The Ontario government could be making a foray to regulate life lease housing via a private member’s bill from its own back benches. The newly tabled Bill 71 comes after a similar effort, also initiated by a Progressive Conservative member of provincial parliament (MPP), died on the order paper when last winter’s election terminated the legislative session.

“This bill is about protecting seniors and ensuring that we have a broad range of affordable housing for residents across this province,” Joseph Racinsky, the MPP for Wellington-Halton Hills, told the Ontario Legislative Assembly earlier this week. “It introduces penalties as well as regulation-making powers, including powers to govern financial disclosures, reserve funds, meeting of life lease holders, terms of life leases and other matters necessary for the effective administration of the Act.”

The proposed legislation would enshrine the definition of “life lease” as a written agreement entitling the lessee to occupy a residential unit for either life or a specified fixed period, and would clarify that a life lease will be deemed to be part of the holder’s estate under circumstances that are to be established in future regulations.

The Bill sets out the framework for a governance structure and accompanying future regulations. This would include several of the measures that currently apply in the condominium sector, such as mandates for reserve funds and annual meetings, and record-keeping requirements.

Penalties are also proposed for life lease lessors for knowingly conveying false or misleading information to lessees or prospective lessees. That could entail a fine of up to $50,000 for individuals or up to $250,000 for corporations found guilty, while directors and officers of convicted corporations would be presumed to be personally liable.

The Alberta government amended that province’s Consumer Protection Act last year to include a new section related to life lease housing.