How To Apply
Life Leasing With Us
Life Leasing is a new concept to the region of Thunder Bay. It offers many convenient benefits to those planning on downsizing, as well as for those who may be associated in caring for you.
When you purchase a home at Pennock Village, inclduing an independent-living Garden Home (Duplex) or Villa (Townhome), you secure the exclusive right to live in your unit for as long as you wish. The Life Lease model allows Pennock Village, as a non-profit sponsor, to establish and maintain a 55+ community of people who share the same interests and values. As an owner you will be required to pay a monthly occupancy fee (similar to that of a condominium) to help maintain the greater property and its shared amenities, while also covering the services provided to you as a Resident/Owner.
The purchase prices of the homes at Pennock Village are based on current construction costs. This also reflects exceptional construction practices, fine attention to detail, and modernistic amenities that are included.
A Fixed Price Model allows you, as a Resident/Owner, to acquire long-term comfort and stability through preserving your equity. You can be confident in your investment, knowing what you will receive when the Life Lease is sold back to the non-profit sponsor (N.W.O. Rural Christian Seniors Village Inc.). Should you give a notice, you will receive the original purchase back less a refurbishing and marketing fee (as outlined in your Life Lease Agreement at the time of purchase).
The Steps to Life Lease Residency / Ownership
Life Leasing a Unit at Pennock Village is a straightforward process. To become a Life Lease Resident/Owner:
• Complete and submit the Priority Waitlist Request Application
• Once the application has been submitted, a Priority Agreement will be prepared for you (and your spouse if applicable). Upon signing the Priority Agreement and providing a deposit of $1,000.00 (refundable if required) to our overseeing not-for-profit corporation, Northwestern Ontario Rural Christian Seniors Village Inc. (NWORCSVI), you will be given a Priority Number.
• Your Priority Number will give you the opportunity to become a purchaser of a Life Lease Agreement/Unit when available. This opportunity will be given in the order of the deposits received at the Corporation.
Phase One, construction of the first Garden Homes (Duplexes), is expected to commence throuhgout 2025. Phase Two will be a continuation of the construction of Garden Homes. Villas (Townhomes) are planned to commence in Phase Three, however, if there is sufficient interest they may become available sooner.
Learn more on Life Leasing at Pennock Village, which guarantees a worry-free transition into retirement, and beyond!
Join Our Priority Waitlist
Secure your retirement at Pennock Village! We offer exceptional priority spots that come with exciting opportunities, for those ready to commit.