of the leaseholder. The leaseholder then pays a certain amount in rent each month, which covers taxes and often utilities.
Life leases can be a great option for seniors who are ready to leave their houses, want to live with other seniors, but aren’t ready for a retirement home.