Evanston Summit – Covenant Living | Financing

Life Leasing leads to a lifestyle that makes sense.

Flexibility when it matters most.

You’re no stranger to making decisions, especially the kind of decisions that impact your life. Evanston Summit works with you, providing flexible and affordable lease options that respect your comfort and life requirements. We offer three unique life lease options that are tailored to accommodate your monthly costs, so you can enjoy the lifestyle you deserve.

What is Life Lease?

Life Lease is a secure and tax smart approach that allows you to lower your monthly living costs by paying a 99%-refundable entrance fee

How does it work?

The entrance fee you choose is applied to the list price of your suite and reduces the Capital Cost portion of your Monthly Basic Fee. Think of it like a mortgage on your house. If you decide to go with the 100% life lease, your monthly cost of living would not include mortgage costs. If you put 75% or 50% down, your Monthly Basic Fee will include mortgage costs. Our staff will be happy to assist you in making the choice that works best for you.

What are the advantages?

A life lease is a secure and tax-smart way for you to use your capital. In fact, you would need to find an investment that pays better than 5% in order to surpass what you save by paying the refundable entrance fee.

Is it secure?

Our life lease agreements contain a refund provision whereby we refund you 99% of your entrance fee, this happens from 30 to 90 days from the time you vacate your suite, and no later than 90 days after.

We have a proven reputation as a trusted partner to our residents. Trust is one of our founding principles. We are part of an organization that has a respected 150 years of service history in Alberta.

Your Monthly Basic Fee includes the following:

  • All utilities except telephone and cable TV
  • Wi-Fi access in public areas
  • Full meal service
  • Beverages and snacks available all day
  • Light housekeeping in your suite once per week
  • Maintenance to your suite
  • 24-hour on-site concierge staff
  • Planned recreation and social programs
  • Property taxes

Your Monthly Basic Fee means you never need worry again about:

  • Condominium Fees
  • Food and meal preparation
  • Grocery shopping
  • Suite cleaning
  • Being alone
  • Emergency Assistance
  • Shovelling snow
  • Suite maintenance

Life Lease Versus Investing

Life Leasing a Typical 1 Bedroom

100% Entrance Fee $258,825
What you save on your Monthly basic Fee $1,292
What this adds up to annually $15,504
Expressed as a return $5.8%

Investing in a GIC

Investment $258,825
5 year GIC 1.4%
Annualized return $3,624
Less Tax (based on marginal rate) $1,105
Annualized return less tax $2,519
Real return 0.97%