Life Lease - What is it?

A life lease, which is used rarely, typically occurs when an older individual or couple acquire the right to lease a unit, usually a condominium, until they die or decide to vacate, by paying to the owner a ...

Single Up-Front Payment

It's like paying rent in advance by way of a balloon payment in a negotiated amount calculated as a percentage of the market value of the property.

They'd also be responsible for paying a modest monthly fee towards the management and maintenance of the property.

A lease for life, which usually appeals to senior adults, can provide older homeowners with the opportunity to move from larger family homes into smaller, more affordable housing using their home equity.

Life leasing residents are granted a leasehold interest in the property by way of a negotiated contract, and are not considered owners or tenants. A lifetime lease gives them the right to occupy their apartment, and to use various common areas and facilities.

For more information on life leasing, check out the life lease page of Canada Mortgage and Housing Corporation (CMHC).

Return to Home Page

Return to Seller Questions