Life lease housing is an ideal solution for Ontario seniors, creating communities that offer many benefits.
This unique approach to housing solutions for seniors is often at lower cost than comparable living situations. It offers you the freedom from heavy home maintenance chores. Just as importantly, in life lease housing, you are living in an environment free from isolation; you become part of a welcoming community of people with similar lived experience. You’re always welcome to join in as much or as little as you like in shared activities.
As advocates for life lease seniors’ housing, we actively provide education for seniors who are, or will be, participating in life leases. Our goal is to promote legislation and regulation for life leases in our province.
“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
Our immediate goal is to ensure the Government of Ontario's first life lease legislation (Bill 141) is passed into law. Unlike rental housing and condominiums, there is NO legislation in Ontario that specifically regulates life lease housing or protects the legal rights of residents.
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?
Unlike rental housing and condominiums, there is NO legislation in Ontario that specifically regulates life lease housing or protects the legal rights of life lease residents.
As life lease advocates, Ontario Life Lease Residents Association is helping you make sure you are well-informed before signing your lease.
There are many different models of life lease housing available and the contract terms vary from one project to another.
Before you sign a life lease contract, it’s advisable to:
- Carefully read over the contract to make sure you understand it. If legal language is new to you, talk it over with a knowledgeable friend or family member. If there are any restrictions, ask for clarification.
- Ask to see the corporation’s financial statements to confirm its financial health. Be sure there is an adequate reserve fund in place for major maintenance in the future.
- Before paying a deposit and/or entrance fee, talk to a lawyer or financial advisor to ensure your money is safely deposited in a trust and that the remaining balance will be immediately available if you need or want to leave.
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 (OLLRA) is an association of people living in life lease housing or interested in the concept.
The initial members of OLLRA are residents of life lease properties in the Niagara Region. Some live in very new buildings, others in “villages” built quite a few years ago.
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?
Any resident of Ontario is invited to become a member for $15 a year.
Regular Membership
If you choose to be a Regular member, you will receive periodic newsletters about our efforts in education and advocacy.
Core Membership
Core membership also allows you to be an active member, participating in meetings and decision-making.
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