Masaryk Park Homes is a life-lease community, in which individuals (55 and over) buy a life lease or lease-hold interest in their accommodations, giving them the right to occupy their unit and use all the common facilities.
Use of the common facilities including a three storey glass atrium, terraces, lounges, a multipurpose room with kitchen, a library, a meeting room, an exercise room, a workshop, a guest suite and outdoor recreation area create a sense of community and well being.
Owned and operated by Masaryk Memorial Institute Inc., a non-profit corporation, the apartments range from a single bedroom to two bedrooms with a den. A parking space and storage locker come with each unit. The entrance is controlled by a security system.
Life-lease units are generally more affordable than a similar unit in the traditional housing market due to the non-profit orientation of the sponsoring organizations. It is basically a self-funded residential housing model. All surpluses are reinvested into the building and its amenities. In
addition to the cost of the life-lease, there are property taxes and a monthly occupancy fee used to cover annual operating costs.
When a resident leaves, the life lease will be available to our wait list and then can be sold on the open market. The non-profit corporation retains 5% + HST of the selling price.