Buy at O.H.?

In a word, yes, I’d still buy the remaining years (ending 31 December 2073) of a suite lease assignment at Orchard House tower, which offers location, views and amenities that are the envy of many Victorians. Many of the major expenses that arise after 50 years have been incurred by lessees and won’t come up again for decades. Leasehold suite prices being lower than condominium permanent ownership, these suites could make a good choice even with the issues lessees here have faced in recent years. Be aware that financing to buy a leasehold suite assignment may not be possible.

Leasehold is NOT ownership, even though the lessee’s right to occupy a suite for the remaining term years is registered at Land Titles. Orchard House is not operated to condominium standards and lessees have no say about anything, nor tenant rights under any statute.

Orchard House lessees (other than those who refused in 2018 and are sued) have paid millions of dollars in the landlord’s litigation and vast further new “legal” expenses, but litigation regarding whether the landlord or tenants pay for new windows has ended, so monthly fees have declined… a bit. Those of us who are sued believe that the courts will limit future “legal” billings to lessees in a ruling that should come during 2023. We also still hope and expect that–eventually–the provincial government will legislate to regulate long-term residential tenancies and to provide a dispute-resolution mechanism other than the courts.

If you have no concern that each suite’s lease assignment expires at the end of 2073, and that resale values will decline as the clock runs down, a leased suite at Orchard House could be an affordable home in the best location imaginable.