Life lease structures tend to be part of the non-profit sector and involve ownership different to a traditional condominium. The resident purchases a leasehold interest in the property. There are monthly maintenance fees much like a condominium, but the purchase price is less than a traditional condominium. The corporation holds title to the property and sets the eligibility guidelines for who may purchase a leasehold interest. Many properties are connected to seniors’ resources so on-site support can be purchased through an affiliated agency. It does allow for some aging in place though residents do need to be fairly independent. The amenities, purchase price, maintenance fees and extra service costs will vary depending on various factors including the owner, location and type of structure.
