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- A life lease is a written tenancy agreement that involves payment of an entrance fee for a rental unit. The person who is first entitled to occupy the rental unit is granted a right of occupancy for life or for a fixed term of not less than 50 years.
www.ola.org/en/legislative-business/bills/parliament-43/session-1/bill-125Bill 125, Life Leases Act, 2023 - Legislative Assembly of Ontario
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Introduction. In life lease housing, the buyer purchases an interest in that property—which gives the buyer the right to occupy a unit for a long period of time, often for their lifetime.
Life lease ownership means holding an “interest in property” providing the right to live in the unit, usually for the duration of the lease holder’s life or until the lease holder decides to move.
What Is A Life Lease And How Does It Work? It is a rental arrangement, but it is unusual because the tenant makes a cash contribution (not an investment) in the rental unit of an agreed upon amount – perhaps around $150,000. When the tenancy ends, for whatever reason, the tenant is entitled to its cash contribution returned.
EXPLANATORY NOTE. The Bill enacts the Life Leases Act, 2023. A life lease is a written tenancy agreement that involves payment of an entrance fee for a rental unit. The person who is first entitled to occupy the rental unit is granted a right of occupancy for life or for a fixed term of not less than 50 years.
In life lease housing, the buyer does not own the property. The life lease holder holds an interest in that property. The life lease interest gives the holder the right to occupy (live in) a unit, rather than own the unit itself. The life lease sponsor owns the property.
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Planning Act, 1990. Ontario Human Rights Code. Two Ontario laws specifically mention life lease housing: the Assessment Act, 1990 clarifies that life lease housing is considered residential for tax purposes (as opposed to a business, for example), as are houses and condominiums.
A life lease is a rental agreement that includes an initial payment (entrance fee) which is returnable on termination of the lease.
