Now in its 60th year, Global Kingdom Ministries (GKM) is celebrating its milestone anniversary by sponsoring Trinity Ravine Towers, a brand new 55-plus faith-based condominium community coming soon to 1250 Markham Road in Scarborough.
The development is one of the city’s first faith-based adult lifestyle community geared to evolve with the needs of its residents. It also offers an innovative Life Lease option for home buyers. Instead of a mortgage, the program allows home buyers to buy a Life Lease interest in the project at market value and have exclusive use of their suite, common areas, facilities and amenities. In addition, the community’s maintenance, repair and upkeep are all covered by a monthly occupancy fee, similar to condo fees.
The unique purchase model incorporates many provisions outlined under the Condominium Act as well as the best practices outlined in the Life Lease Resource Guide published by the Ontario Ministry of Municipal Affairs and Housing. The main benefit of the program is that it allows the project to be controlled by a non-profit or charitable organization to ensure an age-exclusive mature adult community. Residents of the development must be 55 years of age or older, however caregivers under 55 but older than 18 can live in the suite as long as one resident meets the age criteria. And, because it’s not a conventional home purchase, residents are exempt from the land transfer tax.
An added bonus is the program doesn’t have a termination date, allowing residents to sell or transfer their Life Lease interest at any time at a price they choose. It can also be passed on to family members who may opt to keep the suite or sell it.
“Our program is refreshingly different from most Life Lease arrangements,” said Wendy Smart, GKM Administrator and Ambassador. “Typically, when the resident dies, the interest is released again. Here, there is an ownership element. Residents can keep their interest as long as they want to, in perpetuity. In addition, buyers can register a Notice of Agreement on title to the property with the Land Registry Office, similar to registering a deed on title to a house or condominium. This formal acknowledgement protects their investment.”
Located on GKM’s 11-acre property across from the existing church and community centre, the project will add two contemporary 25- and 35-storey towers into the growing Scarborough skyline. Designed by Brampton-based Reinders + Rieder Ltd, the two towers will be connected by a four-storey central podium, and is clad in a mix of natural stone, precast concrete and expansive spans of glass.
Photo: James Bombales
Inside, the suites feature thoughtfully-designed layouts by renowned interior designer Johnson Chou and include an impressive list of standard features and finishes including nine to 10-foot ceilings, extra wide door frames and wood-laminate floors. The bathrooms feature low maintenance porcelain tiles while the kitchens come equipped with elegant quartz countertops and tile backsplashes, custom cabinets and a full appliance package with a built-in dishwasher, 18-cubic foot refrigerator, self-clean electric range and an integrated microwave range hood.
Photo: James Bombales
To learn more about Trinity Ravine Towers and its innovative Life Lease program, be sure to register online and visit the presentation centre located at 1250 Markham Road, open Monday to Thursday from 10am to 6pm, Saturday from 10am to 5pm and Sunday from 1:30pm to 5pm.
For more information, call 647 876 5433 or email email@example.com