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How do Land Lease or Life Lease Homes Work?

Posted by Admin on August 15, 2018
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A recent Royal LePage Boomer Trends Survey say that 1.4 million Canadian Baby Boomers are expected to buy a new house between now and 2023. In Ontario, 49% of baby boomers plan to downsize and this often means moving to a more affordable community as real estate prices rise beyond reach in many major metropolis areas.

One more affordable option that has been a growing trend in Southern Georgian Bay is the idea of building retirement communities in land leased communities. When you purchase a home with a land lease, the idea is that the structure and the land are independently owned, so the price of the house can be noticeable lower as the land is not included in the purchase price.

While some homes you search on realtor.ca, royallepage.ca, gregsyrota.team, or other websites offering MLS® property listings may appear to be Freehold (you own the house and the land), looking out for key words such as “leasehold” and “manufactured” or “mobile home” can help you determine if the land is actually available for purchase with the house or not.

While financing is feasible since the price of houses in land lease communities tend to be lower than in neighbouring areas, lenders tend to expect a downpayment of at least 25-30% because they may be uncomfortable with you not owning the land.

Landlease neighbourhoods may have age restrictions in order to maintain the community intended to be developed, and often prospective Buyers must be approved by the property management company before they may purchase a house in some of the communities.

Additional benefits to the land lease option, is purchasers will avoid the land transfer tax at the time of sale and will have lower property taxes than those offered to freehold home owners. An added bonus is the Landlord has interest in the community since they own the property and rent it to the home owners, so grounds are typically well maintained for the benefit of both the residents and the Landlord alike.

While purchasers of homes in Land Lease Communities may lower the price of the house itself – freeing up some revenue for travel or grandchildren – there are additional monthly costs in a Landlease community that you wouldn’t get in a Freehold Home. Typical monthly costs include the Land Lease fee itself plus maintenance fees, and property taxes are built into the monthly fee as well through the Landlord.

In addition to being an option for retirees, Land Lease Communities are also available for members of private clubs or for those that like to vacation without the burden of maintaining the property and again, available at a lower purchase price.

Here’s a list of some of the land lease communities in our area.

 

Country Meadows Adult Lifestyle Community
Retirement Lifestyle

2275 Klondike Park Road, Wasaga Beach
Website

Intentionally located near shops, restaurants, medical facilities and recreation, County Meadows is located in a quiet area on the east end of Wasaga Beach and is an adult-oriented community,

Landlord: Parkbridge Lifestyle Communities
Amenities: Clubhouse (shared with hometown), 9-hole golf course, pool, trails, & more.

Hometown
Retirement Lifestyle

2263 Klondike Park Rd., Wasaga Beach
Website

This master planned adult lifestyle community is situated in a park-like setting, surrounded by tall, majestic oak trees, yet close to shops, restaurants, medical facilities and recreational activities. Perfect for adults searching for a peaceful, quiet community close to amenities.

Landlord: Parkbridge Lifestyle Communities
Amenities: Clubhouse (shared with Country Meadows), 9-hole golf course, pool, trails, & more

Park Place
Retirement Lifestyle

39 Ryther Rd., Wasaga Beach
Website

Park Place offers a tranquil, scenic setting, bordered by Crown Land and Marl Lake Provincial Park Wildlife Area, and features forests, fields and wilderness, ideal for the retiree looking to get away from the hustle and bustle of city living. Close to shops, medical facilities, entertainment and an easy drive to Barrie for additional resources.

Landlord: Parkbridge Lifestyle Communities
Amenities: Trails, Rec centre with indoor pool, fitness centre & more

Wasaga Meadows
Retirement Lifestyle

85 Theme Park Drive, Wasaga Beach
Website

Located on the east end of Wasaga Beach, Wasaga Meadows offers ranch style bungalows in a well-planned retirement community. A short drive to The Wasaga Beach Market, close to services and shops, and minutes to the longest freshwater beach in the world. Wasaga Meadows has a true community feel to it with activities offered at the community centre nearby encouraging mingling within the neighbourhood.

Landlord: Parkbridge Lifestyle Communities
Amenities: Trails, community gazebo, additional cost for recreational facilities including mini golf, swimming pools & more

Georgian Glen
Family Community

690 River Rd West, Wasaga Beach
Website

Ideal for adults, this family community offers a peaceful setting with well maintained lots, mature trees and a parkette. Located close to amenities and the beach, Georgian Glen is a great community to consider if Land Lease Communities are something you are considering.

Landlord: Parkbridge Lifestyle Communities
Amenities: Parkette with gazebo, additional cost for recreational facilities including mini golf, swimming pools & more.

Lakes of Wasaga
Cottage and RV Resort

91 Theme Park Dr., Wasaga Beach
Website

Lakes of Wasaga Resort is a gated community located within a walking distance to Allenwood Beach. These cottage like modular homes are available for the public for purchase when available, and for rent through the Parkbridge Lifestyle Communities website for those looking for a vacation rental. Water and sewer is included in the monthly expenses.

Landlord: Parkbridge Lifestyle Communities
Amenities: Swimming pools, tennis courts, splash pad, trail to the beach & more

Wasaga Country Life
Cottage and RV Resort

85 Theme Park Dr., Wasaga Beach
Website

Wasaga Beach CountryLife offers cottages ad chalets available for rent or purchase as well as a community for permanent RV living for those over the age of 55. The offer plans activities and special events as well as live entertainment in the spring and summer months.

Landlord: Parkbridge Lifestyle Communities
Amenities: Swimming pools, mini golf, playground & more

Wasaga Dunes
Cottage and RV Resort

4300 County Rd 29, Tiny Township
Website

Wasaga Dunes Cottage and RV Resort offers trailers for rent or for sale for those looking for a vacation spot near the beach! An oasis of trees, sand dunes and wide open spaces; experience the perfect outdoor escape with planned activities for children and adults throughout the summer season.

Landlord: Parkbridge Lifestyle Communities
Amenities: Swimming pools, volleyball court, recreational centre & more

Thornbury Meadows
Adult Lifestyle

Napier Street and Victoria Street South, Thornbury
Website

Designed to help the retiring community afford housing as the Canadian Baby Boomers decide to downsize or move to an area that caters to peaceful living. Built and maintained by Telfer Homes Inc., the community is close to great amenities in the Thornbury area including the Library, the Harbour and incredible dining located right down the street.

Landlord: Telfer Homes Inc.

Amenities: Homes are in the beginning stages of being built, however a recreational centre is on the site plan for future development.

Maple Meadow Homes
Adult Lifestyle Community

278 Graham St., Meaford
Website

Catering exclusively to the 55+ community, homes in Maple Meadows offer 4- and 6-unit buildings featuring one floor living as well as fully finished basements. Surrounded by trees, streams and with direct access to the Georgian Trail, this is a great option for those looking to retire in an affordable adult community.

Landlord: Maple Meadows Homes
Amenities: Multi-use club house and swimming pool

Osler Bluffs

Various locations near Osler Bluffs Ski Hill, Blue Mountains/Clearview

This land leased community is owned by Osler Bluffs ski club and limited to members of the club or those that will become members of the club. Houses are located close to the hill offering convenience to families with children and grandchildren in various programs at the club, the land is owned by the ski club and rented to members for a home located ideally.

Landlord: Osler Bluffs Ski Club
Amenities: Club house access, views, trails to the hills, lodge or summer club

Oak Meadows
Adult Lifestyle

Victoria Street And Albert Street, Meaford

Units in Oak Meadows feature 1504 square foot homes all on one floor with covered porches, attached garages, sunroom, and more! Life Lease Units in Oak Meadows offer worry free living for the retiring population. All new units are currently sold out but the developer is planning a second life lease community along the golf course in the near future.

Landlord: Information not available

Coming Soon…

Parkbridge Lifestyle Communities has made application for 208 affordable life lease homes at the corner of Lakeshore Road and Grey Road 19 near Craigleith. Geared towards active retirees, the community plans to have green space, trails, a pond and lookout points. Stay tuned for more information…

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