Frequently Asked Questions
To help keep the Cornerstone 100% occupied, a wait list is in effect. Fill out the waitlist form to be subscribed to the list. You will receive a series of about 8 emails about life lease, and you will also receive a notification of all vacancies and open houses. The open house time/date will be emailed to registered subscribers. All lease agreements are subject to acceptance by the board of directors.
Note that a Cornerstone resident has priority when leasing a suite. If you are hoping for a very desirable suite location it may be to your advantage to accept a less desirable one for now, as this will greatly increase your chance of eventually getting the preferred suite.
Life Lease Entrance Fees, which are 100% refundable when moving out, have been used by Cornerstone and many other non-profit organizations to help build the project. Monthly rent is used to pay for the operational expense.
The Life Lease concept has been used successfully on many similar projects throughout the province, including Cornerstone Phase 1 & 2. Life Lease has a proven record of success. The Manitoba Government has implemented the Life Leases Act and Regulations which will apply to Cornerstone, and apply to all new Life Lease projects.
Entrance Fees paid by life lease residents go into the Refund Fund which is held by Concentra Trust, a trustee for the project. The sole purpose of this fund is to facilitate a timely refund of a resident’s Entrance Fee, when the resident moves out.
Effective December 1, 1999, the Manitoba Government implemented the Life Leases Act and Regulations, which apply to all other life lease projects, as well as The Cornerstone. The primary purpose of the Act is to ensure that tenants are given timely financial information to enable them to make informed decisions and to protect tenant’s funds. The government’s Residential Tenancies Branch has information fact sheets available on the legislation.
Both the terms “Condominium” and “Life Lease” describe the financial vehicle whereby a resident occupies a living space.
Neither the “Condominium” or “Life Lease” financial structures are superior to the other. Both have advantages and disadvantages.
Both are similar in that they allow for relatively carefree occupancy, and allow you to simply “lock the door” and go away for awhile, and not worry about your premises.
They’re different in that ownership of a condominium means you own your suite and a share of the common area used by everyone. As a condo owner you will have voting rights in the corporation, and you may choose to be elected to the board. You actually own real estate which can rise or fall in value depending on current markets, and you are obligated to pay your share of any minor repairs to the building.
The occupant of a life lease does not own their living space or the common areas. A couple of tenant representatives may attend, and be an influence at board meetings, but the board has final decision making authority. In fact, the tenants of a life lease may not be members of the board. A life lease residents exposure to the volatile real estate market is minimized, although not completely eliminated.
A refund fund facilitates a full refund of the resident’s entrance fee. There is no need to sell the premises when you wish to move. Beneficiaries of your estate usually find the life lease model very easy to deal with. With 90 days notice, they simply terminate the lease and 100% of the entrance fee is refunded.
Cornerstone is operated on a non-profit basis. The primary goal is to operate the project in the most efficient and effective manner possible. Monthly charges will only reflect the actual costs of operating the project. This means that rent increases should be minimal.
A $5,000 lease deposit on a specific suite number is required to reserve a unit. When you take this step, you have seven calendar days to change your mind. You may choose to obtain a legal opinion during this seven day period. Cancellations after this 7 day period may result in the forfeiture of your $5,000 lease deposit.
The payment of the full Entrance Fee is required (15 days after signing the lease). For example, if your Entrance Fee is $150,000, you will then be asked to submit a payment of $145,000, and this is also forwarded to the trustee (Concentra Trust) for the project.
A resident may terminate their lease with 90 days notice in writing to the board. Their entrance fee will be fully refunded after they have moved out. Death or personal care home admission qualifies for a 30 day notification period.
The entrance fee that is paid, is the entrance fee that is refunded. This amount is the same amount when a new resident moves in. There is no increase or decrease in the value of the Entrance Fee.
The entrance fee remains unchanged for second, third, or subsequent occupants of the suite. The “non-profit” aspect cascades from one occupant of the unit to the next! The “non-profit” benefit is enjoyed by all residents, for many decades.
There are no membership requirements to become a resident of The Cornerstone. The Cornerstone is open to anyone that meets the criteria regarding age (55+), pays the Entrance Fee and rent, and abides by the rules and regulations as set up by the board and the tenants association. All lease agreements are subject to board approval.
Quiet. Comfortable. Living.
This beautiful life lease property is situated in the ideal location for a relaxing and enjoyable retirement lifestyle.
The cornerstone has everything you could ask for from a modern apartment complex.
Comfortable Retirement Community
The community within Cornerstone is relaxed, quiet and approachable. All the suites have easy access to the library, games room, multi-purpose room and fitness centre. An extra suite is available to the residents in which guests can use for a nominal fee when staying at The Cornerstone.
Nestled in North Kildonan
This beautiful life lease property is situated in the ideal location of North Kildonan, for a relaxing and enjoyable retirement lifestyle. Just a short distance away from restaurants, groceries, cafes and bus routes.
Heated grade-level, enclosed parking stall, one storage locker, and access to outdoor gazebo with BBQ’s, and full kitchen/dining facility. There is ample visitor parking on site.