What is Life Lease?

Life lease simply means the resident is purchasing the right to live in the home for their lifetime in accordance with the Occupancy Agreement. They are not purchasing the building or the land, and therefore, property title does not change upon purchase. Residents also pay a monthly fee, which covers operational costs and taxes. An independent appraiser determines the price of the unit at the time of purchase/sale. The purchase/sale price is dependent upon a number of factors. Similar to any other real estate transaction, residents may have an opportunity to realize equity appreciation on final sale of their home. 

For general information on life lease, please visit

www.comfortlife.ca/life_lease_faq.php

Trinity Village Terrace is comprised of 60 life-lease town homes. The town home price is based on real estate market value and offers you the opportunity of equity appreciation, according to the guidelines of the Life Equity Occupancy Agreement.

At the Terraces you have a choice of quality built bungalow town homes, ranging from 762 to 1407 sq.ft., each with full basements, which provide additional storage and recreational space. Standard features include air conditioning, decks and barrier free features such as wider doorways, corridors and spacious bathrooms. As well, residents of the Terraces enjoy the benefits of belonging to the Residents association. Other support services are available on an “as needed” basis such as Meals on Wheels. The burden of seasonal maintenance, such as snow shovelling or grass cutting is a thing of the past for Terrace residents.