Initial Offer Period – Final Extension Notice
May 15, 2023New Facebook Page
September 5, 2023
Re: Sublease Extension Pricing 2023-2024
There has been an increased demand for the modernized lease with 17 signed modernization agreements and 8 closed to date. The current price is based on the 2021 land assessment for the initial offer period ending December 31, 2023.
Following the end of the year, the pricing will be based on the prior year’s BC Assessment land value component in the calculation of your lot. On January 1, 2024, the price will be based on the 2023 assessment:
- Prepayment for the extension currently calculated at 30% of the 2021 land assessment
- In 2024, the sublease extension is calculated at 30% of the 2023 land assessment
- Signed agreements in the year will lock in the price with a 60-day closing period
- Annual Service Fees are $700 for modernized sublease holders this year
Please contact our sales representative for detailed information on the lease options, Jeff Leishman, VLS Developments at 250-863-6416 or email jeff@vlsdevelopments.com. Feel free to email us using info@lakeridgepark.ca. Stay tuned for more information regarding the ASF report, and other lease updates. We thank everyone for your support with this project to date.
Sincerely,
WFN Development Limited Partnership,
by its general partner Lakeridge Park Residential Corporation