Frequently Asked Questions

1. If I purchase an equity lease, what am I actually purchasing?
   You are purchasing, at full market value, the right to occupy a condo-style unit in The Astoria for life or until you decide to sell.
   
   
2. What is the advantage of buying into The Astoria Lifestyle Equity Lease?
   The Astoria offers the advantages of ownership coupled with availability of services that many of our clients have been seeking. The Astoria also allows the mature buyer, who may be downsizing for the first time, to opt for an easy care suite without having to sacrifice attractive design, privacy or the investment benefit associated with home ownership. At least one resident of each suite must be at least 55 years of age, ensuring continuity in the resident population of the building.
   
   
3. What is the Alavida Club at The Astoria?
   Each purchaser must be a member of the Alavida Club and pay the monthly Club fee.
   
   The Alavida Club membership includes use of the extensive Club amenities plus 8 meals monthly in the beautiful dining room and bi-weekly housekeeping of the purchaser’s suite, with additional services available for purchase.
   
   Club amenities include the dining room, bistro, private dining room, swimming pool, fitness facilities, social lounge, library, business centre and outdoor patio areas. Access to the concierge, planned activities and wellness services is also included. The Club Concierge will make dining room reservations, coordinate transportation for scheduled events and ensure that a quality environment is maintained at all times.
   
   
4. I have heard stories of people losing their deposits through no fault of their own – Am I at risk?
   No, your deposits will be held in trust and will not be used as working capital. If for any reason plans for The Astoria were not to proceed, you would receive your money back in full with interest.
   
   
5. What legislation covers “lifestyle equity lease”?
   In Ontario, the relationship between the equity lease sponsor and resident is defined in each equity lease agreement and governed by contract and common law. Each project establishes its own agreement, which determines the conditions of occupancy and sale of the unit and governance of the housing project.
   
   
6. Must I have a lawyer review the equity lease agreement?
   Yes, we require a certificate of Independent Legal Advice prior to entering into a lifestyle equity lease agreement, as this is the best way to ensure that the information has been reviewed, is clear and that questions have been answered.
   
   
7. May I register the unit for title?
   Yes, you are encouraged to register your agreement on title. Registration of agreements on title serves to clarify a resident’s interest in their unit.
   
   
8. What am I responsible for paying on a monthly basis?
   Club fee: covers the upkeep, management and delivery of quality services and staffing for the Alavida Club at the Astoria.
   
   Realty Taxes: as assessed by the Municipality for the Suite. We pass the tax bill through to you and will advocate/represent your tax interest to the Municipality.
   
   Maintenance Fee: for the maintenance of the building and grounds, a reserve fund, administration, building insurance, snow removal etc.
   Hydro: individually metered for your Suite.
   
   
9. What about taxes?
   In Ontario, the Assessment Act clarifies that the Lifestyle Equity Lease (commonly known as life lease housing) falls within the residential property tax class. The government recognizes your purchased interest and consequently applies the one time land transfer tax at the time of purchase of the Lifestyle Equity Lease.
   
   
10. What are the options if I decide to sell my lifestyle equity lease?
    The lifestyle equity leases are readily transferable. The owner may sell it privately or through a realtor for the market value at the time of sale but the corporation will retain a right of first refusal. This means that in the event an owner has received a formal offer, the corporation has the right to match that offer within a designated time frame. At least one resident of the suite must be at least 55 years of age.
    
    
11. Do I owe a percentage of proceeds from the sale to the corporation?
    Yes, when a unit is sold at The Astoria, 10% of the final sale price will be paid directly to the corporation. This fee covers costs associated with administration and refurbishment.
    
    
12. May I leave my lifestyle equity lease to my children?
    Yes – you may bequeath your lifestyle equity lease to your heirs, but at least one resident of each suite must be at least 55 years of age.
    
    
13. If something is not to my liking who will address my concerns?
    You may bring your concerns forward to the Concierge at any time. If the Concierge is unable to address your concerns, they will direct your issues to Maintenance, Housekeeping or the Manager in Charge.
    
    
14. May I sublet my unit?
    Yes, however all sublets are handled by the management of the Astoria to maintain the continuity of the resident population.
    
    
15. Is The Astoria covered by the Tarion Warranty Program (formerly the Ontario New Home Warranty Program)?
    No, residents are covered by the protection that exists through contractor and manufacturers warranties.
    
    
16. What if a resident’s health care needs change – must they move?
    The Astoria, as part of an AlaVida Lifestyles community, is able to assist with support and care needs as they are required or desired. A recognized resource person within the AlaVida Lifestyles management team will assess each individual situation. The resource person will provide options as well as information on the associated costs. In the event that the individual is unable to have their needs met to an acceptable standard in the Astoria, they will be helped with the task of finding appropriate accommodation and care.
    
    
17. What happens in the event that the owner wishes to move to an AlaVida Lifestyles Seniors’ Suites or Retirement Residence?
    We will assist in this transition and ensure that the owner receives priority status on existing wait lists.