MASARYK PARK HOMES
Sponsored by the Masaryk Memorial Institute Inc.
Located at 452 Scarborough Golf Club Rd., Toronto, ON M1G 1H1
Masaryk Park Homes is a life-lease community, in which seniors (55 and over) buy a life lease or lease-hold interest in their accommodations, giving them the right to occupy their unit and use all the common facilities. Use of the common facilities including a three storey glass atrium, terraces, lounges, a multipurpose room with kitchen, a library, a meeting room, an exercise room, a workshop, a guest suite and outdoor recreation area create a sense of community and well being. These amenities are beneficial for all residents, particularly for those who are occasionally “shut-in” due to inclement weather or for health reasons.
Owned and operated by Masaryk Memorial Institute Inc., a non-profit corporation, the apartments range from a single bedroom to two bedrooms with a den. A parking space and storage locker come with each unit. The entrance is controlled by a security system.
Life lease units are generally more affordable than a similar unit in the traditional housing market due to the not-for-profit orientation of the sponsoring organizations. It is basically a self-funded residential housing model. All surpluses are reinvested into the building and its amenities. In addition to the cost of the life lease there are property taxes and a monthly occupancy fee used to cover annual operating costs.
When a resident leaves or passes away, the lease can be sold on the open market or through the waiting list monitored by the Property Management firm. The non-profit corporation retains 5% the selling price.
For further information or to view suites please call for an appointment:
Tel.: (416) 439-6699
Fax: (416) 439-3967