Life Lease Property Assessments
Reading your life lease Property Assessment Notice
As a property owner in Ontario, you'll receive a Property Assessment Notice for your property every four years unless there is a change to your property. Learn how to read your Property Assessment Notice.
How your life lease property is assessed
Typically, we assess life lease developments under one roll number, with the sponsor corporation shown as the owner. The individual life lease occupants are listed as tenants.
If you're not sure if your property is a life lease property, read more about what classifies a property as a life lease property.
The primary method used to establish the current value assessment for life lease properties is the direct comparison approach. This approach estimates the value of a life lease project based on the sales of similar units or suite types within a life lease community.
The following categories of sales sources are used (in order of preference):
- Sales from the subject life lease development.
- Sales from a comparable life lease development.
- Sales from a comparable condominium complex.
More details on how your property is assessed
- In order to create a sales inventory for each development, we send sales questionnaires requesting sales information for all units or suite types that have sold within the development within a specific timeframe.
- We then select a comparable life lease or condominium project(s) similar to the life lease project with respect to:
- type of structure(s) - row housing, walkup or high rise
- location - should be in close proximity to life lease project
- number of total units
- square footage of unit types
- The total value of all units in the complex or development receives a downward value adjustment.
- This adjustment is required in order to offset non-realty services, which may be offered in the sale agreement but are not generally accepted to be part of the property for valuation purposes.
In developments where no sales information exists, we use sales from a comparable project or condominium complex.
Adjustments may also be necessary to reflect differences in amenities, location and other factors proven to affect the value of the property.
More information on the life lease housing sector is available on the Ministry of Municipal Affairs and Housing website.