KINGSTON — The Ontario government is promoting life leases as an affordable housing option, particularly for seniors.

Life leases are similar to condominium leases, where buyers pay a lump sum up front to buy a long-term interest in the property and then pay the property taxes and monthly fees for maintenance. The purchase prices are often lower than traditional house prices, and life leases can be held often until the buyer dies.

“Our government’s housing supply action plan — More Homes, More Choice — is all about helping people find a home that meets their needs and their budget,” said Steve Clark, minister of municipal affairs and housing and MPP for Leeds-Grenville-Thousand Islands and Rideau Lakes.

“As part of our plan, we’re producing innovation guides, including one on life leases, because we know people want more options and choice at every stage of life.”

Life leasing arrangements are popular with non-profit or charitable organizations. “This innovative type of housing can be a great alternative for people who are looking to downsize,” said Andrea Khanjin, the Conservative MPP for Barrie-Innisfil who helped launch the new life lease guide. The government’s new guide includes information to help people decide if a life lease is right for them, including an explanation of the different models, common services and fees, and other considerations. While he has intentionally kept an arm’s length from the task force since announcing the mayor’s task force on housing at the opening meeting of the current council about a year ago and striking it earlier this year, Mayor Bryan Paterson said he thinks all options can be considered to address the housing shortage.

“I know there have been all kinds of creative ideas and solutions thrown about the table,” Paterson said.

Kingston has the tightest rental supply market in Ontario, with a vacancy rate of 0.6 per cent.

“New policies and strategies are always welcome and certainly the goal that we have here is to accelerate the construction of new housing and finding news ways and policies of making housing more affordable for people,” he added.

“We need to look at housing options and strategies across the spectrum.”

The mayor’s task force on housing’s report is expected in the new year.