Land Lease 101

 

Family of five having a picnic along a lakefront with part of a mountain in the background.
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Relax into Life at Lakehaven

Discover where life opens up at Lakehaven in Innisfil, located near Lockhart Road and 25th Side Road. From Mattamy Homes and Parkbridge, this warm, welcoming community of Freehold Detached Homes and Land Lease Townhomes invites you to enjoy your next chapter, with all the best of life woven into your every day.

Partners in Community Building

Mattamy Homes, the largest privately owned homebuilder in North America, and Parkbridge, the leading developer and owner-operator of land lease communities in Canada, have come together to build Lakehaven, a community that provides flexible new home options for a variety of life stages.

What Is Land Lease?

Land lease is an innovative and accessible route to homeownership that gives you access to a life in a thoughtfully designed community. It’s a particularly ideal choice for those seeking an affordable retirement, and young families looking to buy their first home.

In a Lakehaven land lease home, you will own a home without buying the land. When the land is leased, amenities are managed so you can pay less and keep cash flow available for life experiences.

Land lease homeownership is quickly growing in Canada, though it is well established in the US and Europe. In a land lease arrangement, you own the home and lease the land, removing the expensive land portion from the ownership equation. It enables you to build equity while freeing up money for other things.

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How Does It Work?

As the homeowner, you buy and own your home outright while leasing the land from Parkbridge. The monthly lease varies from community to community, and is used for such things as landscaping and maintenance of common greenspaces, parks, trees, recreational facilities, underground infrastructure and much more. The length of the term varies by province, and provincial tenancy legislation protects the interests of the homeowner, even when a lease is month-to-month.

Single-Wall Kitchen with kitchen island, refrigerator, oven, pendant light, painting, white cabinets

How Is It Different from a Traditional Freehold Home Purchase?

It’s very similar – just two additional steps. Initially, you will submit a land lease application to the community management team for approval. Then you will sign a lease for the lot on which the home sits before signing the purchase and sale agreement for the home itself. It is recommended that you complete the land lease application and have it approved before finalizing a home purchase in a land lease community.

Family of four walking along a lake in a forest.

Why Choose a Land Lease?

By not purchasing the land, you’ll have a smaller mortgage, leaving you with more money to put towards making memories with your family. With access to recreational activities, you’ll find connection and a sense of belonging. Investing in Lakehaven is an investment in your future in a community that will be with you for the long run.

What Is Parkbridge Responsible for versus the Homeowner?

Homeowners are responsible for the regular maintenance and upkeep of their home and yard.

Parkbridge maintains the long-term infrastructure in Lakehaven, including parks, roads, utilities, and residential amenities. Parkbridge is responsible for sewer lines and water lines up to the point where the homes lines are connected.

Looking for more information?

Below are some helpful links to help you on your homebuying journey!

Parkbridge Land Lease Information

Lakehaven Community Information