Question 1

What is Life Lease Housing?

Accepted Answer

Life Lease is a form of real estate tenure that has been in existence throughout North America and Europe for many years, and in Canada for nearly 50 years. There are an estimated 150 Life Lease projects now operating in Ontario, representing some 12,000 residential units. Under a Life Lease arrangement, there is a single owner of the property who is responsible for operating and maintaining the property and buildings in accordance with an agreement signed with the purchasers and residents. The residents purchase an exclusive interest in the unit of their choice from these owners, and have the right to sell or transfer this interest when they wish to vacate their unit. This is similar to purchasing a unit within a condominium; however, the resident is acquiring a Life Lease interest as opposed to a freehold interest. Also, similar to a condominium, residents share in the use and operating costs associated with the common areas and amenities. At the heart of every Life Lease community is an agreement or contract with the property owner which governs how the residential units are acquired, subsequently sold or transferred, and the ongoing relationship and responsibilities of both the owner and the residents. In Ontario, there are three primary Life Lease structures, the most common and popular model being based on the market value of the residential unit. Under this model, residents acquire their Life Lease interest based on the market value of the unit, and sell or transfer this interest at the market value when they wish to sell, like buying a single-family home or condominium. The Life Lease agreement used at Opportunity Village is based on market value, has no termination date, therefore, residents can protect their investment and earn a return similar to the equity growth in a home or condominium.

Question 2

Will there be a Residents Association?

Accepted Answer

Yes. When 80% of the units are occupied, the Board of the Opportunity Villages will initiate the establishment of a Residents Association to oversee the day-to-day operation of The CK Common Ground Project.

Question 3

What is a barrier-free unit?

Accepted Answer

There will be units in the development that will be designed or planned so that people with disabilities are accommodated. This will include wider doorways, lower countertops and sufficient space for wheelchair accessibility.

Question 4

Will I have a parking spot?

Accepted Answer

Yes. Each of the units will be assigned their own parking space. If you have no need for a parking space, you will be allowed to rent it to another homeowner in the development.

Question 5

Is this development on a bus route?

Accepted Answer

Yes. The #2 bus passes by the Taylor Avenue pedestrian entrance once every half hour.

Question 6

Will the grounds be fenced?

Accepted Answer

Depending on available funds, the development is planned to have a solid fence on three sides of the property.

Question 7

Who will cut the grass and shovel the snow?

Accepted Answer

This will be the responsibility of the Residents Association. They will make arrangements with local suppliers and/or interested residents to maintain the common areas on the property.

Question 8

What additional costs will I be required to pay?

Accepted Answer

In addition to mortgage and utility payments, homeowners will pay a reasonable monthly fee covering property taxes and maintenance of building exteriors and common areas.

Question 9

What are the sizes of the units?

Accepted Answer

Unit sizes will be announced at a later date.

Question 10

Can I purchase a unit as a rental property?

Accepted Answer

No. There are strict rules regarding this matter. Those who own a unit in The CK Common Ground community must live in the unit. No rentals or subleases will be permitted.

Question 11

Can I operate a home-based business out of my unit?

Accepted Answer

This decision will be made on a case-by-case basis by the Residents Association. At no time, however, will the homeowner be permitted to display a sign on their unit advertising his/her business.

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