Latest news with #seniorshousing
CBC
02-06-2025
- Business
- CBC
Alberta developer faces Consumer Protection Act charges over return of life lease fees
Social Sharing The head of an Edmonton property development company that owes hundreds of seniors money from life lease contracts is now facing charges under Alberta's Consumer Protection Act. Court records show that Greg Christenson, president of Christenson Group of Companies, has been charged with two counts of failing to return a life lease entrance fee within 180 days — alleged violations of new rules introduced in Alberta last year. According to court information, the charges stem from alleged failure to return two people's life lease fees between roughly the beginning of 2025 and the end of April. The life lease model is often used for seniors' housing. It sees residents pay a large lump sum upfront, plus monthly operating costs, to occupy a unit for the remainder of their life. If they die or they have to move out, their initial investment is returned, minus a percentage that the housing operator uses to refurbish the unit. As of the end of 2024, the Christenson Group, which owns nine retirement homes in Edmonton and central Alberta that previously offered life leases, had yet to repay more than 200 seniors or the family members now managing their estates. Christenson was charged May 7 "for allegedly failing to repay two private loans," lawyers Ian Mahood and William Kenny told CBC News in a statement. "These charges are without merit. At all times, Mr. Christenson has abided by all relevant and applicable laws," the statement says. "Mr. Christenson looks forward to clearing his name in court, and further looks forward to defending his contracts under which the monies in question were lent." Alberta's changes to life-lease rules Some of the former retirement residents in Christenson Group buildings have been waiting three years or more for hundreds of thousands of dollars they put toward a life-lease unit. The company owed about $75 million, in total, by the end of 2024. People are waiting because the Christenson Group's life-lease contracts include a provision for a repayment queue that kicks in if more than six per cent of the life lease holders in a building terminate their lease at the same time. It's a common feature of this type of housing agreement, but experts say the lengthy wait for the return of so many entrance fees is an outlier across the country. The provincial government brought life leases under the jurisdiction of the Consumer Protection Act last year, setting approximately six months as the time limit for life lease operators to repay former residents. Potential penalties for offences under the act include fines up to $300,000 or as much as two years in jail. The rules apply only to contracts terminated after the legislation took effect in mid-2024, and don't cover anyone who entered a life lease queue before that, even if they have been waiting longer than six months. Christenson has previously told CBC the root of the long queues is the COVID-19 pandemic, which hit seniors' care and housing hard, and prevented his company from moving in new life lease residents for a long period of time. He has said the company intends to repay everyone, and they're working on a remortgaging plan, with a new rental-only model, to make that possible. The company is not offering any new life leases, but there are still many residents who live in life-lease units, and will be expecting the return of their entrance fee when they terminate their contracts. A group of current and former life lease residents, as well as their family members, are advocating for a solution through a non-profit, the Alberta Life Lease Protection Society.
Associated Press
20-05-2025
- Business
- Associated Press
Discovery Senior Living to Participate in RBC Capital Markets Global Healthcare Conference
Bonita Springs, Florida--(Newsfile Corp. - May 20, 2025) - Discovery Senior Living (Discovery or the Company) and its affiliated companies, a leading operator in the seniors housing industry, is pleased to announce its participation at the RBC Capital Markets Global Healthcare Conference, taking place May 20-21, 2025 in New York City. Richard Hutchinson, Chief Executive Officer of Discovery Senior Living, will host one-on-one meetings and participate in a fireside chat as part of the conference on May 20, 2025. The fireside chat will be webcast and available for replay. A link to the replay will be provided following the event on the Company website. Discovery Senior Living has grown rapidly to over 350 communities across nearly 40 states, providing innovative memory care, assisted living, and independent living solutions. The Company remains focused on scaling its platform, investing in technology and clinical excellence, and delivering industry-leading experiences for residents, families, and partners. About Discovery Senior Living Discovery Senior Living is the largest privately held operator in U.S. with a growing portfolio of nearly 36,000 units across 350 communities and nearly 40 states. The Company and its 17,000-plus employees is a recognized industry leader for performance, innovation and customized lifestyle experiences. Discovery's family of companies includes Discovery Management Group, Integral Senior Living, Provincial Senior Living, Morada Senior Living, TerraBella Senior Living, LakeHouse Senior Living, Arvum Senior Living, Discovery Development Group, Discovery Design Concepts, STAT Marketing, and Discovery At Home. Led by its award-winning management team, Discovery has been developing, building, marketing, and managing diverse senior-living communities across the United States for three decades. Discovery Senior Living was once again named and certified a Great Place To Work May 2024 - May 2025. For Media and Investor Inquiries or to Schedule a Meeting: Laura Lepore Corporate and Investor Communications [email protected] To view the source version of this press release, please visit
