Alberta intends to boost consumer protection for seniors entering life leases
CBC
The Alberta government is introducing new regulations on life-lease housing for seniors to address what they call "serious gaps" in protections for leaseholders.
The legislation comes after a growing group of people raised vocal concerns about long wait times — some stretching to two years or more — for an Edmonton developer to repay hundreds of thousands of dollars to former retirement home residents.
The new rules will apply only to life-lease contracts signed after the bill gets royal assent, meaning it won't help the estimated 170 seniors and their families waiting for money they put into life leases with Christenson Group of Companies.
Service Alberta and Red Tape Reduction Minister Dale Nally said Monday he asked for life-lease protections to be included in his mandate letter specifically because of that issue.
"Recently, we have [been] made aware of some serious gaps in protections for life-lease holders and their families," he said.
Nally added that he consulted with life-lease operators and residents, and he heard a need for change from former Christenson Group building residents and family members.
"They all agreed that there needs to be protections put in place so this doesn't happen again, and we heard you. We're responding."
Representatives from the Alberta Life Lease Protection Society, a group formed by people in the queue for Christenson Group repayments, said they were caught off guard by the legislation. The group was expecting more time to give input, and help shape the new rules, they said at a news conference Monday.
"These families, they're devastated ... to find out now that this legislation will not help them," society vice president Jim Carey said.
"We're going to be even busier and even noisier than we were. We're angry, and we're upset," president Karin Dowling said.
A life lease is like a blend of owning and renting. Residents pay an upfront lump sum — often from the proceeds of selling their home — for the right to occupy a unit for life, or as long as they're able to stay. They also make monthly payments to cover operating costs but the monthly amount is typically less than renting.
When a resident dies or moves out, their initial investment is returned minus a percentage that the housing operator keeps and puts toward refurbishing the unit for the next occupant.
Bill 12, tabled Monday, brings life leases under the authority of the Consumer Protection Act. The legislation mandates that money owed to residents when the life lease ends must be repaid within 180 days.
After that period, interest can accrue and life-lease operators could face consumer enforcement penalties, including court action that comes with fines of up to $300,000 or two years in prison.
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