Several seniors in Edmonton are alleging a local retirement home’s mismanagement of their life lease investments to be the reason they may be out a significant chunk of savings. Life lease investments are a form of payment plan wherein the investor pays a lump sum to developers to live there. That money is held in a trust, with interest payments being how the village makes money. Residents pay monthly operation costs as their rent and get most of their investment back – minus a small percentage to cover refurbishing costs – when they leave. Documents show Lions Village of Greater Edmonton Society owes more than 10 former life lease holders about $1.2 million. Others, who invested in the village, are facing a dubious future. Pam Bryan, a life lease holder at a Lions Village complex on 102 Avenue since 2015, says the ongoing issue means she could now have a “big dent” in her retirement savings. “I don’t know if I’m getting it back, so that’s pretty stressful. And if I ever go into a care facility, will I have the funds to afford that?” she told CTV News Edmonton this week. Bryan says her trust in the village began to waver in 2023, when she noticed building maintenance was falling by the wayside. She then heard of the village’s inability to pay former residents back. “It was a gut punch. It really is scary.” She says her and fellow life lease holders began to speculate as Lions Village management told them about $31 million was spent on construction of a new building at the society’s Castle Downs location rather than being held in a trust. “The buildings aren’t fixed. We don’t know where our money went. The Lions have asked for time to repair it,” Bryan said. So, the tenants hired a lawyer. The courts appointed BDO Canada Limited as a judicial trustee over the company’s three facilities and as receiver for Castle Downs. In a statement, the company said it was limited on what it can say as it was too early in court proceedings to comment on further next steps or potential options. A lawyer representing Lions Village also declined to comment as the situation plays out in court. Bryan says she had previously had nothing but good experiences being a life lease holder: “I needed an easy place to live, and it’s a beautiful place to live.” She hopes BDO Canada is able to put former tenants’ anxiety to rest. “They’ve been very clear that they’re looking for a solution that secures our life lease funds and ensures that people, when they leave, can receive them, and ensure operations are running as efficiently as possible and ensures we all have our homes to live in,” Bryan said. “The Lions have done a good job of managing these buildings, and each building has a good community. These aren’t just buildings, they’re communities that have formed together.” Bryan and fellow life lease holders may not have answers to questions about their investments until court proceedings in the fall. With files from CTV News Edmonton’s Amanda Anderson
