What is a life lease retirement residence?

Life lease retirement communities allow seniors to own a “share” of their retirement residence and accompanying facilities. They are owned and operated by a sponsoring non-profit or community-based organization and often cater to a particular cultural or religious group. Unlike condos, many life lease communities are restricted to adults 55 or 60 and older.



From bungalows to townhouses:

Within the life lease model, there are a variety of accommodation choices, including bungalows, apartments and townhouses, all intended to be low maintenance and to meet the changing needs of today’s seniors.

Range of amenities:

Included in a life lease community are many of the amenities older adults have come to expect in retirement living including a variety of stimulating recreational activities, fitness and wellness centres, the latest in resident-centred dining and a variety of care options.

Saving you money:

One of the best features of a life lease retirement unit from a financial point of view is the fact that it helps you save money because depending on where your building is located, you don’t have to pay land transfer taxes. Retirement residences are also affordably priced and seniors often have input into the design of their unit.

Sense of community:

Perhaps most important of all, is the fact that life lease residences offer a great sense of community because you are able to participate in the recreational and social programs and also have input into how the community is run.

For older adults who want to live in a cooperative way in a neighbourhood of their peers, the life lease is a great option.