Life Lease vs Condo for Markham Seniors: How They Differ and What to Ask
Neeraj Moolchandani is a top real estate agent in Markham, Ontario. Published November 12, 2026 · By Neeraj Moolchandani, REALTOR®, Cofounder of the Kaizen Real Estate Team, eXp Realty, Brokerage
The short answer
With a condo, you own your suite. With a life lease, you buy the right to live in a suite in a building owned by a sponsor, often a non profit group, usually for life. Life leases can cost less up front and come with a community for people 55 and older, but resale is controlled by the sponsor, a transfer fee may be kept from the sale price, and many lenders treat them differently from a mortgage. Read the agreement with a lawyer before you commit.
Many Markham families exploring downsizing come across life lease buildings for the first time and are not sure how they work. Our downsizing guide introduces them briefly. This post explains the details. Our Kaizen Real Estate Team is one of the teams Markham seniors and their families trust through these moves.
Weighing a life lease against a condo? Talk it through with Neeraj, with family on the call.
Call (647) 370 8885Life Lease vs Condo at a Glance
| Question | Condo | Life lease |
|---|---|---|
| What you own | Your suite and a share of the common elements | The right to occupy a suite; the sponsor owns the property |
| Who runs it | Owners elect a board | Sponsor board; usually a residents' council advises |
| Age rules | Usually none | Often 55 or older |
| Selling | Sell to anyone at market price | Sponsor approves buyers; pricing model set by the project |
| Fees on sale | Your own selling costs | Sponsor may keep a transfer fee from the price |
| Financing | Standard mortgages | Loans may be available but differ from a mortgage |
| Property tax | Billed to you | Usually included in monthly fees |
Source: Government of Ontario, Life lease housing guide; MPAC, Life lease property assessments
How a Life Lease Works
Ontario's life lease guide describes paying a lump sum up front, then monthly fees for maintenance and property taxes. The lease usually runs until you pass away or decide to move. It is rarely registered on title. The Residential Tenancies Act does not apply where there is a direct relationship between the holder and the sponsor.
If a life lease holder dies and a spouse survives, the lease is usually extended for the spouse, who must meet the eligibility rules and may pay a transfer fee. Heirs can inherit the value of the lease but cannot move in without the sponsor's approval.
Selling the family home to fund your next step? Neeraj can help you plan both moves.
Call (647) 370 8885A Markham Example
Wyndham Gardens Apartments of Unionville, at 100 Anna Russell Way near Highway 7 and Eureka Street, is a life lease building run by the Unionville Home Society. Its public listing describes 122 suites in a four storey building for seniors 55 and older who can live independently. Call the sponsor for current availability, prices and fees. See our Unionville page for the area.
Resale and Pricing Rules to Understand
Ontario's guide on buying an existing unit says to understand which pricing model the project uses, such as a market value approach or a declining balance approach, and what percentage of the resale price the sponsor keeps as a transfer or administrative fee. Ask about refurbishing charges too.
- How is the resale price set, and who sets it?
- How long do resales usually take, and is there a waiting list?
- What percentage does the sponsor keep when you sell?
- Who pays to refresh the suite before resale?
- What happens to the money if you move into long term care?
Want to tour options in Unionville and nearby? Ask Neeraj.
Call (647) 370 8885Financing and Estate Planning
Ontario's guide notes that loans may be available, but they may differ from a mortgage because you do not own the property, and some lenders want the interest registered on title. Many buyers pay with proceeds from their home sale. Talk to your lawyer about how the life lease fits your will, and whether your executor will need the sponsor's cooperation to sell. Our estate sale guide covers the executor side.
Who Each Option Suits
A life lease can suit someone who wants a social building, simple upkeep and a lower entry price, and who cares less about maximizing resale value. A condo can suit someone who wants full ownership, a wider choice of buildings and freedom to sell to anyone. Some prefer a low maintenance freehold home instead, or to age in place. Our empty nester guide compares areas.
Have a question about your next chapter? Call Neeraj.
Call (647) 370 8885Questions Markham Clients Ask
What is a life lease in Ontario?
It is a right to live in a suite, usually for life, in a building owned by a sponsor. You pay a lump sum up front and monthly fees, but you do not own the property.
Is a life lease cheaper than a condo?
Often the entry price is lower, but resale rules, transfer fees and pricing models can limit what you get back. Compare the full picture, not just the price.
Can I get a mortgage on a life lease?
Ontario says loans may be available, but they may differ from a regular mortgage because you do not own the property. Ask your bank and the sponsor.
What happens to a life lease when the holder dies?
A surviving spouse can usually stay if eligible. Otherwise the estate sells the lease under the sponsor's rules, and heirs need approval to move in.
Are there life lease buildings in Markham?
Yes. Wyndham Gardens Apartments of Unionville, at 100 Anna Russell Way, is a life lease building for seniors 55 and older run by the Unionville Home Society.
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Helpful Pages
Choose Your Next Home With Clear Answers
Neeraj will help you compare a life lease, a condo and other options, and plan the sale of your current home around it.
Sources: Government of Ontario, Life lease housing: features and differences; Government of Ontario, Life lease housing: buy a unit; MPAC, Life lease property assessments; Central Healthline, Wyndham Gardens Apartments of Unionville.
Neeraj Moolchandani, REALTOR®, Kaizen Real Estate Team, eXp Realty, Brokerage, 9763 Markham Rd, Markham, ON L6E 1A4. (647) 370 8885 · info@kaizenrealestate.ca. Published November 12, 2026. General information only, not legal, tax, financial or engineering advice. Rules and programs change, so confirm details with the official source and your own professionals before you act. Not intended to solicit properties currently under contract.
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