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A study done for the Ontario Ministry of Municipal Affairs and Housing (Simmons, 1999) found prices of life lease units in London and Toronto to be similar to those for comparable condo units. Currently, all life lease housing developments in Canada are located west of the Ontario-Quebec border. The exact number of life lease projects in Canada.. The following details of one form of life lease, which is taken from a Disclosure Statement filed with the Superintendent of Real Estate, will help explain the pros and cons of life lease housing. In this case, the sponsoring service club had formed a housing society to develop the property and it incorporated a limited company to own the land.


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Life Leases. When you enter into a life lease agreement (or "life lease"), you buy the right to occupy a unit in a particular development. Usually, life leases last for life, or a fixed term (for example, 50 years), or until you are no longer capable of living independently in the unit.. The typical Life Lease development project is a real estate development initiated by a service club or a religious organization for the care and benefit of its members and supporters. There can be private (for profit) Life Lease projects, but they are the exception. Usually there is a minimum age restriction of 55 or 60 or 65.