Terra Lumina Life Lease

Terra Lumina Life Lease Inc. is currently working with non-profit societies in several municipalities in BC to develop life lease projects for seniors.  Terra Lumina works with its partners to provide housing that allows people to maintain their independence and vitality as they age by providing financially safe, maintenance-free, socially connected housing.

Terra Lumina was formed by two companies with long histories in the provision of housing in BC: Terra Housing and Lumina Services.

Terra Housing is one of the most experienced development management firms in Canada.  Established in 1984, Terra has over 270 projects with nearly 12,000 completed or in development.  Terra specializes in social purpose real estate: using land and development as powerful tools to create community benefit.

Lumina Services is one of Canada's leading experts in life lease housing and the leading provider in BC of market studies for seniors' housing developments.  Lumina specializes in all segments of seniors' housing and health care - active adult, supportive housing, assisted living, and residential care.  Lumina is a member of the BC Senior Living Association, the Mortgage Investment Association of BC, the Canadian Association on Gerontology, the Gerontological Society of America and the BC Non-Profit Housing Association.

About Life Lease

Simply, a life lease is a cross between owning and renting that offers a level of security and protection from the real estate market not found in standard condominium projects.  The resident purchases a long-term (generally 30 years) leasehold interest which is registered on title.  Overall, ownership and management of the building remains with a not-for-profit housing organization, protecting the resident from any unexpected costs.  When people move out, they or their estate, get their money back less a small deduction for refurbishing and remarketing. 

Go to the Terra Lumina site.