Frequently asked questions

Life Lease is a form of real estate tenure that has been popular in North America and Europe for many years. Under a Market Value Life Lease arrangement, Residents acquire their Life Lease interest based on the market value of the unit and sell or transfer this interest at the market value when they wish to do so, like buying a single-family home or condominium. The Life Lease agreement used at St. Elizabeth Village is based on market value and has no termination date, and the interest can pass to a Purchaser’s estate upon death. Therefore, Purchasers can protect their investment and earn a return similar to equity growth in their home or condominium.

The actual age criteria may differ between communities, however many like St. Elizabeth Village are geared to individuals 55 years of age and older who are capable of independent living. In cases where one spouse or domestic partner is not yet of the required age, the spouse/domestic partner is still able to reside in the Unit. Children may also purchase a Life Lease interest for their parents, however they may not occupy the Unit until they reach the prescribed age.

Life Lease Housing is an ideal solution, creating communities offering numerous benefits. Purchasers at St. Elizabeth Village secure their exclusive right to live in a Garden Home or Upper Mill Pond Suite for as long as they wish. This model allows Zest to establish and maintain a 55+ Retirement Lifestyle Community of people who share similar values and interests. Life Lease Owners participate in maintaining the St. Elizabeth Village property and amenities through a monthly occupancy charge.

Yes, in fact, ZEST and NovaCare encourage purchasers to register a “Notice of Lease” on title for the property. Registration will ensure that your interest in the community is formally acknowledged on title and once registered, you will receive notice of any future easements, encumbrances, liens, financing, etc. which might affect the property. Therefore, registration will protect your investment like registering a deed on title to a house of condominium. It is also important to note that title to the individual development phases at St. Elizabeth Village will be held separately so that the Purchasers and Residents of one project will not be impacted by another.

The intent of ZEST is to develop St. Elizabeth Village as a model for other communities across Ontario. However, should ZEST ever convey or sell its ownership in the property, the Life Lease Agreement stipulates that Residents must first be provided with formal written notice of such transfer, and any transferee would be required to agree to the terms and conditions contained within this Agreement.

Yes. When real estate is purchased in Ontario, the buyer is required to pay a provincial “land transfer tax” to the Ministry of Finance. This requirement relates to any transfer or beneficial interest in property, whether this be freehold or condominium ownership, or Life Lease tenure. Therefore, this requirement applies to your purchase of a Life Lease interest at St. Elizabeth Village.

Upon death of one spouse of partner, the Life Lease interest automatically passes to the surviving spouse or partner. Upon the death of both spouses or partners, your market value Life Lease interest transfers to your Estate in accordance with your Will. Your beneficiaries may decide to retain the Life Lease interest and Unit, or transfer and sell to another party at the current market value. It is up to your Estate to establish a selling price and negotiate the final transfer price, the same as establishing an asking price for a home or condominium. ZEST will maintain an interest list of potential buyers and their sales team will assist in every way possible to find a suitable purchaser for your Life Least interest when you wish to sell.

ZEST and NovaCare have adopted a pet policy and any Resident of a Garden Home wishing to house more than one pet or a pet weighing more than 50 pounds must first obtain approval from ZEST and execute an acknowledgement of set Pet Policy.

Each Resident pays a Monthly Occupancy Charge based on the size of their selected Unit. The Monthly Occupancy Charge includes H.S.T. and is calculated in the same manner as a condominium fee. NovaCare has also arranged bulk service contracts at very favourable rates, for television, internet and telephone service (currently with Rogers Cable), and for the rental, repair, maintenance and replacement of heat pumps and mechanical systems (currently with Reliance Home Comfort). These bulk service contracts help reduce the monthly overall operating costs and fees. The items not covered under the Monthly Occupancy Charge and paid separately by Residents include gas and hydro for the Unit,

plus condo and personal liability insurance. The Monthly Occupancy Charges are set at the break-even cost of operating St. Elizabeth Village. The actual operating costs are reviewed annually by NovaCare Retirement Communities Association, in conjunction with the executive committee comprised of Residents of St. Elizabeth Village, with the goal of maintaining the monthly fees as low as possible while responding to cost-of-living increases.

Life Lease Owners or “Sponsors” have included churches, cultural organizations, nursing and retirement home operators, hospitals, private developers and municipalities. These Owners develop the communities and provide the necessary equity and financing, and, in most cases, continue to own and manage the community for the benefit of all parties. The financing for construction and subsequent operation ultimately comes from the people who purchase Life Lease interests in the community. However, it is the Sponsor, in this case ZEST Communities Inc., which creates the vision and incurs the financial risks involved with development

Barbecues and outdoor burning of any kind are not permitted on any balcony at Upper Mill Pond. There are designated Barbecues in the Courtyard for these Resident’s exclusive use.

Each unit comes with an underground parking spot and storage locker transferred with the purchaser of an Upper Mill Pond Suite. Any Resident who does not have a vehicle and wishes to rent their space to another Resident of Upper Mill Pond is free to do so, subject to approval by NovaCare and execution of a parking space rental agreement signed with the Sales Office. Underground parking spaces cannot be rented or otherwise used by Non-Residents of Upper Mill Pond and cannot be sold separately.

Contact Us
393 Rymal Road West, Suite 405
Hamilton, ON L9B 1V2

Phone: (905) 574-8178
Toll Free: 1(855) 875-8178
© 2025 St. Elizabeth Village, Zest Communities. All rights reserved. Prices and specifications are subject to change without notice. Renderings are artist’s concept. E.&O.E.
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