Land Lease: An Alternative Solution for Canada’s Housing Challenges


TORONTO, ONTARIO, May 8, 2017

According to Canada’s 2016 census results (released on May 3), the country is witnessing an increasing number of seniors (up 20% since 2011) amid affordability concerns and growing demand for alternative housing solutions. These factors have major implications for the housing market, particularly as the “empty-nest” population looks to downsize – but land lease communities are offering a unique solution as a high-quality, yet affordable, home ownership model.

“Land lease is an attainable housing alternative that allows people to own their home without having to buy the land,” said Andrew Blair, President & CEO of Parkbridge Lifestyle Communities. “These high-quality homes offer significant savings relative to freehold homes, which help people free up their financial resources for other priorities like travel, family and leisure.”

Historically, when people thought of land lease, they thought of trailer parks. While trailer parks were an early version of land lease, the land lease home ownership model has evolved dramatically. Land lease homes are now both manufactured off-site and “stick-built” on location and, at-a-glance, typically look no different than freehold homes. They generally cost 30 per cent less than a freehold home, which means a lower down payment, lower monthly mortgage payments and no land transfer taxes.

“Most residents in our retirement communities were looking to escape city-life, but still wanted an active social life and convenient access to amenities,” added Blair. “At Parkbridge, we offer services such as lawn maintenance and snow shoveling, which allow homeowners to focus on the important things during retirement – not house upkeep.”

Since 1998, Parkbridge has been building and operating residential and recreational communities, and currently owns and operates close to 115 communities across the country. Additional benefits of the Parkbridge land lease model include:


 

  • Invested partnership – Parkbridge stays, investing in communities alongside homeowners to ensure there is ongoing, thoughtful investment in community infrastructure, standards and amenities.

  • Vibrant communities – Parkbridge fosters vibrant, active communities by ensuring homeowners have access to well-maintained shared amenities and feel safe, proud and connected to the communities in which they live.
  • Quality and responsible development – Parkbridge offers a range of residential and recreational property options, which are built with a commitment to quality and environmentally-friendly features.
  • Attractive to municipalities – with a decline in the population residing outside large cities, Parkbridge offers growth and revenue opportunities for rural municipalities.

For more information on Parkbridge land lease communities visit www.parkbridge.com.


 

About Parkbridge:

Parkbridge Lifestyle Communities Inc. is Canada’s leading owner, operator and developer of residential land lease communities, recreational resorts and marinas. Widely recognized as the industry leader in Canada, Parkbridge owns and operates the land, amenities and infrastructure while residents own their dwelling. It is a business model that offers solid investment fundamentals, high-quality, attainable and well-located products and communities, which are geared toward Canada’s changing demographics. Parkbridge’s vision is to make residential and recreational communities attainable, exceptional and sustainable for Canadians to live, vacation and retire. www.parkbridge.com

For further information and interview inquiries please contact:

Pamela Bennett, Director, Corporate Communications
Parkbridge Lifestyle Communities
pbennett@parkbridge.com
1-705-794-5963

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