"What to know about Life Leases"
Life lease housing can be an ideal solution for seniors, offering many benefits including freedom from heavy household chores and a ready-made community to help avoid isolation, a known risk as we age.
However, unlike rentals or condos, it is unregulated in Ontario. When considering a life lease, learn both the pros and the cons of this unique form of seniors housing.
As advocates for life lease seniors’ housing, we actively provide education for seniors who are, or plan to be, living in life lease. Our goal is to promote legislation and regulation for life leases in our province.
What and Who Is OLLRA?
The Ontario Life Lease Residents' Association Inc. (OLLRA) is a seniors-run, not-for-profit corporation. On this website, you'll find a number of resources. Our many volunteers work on behalf of seniors to research life lease issues and educate all stakeholders.
Join OLLRA today to support our goal: a vibrant and trusted life lease housing option for Ontario seniors. Just click here.
“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.”
Excerpt from “Life Lease Housing: Practical information about owning a life lease” – Ontario government publication 2019
Our Mission
The mission of OLLRA is to represent the interests of existing life lease residents and educate future buyers of life lease units.
Legislation
One of our goals is to ensure the Government of Ontario passes some form of life lease legislation. Unlike rental housing and condominiums, there is NO legislation in Ontario that specifically regulates life lease housing to protect the financial security of seniors.
New Housing
Ontario Life Lease Residents Association members encourage the building of more life lease housing. It is an ideal solution to the coming shortage of senior-friendly housing, as a wave of “Boomer” seniors looks for new housing options. Markedly, it is at no cost to taxpayers.
We’re confident that with a basic legal framework in place, life leases will grow as a popular and affordable choice of housing for active seniors.
To achieve our goals, we are working to build a substantial membership of life lease residents and supporting family members. Together, we can provide a legitimate voice to both the Government of Ontario and the life lease housing industry.
Why does life lease housing need regulation and what to do until there is...
nlike freehold homes, rental housing or condominiums, Ontario has failed to pass any consumer protection legislation to regulate the construction, sale, or operation of life lease housing. This despite it being a form of housing that's becoming very popular with seniors and growing evidence that regulation is needed. Why?
We're not sure. Our governments have consistently resisted the passage of any life lease regulation since the alarm was first raised in a 2007 study by the Canada Mortgage and Housing Corporation.
As life lease advocates, the Ontario Life Lease Residents' Association is working hard to raise awareness of potential financial risks to life lease consumers until such time as our government decides to take action. It's "buyer beware" out there.
Without any legislative framework, each sponsor sets its own rules, which are (mostly) spelled out in the life lease contract.
Before you sign a life lease contract, it’s advisable to:
- Carefully read over the contract to make sure you understand it. Ideally you should have a lawyer review the terms. If there are any restrictions, ask for clarification, especially on re-sales, your right to renovate/upgrade or length of stays for visitors.
- In older properties, confirm that the reserve fund is adequate to cover major expenses like replacement of the roof or elevators. If not, ask how assessments will be levied: as a lump sum or added to monthly fees. In new builds, ask if there is a mortgage on the property.
- Find out if you will have a voice in decision-making that may affect you and your financial security. Can residents serve on the Board of Directors? Is there a Residents Council or to advocate on your behalf? Can residents become voting members of the corporation?
To help consumers understand Life Lease housing, the Government of Ontario has provided a guide called Life Lease Housing: Practical information about owning a life lease.
OLLRA: Who Are We?
The Ontario Life Lease Residents Association Inc. (OLLRA) is a registered, not-for-profit Ontario corporation led entirely by seniors living in Life Lease. Our members are already living in life lease housing, interested family members and those considering it as a housing option.
We have members in cities and towns all across Ontario. Some of us live in small, independent townhome communities, others in high rise apartments, and others in large villages that include assisted living and even long term care.
We began the association because we love the life lease model. We want government regulation to protect us financially and to require transparency in governance from the corporations that own our homes.
OLLRA Membership
Will You Join Us?
Membership in OLLRA is open to life lease residents, family members and others considering life lease as a housing option.
There is one membership restriction: Managers and Directors of life lease corporations who do not own and live in their life lease community are ineligible.
Membership costs just $15 a year
General Membership
General members of OLLRA receive periodic newsletters about our efforts in education and advocacy.
While not voting members of our corporation, General members are entitled to attend our virtual annual general meeting.
Core (Voting) Membership
In communities where OLLRA has a substantial number of members, Core members may be elected or appointed. These members form an advisory committee to the Board of Directors, vote at corporation meetings and coordinate communications with their fellow members. To find out more, please contact us for details.
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