2022.MM42.24

Background

Life Lease Housing is not ownership housing, but rather it is the right to occupy a residentialunit for a pre-determined amount of time, often a lifetime as the name suggests. 

In recent years, there has been an increase in the number of life lease communities. Many aremarketed towards seniors as an alternative form of housing, often at a lower price, compared tobuying a comparable condominium unit. 

This Motion asks City staff to explore the existing regulatory framework for Life LeaseHousing with an aim to ensure purchaser protection. Life lease pre construction projects do nothave to follow all of the same rules as pre construction condominium units, and are not coveredunder the Tarion Home Warranty program. The Motion also asks staff to address whether thereare opportunities to support this type of housing as part of a full range of housing options

Source: City of Toronto

Item Description

 Councillor Cynthia Lai, seconded by Councillor Ana Bailao, recommends that: 

1. City Council request the Chief Planner and Executive Director, City Planning and theExecutive Director, Housing Secretariat to report to the Planning and Housing Committee inthe first quarter of 2023 on: 

a. the existing regulatory framework that covers Life Lease Housing, with an aim to havethe Province protect purchasers; and 

b. the feasibility to have this housing type delivered as affordable housing.

Source: City of Toronto

Proposed by

Councillor Cynthia Lai, seconded by Councillor Ana Bailã