One company, Christenson Communities, owes a total of more than $60-million to leaseholders
Dorothy Marsham left her son $280,000 two and a half years ago. Take care of my granddaughter, she told him.
Most of Dorothy Marsham’s money is tied up in what’s known as a life lease. She neither rented nor owned the apartment she lived in. Instead, like a growing number of Canadian seniors, she sold her house and put the proceeds into an upfront payment on an apartment she could live in for the rest of her life. Ms. Marsham bought in Westmount Village, a luxury retirement building in Edmonton owned by Christenson Communities. Her contract guaranteed her the right to live in the apartment until death.
“The life lease model provides affordability for seniors,” Christenson said in an e-mail response to The Globe’s request for an interview. “Due to unforeseen circumstances, the life lease queue developed and grew. Christenson is not in breach of any contracts, and we fully intend to make payments over time to those waiting in queue. We continue to work diligently and collaboratively on a solution that best serves our current, future and previous residents along with our organization.
“People often have very little control over what will happen and far fewer rights than they would ever imagine” said Laura Tamblyn Watts, chief executive of CanAge, a national seniors’ advocacy organization. However, in June, 2023, Ms. Nelson received a letter saying that supports – including nursing care – would expire in September. The company also wanted all tenants to switch to a straight rental agreement – without immediately returning the upfront payment. Ms. Nelson was also aware that the repayment queue was growing and wanted to get in line. She decided to terminate the life lease. Her mother was given six weeks to find a new home.
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