A Life Lease is a 30-year renewable lease that gives you exclusive use of your residence, while the Schubert Centre owns the physical property.
When you are ready to sell, Catherine Gardens will buy back your residence for 95% of what you paid for it. No hassling with realtors, property showings or back and forth negotiations.
A Life Lease is a smart financial decision that simplifies your life to focus on the activities you care about instead of worrying about your estate and increases in the value of your suite are shared with you when you leave.
A Life Lease is designed for adults aged 55+ who are mature, active and independent. Adults who want to know their neighbours, love to cook, the flexibility to travel and looking for new modern decor with casual elegance and the convenience of the downtown living lifestyle..
The Schubert Centre is a not-for-profit society whose objective in developing Catherine Gardens is to provide Vernon seniors with affordable housing. As a resident of Catherine Gardens, you become part of a lasting community legacy and an automatic “Life Member” of the Schubert Centre Society.
When you leave Catherine Gardens, the Schubert Centre will resell your suite to the next buyer at a price that will be lower than market trends. Over time, the Life Lease suites will become increasingly affordable compared to the local housing market. Resales will generate a modest revenue for the Schubert Centre provide many other valuable and needed services for the community of Vernon.
The Life Lease model has existed in Canada for more than 30 years, and it continues to grow in popularity as adults 55+ look for simpler, smarter, quality housing options that fit with and enhance their lifestyles.
A recent report by the Canada Mortgage and Housing Corporation found that 100% of Life Lease residents surveyed were extremely happy with their housing choice and would recommend Life Leasing to their friends.
Other Life Lease projects in British Columbia have wait lists as long as eight years; and many projects in the Prairies (where Life Lease is common) have wait lists of more than ten years!
Want to know more? Set up an appointment with a Life Lease Specialist!