Facts about Life Lease at 2 Neptune Drive Baycrest opened 2 Neptune Drive in 2001 as a Life Lease building.  However, Baycrest is now in the process of converting 2 Neptune Drive into a rental building.  As of July 2024, Baycrest has converted 82 of 120 suites (70%) to rental.  Baycrest intends to continue this process

  • Registered title to all suites at 2 Neptune Drive is held by Baycrest Residential Properties Inc. (“Baycrest”)
  • A Life Lease does NOT entail title to real property
  • As the Life Lease holder and their rights are not registered on title:
    • mortgage lending through financial institutions is generally not available
    • there is no land transfer tax
  • 2 Neptune Drive is a registered condominium. The Condominium Act applies.  Although Life Lease holders are not condominium owners, Life Lease holders pay monthly maintenance fees and property taxes.
  • The ongoing costs of a Life Lease holder, in addition to maintenance fees and property taxes, include gas and electricity; cable/satellite television costs; telephone; repair/replacement of dishwasher, refrigerator, microwave, washer and drier; decorating of the interior of the unit.
  • Physical changes to any unit require Baycrest’s permission. If permission is granted, the costs of the changes are the Life Lease holder’s responsibility and the changes become the property of Baycrest.
  • Sub-letting of units is NOT permitted.
  • All residents at 2 Neptune Drive MUST be at least 65 years of age and capable of independent living. There is a screening process before residency.  All offers are conditional upon the approval of the resident by Baycrest.
  • Baycrest has certain rights to purchase the Life Lease rights to a unit when it becomes vacant.
  • General information on Life Lease is available at: https://www.ontario.ca/document/life-lease-housing

If there are questions regarding Life Lease at 2 Neptune, please contact Laurie Banks, 2 Neptune Drive Resident Relations & Site Manager, at 416-785-2500, ext. 2270 Agents may contact Brian Mackie, VP, CFO at Baycrest at 416-785-2500 ext. 2643