The most common type of property ownership is called Freehold: both the home and the land it sits on are owned together.
A Land Lease Property is one where the dwelling is owned by the resident and the land upon which it sits is leased.
Rent is paid to the land owner of the land lease community; some services and facilities may be included for the common use and enjoyment of the tenants.
Homes can be bought and sold by successive residents, but not the land.
The Residential Tenancies Act applies.
A Land Lease may be a more affordable home ownership option than a Freehold purchase, but the home owner also has fewer rights.
Not everyone understands or wants this type of property, so the potential pool of interested buyers may be less when it comes time to sell.
Wilmot Creek in Newcastle, Ontario is an example of an adult lifestyle land lease community.
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