This bill enacts the Life Leases Act, 2023. A life lease is a written tenancy agreement that involves payment of an entrance fee for a rental unit. The person who is first entitled to occupy the rental unit is granted right to occupancy for life or for a fixed term of not less than 50 years.

The bill authorizes certain payments in respect of life leases and requires the disclosure of information related to life leases. The information that a landlord is required to disclose to a tenant includes the estimated entrance fee; the projected completion date; information regarding governance and management of the residential complex; the estimated amount of other fees, including monthly occupancy fees; and the estimated refund that a tenant will receive upon termination of the lease.

Prescribed landlords are required to maintain a reserve fund to pay for any unforeseen major repairs to or replacement of assets of the complex. The landlord is also required to maintain insurance policies in accordance with regulations.

The bill includes rules relating to tenants and board meetings, including requirements in respect of notice and timing.

The landlord is required to appoint a trustee to receive and administer a tenant’s entrance fee in accordance with specified requirements.