The Manitoba Life Lease provides;
The FLEXIBILITY of rental - combined with - The
STABILITY of ownership.
Flexibility is provided by virtue of the lease,
i.e. when a tenant wishes to leave a Life Lease Project, the tenant's only requirement is
to give notice (usually 90 days notice). Life Lease residents are not be required to
resell the suite as if it were a Condominium. The onus for resell lies with the Non Profit
Housing Corporation. Mechanics are set in place to refund the tenant their original
investment upon termination of the lease or to compensate them for delays.
Stability is enhanced by the characteristics
inherent in operating on a Not-For-Profit basis for the life of the Project - i.e. no
profit - no motivation to increase rents. Rental increases are incurred only in response
to increases in utilities, property taxes and mortgage interest rates.
The Life Lease model was developed in a response to the projected new housing trends of
the nineties and into the new millennium. The current demographics clearly indicate that
our population is aging at an increasingly high rate. Current Canada Mortgage and Housing
Corporation statistics predict an increase of 1,700,000 Canadian Households (16.5%)
between 1991 and 2001 with household growth highest in the 45-54, and 75 plus age groups.
It is predicted that by 2011 the number of seniors in
Manitoba will have grown to over 176,000. Seniors in Manitoba represent 13.4% of the total
population and 23.7% of the adult population. In 1998, tose Manitobans aged 80 and over comprised 23.3% (34,000) of the seniors and by 2011, they will account for 31.9%.
These Canadians are looking for a Life Style change to better suite their needs. The
younger age group of "empty nesters" are looking for flexibility, low
maintenance and security - leave for extended trips - no residential worries at home - no
maintenance. Although the older age group share many of the same Life Style needs, many
older singles and couples cherish the community support provided through living in a multi
residential complex with common amenities.
The life lease model has been used to develop "Independent Living"
housing projects and can be used to develop "Enriched Housing"
projects where residential needs are supplemented by a variety of other services (laundry,
light housekeeping, meals, medical services, etc.).