Life Leases Act, 2025
Sponsored by Racinsky, Joseph · First Reading Ordered for Second Reading
- Creates the Life Leases Act, 2025, setting up rules for life lease housing agreements in Ontario
- Defines a life lease as an agreement letting someone occupy a residential unit for life or a fixed minimum term
- Overrides conflicting agreements or waivers and voids lease terms inconsistent with the Act
- Bans life lease sponsors from knowingly giving false or misleading information
- Sets fines up to $50,000 for individuals and $250,000 for corporations for offences under the Act
- Allows directors or officers to be held liable if they knowingly participate in an offence
- Gives government power to make regulations on financial disclosures, reserve funds, meetings and lease terms, even for existing leases