Enjoy Freedom Without Worry
The Christian Reformed Seniors Housing Society is a non-profit Society incorporated under the BC Societies Act. Its voting members are the 21 Life-lease holders. New Life-lease holders must be admitted as members of the Society. No one can purchase a Life-lease without being admitted as a voting member of the Society. Decisions about who can move into Covenant Court are made, not by buyers and sellers based on self interest, but by all those who live there based on what is best for the whole community. The mechanism is a Life-lease form of ownership.
The Society owns title to each of the 26 apartments, or strata title lots, that together makeup Strata Plan LMS 1251. There is a registered Life-lease against 21 of the 26 apartments. The other 5 apartments are rented by the Society to persons of limited income. Thus providing affordable housing without government assistance.
When people buy a suite they do not get title, or outright ownership. Through a Life-lease people buy a financial interest in their suite. This interest lasts for life and is registered against title in the Land Registry Office. For the purposes of the Strata Properties Act, Life-lease holders are deemed to be “owners” and are treated as such. They qualify for the Home Owners Grant and benefit from any increase in the market value of their suite.
When an owner wishes to sell, the Society markets the suite. Life-lease holders receive 90 percent of the selling price and the Society 10 percent. From its share the Society pays the cost of marketing through MLS. Any surplus the Society uses to subsidize the 5 suites it rents to persons of limited means.
A Life-lease is more than a normal Lease-hold. Unlike Lease holders, owners of a Life-lease own in addition to their suite a proportion of the value of the land on which the building stands as well as a proportion of all common property.
The full legal description of the Life-lease is contained in the Disclosure Statement available to all prospective purchasers. It, together with regular amendments, is on file with the Inspector of Real Estate Brokers.