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Life Lease - Overview

The Life Lease Suites at Victoria Village are meeting the challenges of the growing senior population in Barrie and surrounding Simcoe County. For seniors the family home is now too large and costly to maintain. Good friends and family have moved away leaving less companionship and fewer neighbours to contact in the case of an emergency. Seniors who are looking for a housing option that reduces their worry and offers security and piece of mind in a community of shared values and lifestyles are turning to Life Lease Suites. The Victoria Village Life Lease Suites cater to these needs.


Life Lease is a newer way of "owning' a home although there is no financing available for a Life Lease. It compares to a long-term lease on a Suite, not a rental arrangement, and offers many advantages over home ownership. A Life Lease Suite is purchased at fair market value by the resident and gives him the exclusive right to occupy the suite and common facilities for as long as he desires or is able, while the owner Victoria Village Projects, maintains the right to control the future sale of the life interest in order to maintain the integrity of the building.


When the Suite is no longer viable for the resident, it may be sold (at fair market value) or left in the resident's estate. The Life Lease Suite has the potential to earn a return on one's investment, similar to equity growth in a home. All this is accomplished without the worries and headaches of owning, maintaining and selling a home.

Monthly occupancy fees are paid to the owner and property taxes apply. The owner cares for all routine maintenance and landscaping. In the event that the resident is away for an extended period of time, he can rest assured that his Unit is secure by the controlled access to the building.

Victoria Village Life Lease offers many added pluses. Proximity to downtown, picturesque Queen's Park and Lake Simcoe, an Event Centre and a Boutique Gym, a convenient commercial area, and a 128 bed long term care facility from which selected services can be accessed are some of the many "perks" that go with choosing to live at Victoria Village.

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