Looking for a Senior Condo in Medicine Hat? Consider Our Life Leases

The Life Lease housing at Chinook Village offers adults who are 50+ the opportunity to occupy senior suites in Medicine Hat for retirement. If you are looking to settle down for retirement in Medicine Hat by purchasing a condo, our Life Lease is a fantastic alternative to live in a wonderful community surrounded by friends and convenience. We provide older individuals and couples with affordable housing along with a lifetime right to occupy a unit, providing a guaranteed redemption amount at the end of the lease. You can use all the communal facilities such as dining rooms, a gaming area, lounges and much more with an assurance that your neighbours will be in a similiar stage of life. You can choose Life Lease in independent living, supportive living and assisted living.


Learn More About Life Lease

A Life Lease is a legal agreement that exists between renting and owning a residential premise. When you accept a Life Lease agreement, you buy the exclusive right to occupy a suite as long as you want to live in your suite. Being developed and operated as a non-profit organization, you can rely on us to price units below market value in comparison to other similar homes.


What Do You Mean By Right to Occupy?

In Life Lease housing, an older individual or couple holds an interest in the property but does not own the suite. Instead of owning a unit, you  live in the suite and use all the communal amenities.


About the Criteria for Life Leasing at Chinook Village

Similar to other facilities, Chinook Village also has a few rules and regulations to ensure the safety and well-being of residents. You can check the rules and regulations in the contract that is agreed to and signed before occupying a suite. Chinook Village is a pet-free and smoke-free environment for adults who are 50 years or older.


Cost of a Life Lease

Instead of owning a tangible property for your retirement, you can choose to invest in lifestyle with a Life Lease. The cost of your Life Lease will be calculated on the basis of:

  • Size of the suite

  • Various other factors like upgrades, the age of the building, view, and more

Your purchase in a Life Lease is similar to purchasing a house and is made up-front. But, you do not need to pay real-estate or legal fees, as done when purchasing a property. 

Life Lease holders need to pay monthly fees for on-going maintenance and yearly property taxes along with the purchase price. In addition to this, Life Lease contracts will contain the formula to calculate the payout indicating the amount to be returned to Life Leasers when they leave.


About: Transfer a Life Lease

Transfering a Life Lease implies that after purchasing a Life Lease you can transfer from one lifestyle choice to another. The value of your current suite is adjusted for the purchase of the new suite. But if there is a difference, you would either be paid or you need to pay the difference.


Benefits of Choosing a Life Lease

  • Least home maintenance responsibilities

  • Access to communal amenities

  • Access to meals in the Dining room including catering

  • Affordability

  • Security

  • Access to recreational programs

  • Opportunity to live independently with convenience

  • Guaranteed Redemption amount

  • No legal or realtor fees

If you choose to move out, you need to give a notice of 30 days and your Life Lease is paid out according to your payout schedule. In the event of death, the Life Lease contract indicates how your Life Lease will be handled.


Contact Us


For more information, please contact us. We are happy to provide more information as well as the opportunity to own your senior condo through our unique life leases! Our intention is to offer you the most comfortable retirement you could ask for.

Chinook Village

2801 13th Ave S.E.

Medicine Hat, AB T1A 3R1

We serve Medicine Hat, the surrounding area, bordering Saskatchewan towns and Swift Current.

Fax

403-526-8404

Hours

Monday - Sunday 08:00 AM - 08:00 PM

24/7 operation

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