About Residential Land Lease
Land lease home ownership allows people to own their home without owning the land, often making it more affordable to purchase than traditional freehold homes. More and more people are embracing this home ownership model, as it enables buyers to build equity while freeing up money for other priorities or investments. The land lease permits the tenant to use a piece of land owned by the landlord in exchange for rent.
Rent varies from community to community, depending on such things as the local real estate market, lot size, upcoming investments, and regional considerations.
Monthly rent includes lease of the site, use of the property, and professional community management. This includes such things as community garbage and recycling, tree maintenance, fire hydrant inspections, sewer and pond maintenance, drainage, underground infrastructure repairs, and municipal property tax for the common areas. It also includes landscaping and maintenance of common greenspaces, parks, roads, walkways, community facilities, hall spaces, and related equipment. For more information, please contact the property you’re interested in.
In provinces such as British Columbia, Quebec and Ontario, Parkbridge community fees are often subject to rent control. For communities that fall under rent control guidelines, please see the provincial government sites provided below. For more information on rent guidelines in your community, please speak with the Property Manager.
The length of the term will vary by province, due to provincial legislation and other considerations. Typically, leases are anywhere from 1 to 99 years in Parkbridge communities. Provincial tenancy legislation protects the interests of the homeowner, even when a lease is month-to-month. For more information, please reach out to the Property Manager at the property you’re interested in.
When a lease term expires, the lease will revert to month-to-month. Under provincial tenancy legislation in provinces across Canada, land lease customers have rights and protections even as a month-to-month tenant of the land. For more information on lease term requirements in provincial legislation, please see the provincial government sites provided above.
Key terms include rent, length of term, and the rights and responsibilities of the homeowner and the land owner. Many of the terms of a land lease are covered and protected in provincial tenancy legislation. Parkbridge recommends individuals seek independent legal advice prior to entering a land lease to ensure a full understanding of the contract.
It’s very similar – just two additional steps. Working with a real estate agent and lawyer, the buyer submits a land lease application to the community management team for approval, and signs a lease for the lot on which the home sits before closing the purchase and sale agreement for the home. Parkbridge recommends that you complete the land lease application and have it approved before finalizing a home purchase in a land lease community. Contact the community office at the property you are interested in for further details.
Homeowners can still work with their mortgage brokers or financial institutions to obtain financing. Please contact lenders directly to discuss your mortgage options.
In our experience, well-maintained homes in Parkbridge communities increase in value.
A homeowner can work with a real estate agent to sell their home, similar to a freehold house sale.
When a homeowner decides to sell their home, they should contact the Property Manager before beginning the sales listing process. There is paperwork that needs to be completed with Parkbridge before the sale can proceed. Parkbridge also has the responsibility to approve or decline any new homeowner who wishes to purchase a home in a Parkbridge community.
Living In A Parkbridge Residential Community
Parkbridge communities are professionally managed and often have shared amenities like recreation halls, fitness centres and even swimming pools. These features help bring residents together and create a strong sense of community where residents feel supported and connected. Another advantage is that unlike other developers, Parkbridge maintains a presence in the community, investing alongside homeowners to ensure there is ongoing, thoughtful attention to community infrastructure, standards, and amenities.
On-site amenities vary from community to community. Social clubs, groups and activities are common in Parkbridge communities, which promote a healthy and active lifestyle and strong social connections. Some communities have shared amenities such as recreation halls, fitness centres, walking trails, horseshoe pits and even swimming pools. Check the listing of the community you’re interested in for details.
Homeowners are responsible for the regular maintenance and upkeep of their home, in a manner consistent with the community standards. To ensure our communities remain safe, healthy and valuable, residents and guests are also responsible for abiding by community guidelines.
Please feel free to contact the community office for more details on community standards and guidelines.
Utilities
The homeowner is responsible for the cost of utilities used in the home, including natural gas/propane, water, electricity, cable, internet and telephone.
Services
Lawn maintenance and snow removal is the homeowner’s responsibility, unless otherwise stated. Parkbridge provides lawn maintenance, snow removal and waste collection in communal areas and on community streets.
Wi-Fi/internet/cable/phone
Homeowners are responsible for managing any services provided within the home. The local cable/phone company is responsible for all lines up to the home.
Parkbridge maintains the long-term infrastructure in each of our communities, including parks, roads, utilities, and resident amenities.
Amenities
We manage the maintenance and repair of community amenities, such as community centres, pools, trails, and playgrounds.
Sewer
We are responsible for the sewer line up to the point where the home’s sewer line is connected.
For manufactured homes, the connection point is where the sewer line emerges from the ground. The homeowner is responsible for all sewer lines under and in the home itself, including the connection to the main sewer line.
For homes that have a foundation, the connection point is where the sewer line emerges from the concrete or the foundation wall of the crawlspace or basement. The homeowner is responsible for all sewage lines above the connection point.
Your Property Manager can help you find the connection point at your home if you are uncertain.
The homeowner is responsible for proper use of the sewer lines – if an issue in the sewer line is deemed to be caused by improper use, the homeowner will be responsible for the repair. For manufactured homes, the homeowner is also responsible for maintaining and insulating pipes under the home with insulation wrap to prevent freezing of lines in winter.
Water
Parkbridge is responsible for the water line up to and including the main shut-off valve.
The homeowner is responsible for all lines and fixtures beyond the main shut-off valve. This includes the water line between the main valve and the home, and lines and fixtures in the home itself. For manufactured homes, the homeowner is responsible for maintaining and insulating the pipes under the home with heat tape to prevent freezing of the lines in winter. The homeowner is also responsible for maintaining heat tracing on water lines between the curb cock valve and the main shut off valve.
Various locations may use different building materials and water line layouts. The local Property Manager can provide more detailed information on requirements for pipe maintenance and insulation in specific locations.
Electricity
If the meter and the main breaker are located off the home site, Parkbridge is responsible for all repairs from the power supply up to, and including, the home connection point. The homeowner is responsible for the cable leading from the home connection point to the home and in the home itself.
If the meter and the main breaker are located on the home site, either on a post or attached to the home, shed, or carport, the local electrical utility company (unless otherwise stated) is responsible for all repairs from the power supply up to and including the home connection point.
Changes are permitted to the exterior of homes, yards and landscaping. In order to make changes or additions, homeowners make an application to alter, which is reviewed by the community office. This helps ensure the investment in the community is protected and that all health and safety regulations are followed. Property Managers can assist with this application process. We recommend contacting the Manager to discuss before making plans to change the exterior of your home.
Parkbridge recommends an occupancy of up to two people per home in retirement residential communities and up to five in family residential communities.
While most of our retirement communities are tailored to people 55 and above, we welcome all people to our communities.
Parkbridge communities are pet-friendly, with some conditions. Those interested can check with their preferred property for details.
Each year, Parkbridge undergoes an extensive and thoughtful fee adjustment process to determine if any changes are required. If so, fee increases occur no more than once per year and comply with provincial rental regulations.