Life Lease
Luther Village on the Park is the retirement community of choice in Waterloo Region for those who are fifty-five and older. The current Life Lease complex contains a five-story building with 154 suites and 72 town homes.
The Village complex is managed by Lutherwood, a non-profit community service agency. A volunteer Board of Directors oversees the operations of Luther Village on the Park with input from a Resident Advisory Board (RAB) regarding issues of direct impact to the residents. The Life Lease section of Luther Village was opened in 1997. Both apartment and townhome suites are purchased under a life lease contract. Residents pay a monthly fee to a capital reserve fund for common costs and services. The market value price of each unit is determined by an independent, accredited real estate appraiser at the time of sale.
Luther Village is dedicated to providing a continuum of care for its residents. Future plans include a long-term care facility.
The apartment suites range in size from 702 square feet to 1567 square feet as well as two super size executive suites. Each apartment comes with one parking space, either inside or outside, depending on the suite. The townhomes range in size from 1167 square feet to 2200 square feet each with an attached single car garage.
The life lease agreement allows the resident access to all of the amenities, activities and services available on site.
Prospective residents may join the waiting list by making a fully- refundable deposit of $250.00.
