Thursday, 12 December 2013

Housing Options a Concern for Aging Canadian Population

The number of Canadians aged 55 years or older is growing at a rapid pace. Canadians who are now entering retirement are also, on average, better educated, more active and healthier than almost any other generation of retirees in Canada's history.

As a result, developers and project sponsors who are interested in pursuing this increasingly diverse group of individuals need to consider which portion of the market they should be targeting, which type of accommodation will appeal to that target market, and how to successfully navigate all the elements and services that form the full spectrum of seniors' housing today, from real estate development to hospitality and health care.

To help developers better understand the housing options that are available to older Canadians, Canada Mortgage and Housing Corporation (CMHC) has released an updated version of its in-depth report Housing For Older Canadians: The Definitive Guide to the Over-55 Market. This report covers the complete range of seniors' housing in Canada, including:
  • Mainstream housing. This includes seniors who prefer to stay in the homes they've lived in all their lives, as well as those who are downsizing and/or changing tenure e.g. to condominium or rental. Many developers (particularly in large urban centres) are starting to build and market homes that can be adapted to changing needs as people age. An advantage of these adaptable homes is that they appeal not only to seniors and "empty nesters," but also to singles and young couples.

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