The Gainsborough is a Market Value Life Lease community. Under a Market Value Life Lease Plan, residents purchase a life lease interest, at market value, in both the property and their suite, similar to purchasing a home or condominium. They have exclusive use of their suite, shared use of all common areas and many more benefits.

The Life Lease form of tenure offers similar protection to freehold ownership. When the resident or their estate wishes to sell their life lease interest, they receive market
value, less an administration fee. Residents are able to protect their investment and preserve their equity in their retirement years.

The sponsoring organization oversees the project to ensure high quality management
and long term maintenance benefits for all residents. In most cases, the sponsor of a Life Lease project is a non-profit or charitable organization which wants to maintain its
property for mature adults and seniors. The Salvation Army – Grace Communities is the sponsor of The Gainsborough. Since these sponsors retain an interest in the title
to the property, much the same as a condominium corporation does, it is also in their best interest to ensure that the project is properly managed.

Once the resident takes possession of their suite, they would pay a monthly fee, similar to a condo fee, which represents their share of common costs including interior and exterior maintenance, landscaping, management, replacement reserve fund etc. At The Gainsborough, every suite is individually metered for gas and hydro; therefore, each resident is responsible for paying their own utilities as well as property taxes.

If you are interested in more information about purchasing one of our suites, please call the administrator at 519-472-4787.