Life Lease

Life Lease is an independent housing model that allows residents to purchase the right to occupy their unit for life. The Life Lease is secured through an upfront capital payment set annually by our Board of Directors, and is intended to be comparable to what one might expect to pay on the open market for other housing of comparable size and features. Life lease housing is an increasingly popular housing choice for older adults who are able to live independently.

In life lease housing, you do not own a property; you hold an “interest” in that property in exchange for a lump sum payment up-front, with monthly maintenance fees and property tax payments. The life lease interest gives you the right to occupy, or live in a unit rather than owning the unit itself.  Because there is no change in ownership, there is no land transfer tax payable on purchase. 

The Woodland Towers life lease model provides our residents with a worry-free alternative as all the final sale details are completed and handled by us, for a return of your investment, less applicable returns and fees.  At the time of sale you receive the increased sale value, less a fee of 1% per year of occupancy pro-rated.

For more information on Life Leases as defined by Ontario’s Ministry of Municipal Affairs and Housing, please click here.