The province says it wants seniors to be able to live independently in homes they can afford.
An announcement made this morning at the Tollendale Village retirement community in south-end Barrie could help achieve that goal.
Minister for Seniors and Accessibility Raymond Cho, Barrie-Innisfil MPP Andrea Khanjin and Mayor Jeff Lehman joined Minister of Municipal Affairs Steve Clark at the Hurst Drive facility to promote life leases for seniors.
The program is being offered to seniors who may be looking for the comfort of a home more affordable than a condominium, but which includes the senior-focused services they require.
Clark said that, while seniors' residence may have the plan in place already, many other locations do not.
“The people here at Tollendale know about life leases because many of them are in that type of arrangement, but there are other seniors out there who don’t know that this is a viable option for them,” he said. “There are a number of non-profits that are looking for innovative ways to create opportunities in their local communities.”
A life lease includes the option where, if the holder dies, the inheritor may inherit the lease, but not the right to occupy the unit.
However, the inheritor may benefit from the sale of the life lease, which is an attractive option for anyone looking to leave something to their family.
“We need to keep our seniors in our communities and we need to use every opportunity possible to do that,” said Clark.
The Life Lease Housing Guide is the third in a series under More Homes, More Choice: Ontario’s Housing Supply Action Plan, which is designed to spur innovation and new approaches to home ownership and make living in Ontario more affordable.
The guide contains practical information to help people decide if a life lease is right for them, including different models, common services and fees, and other considerations.
