According to
CMHC’s recently released “2011 Canadian Housing Observer”, which examines and
characterizes housing trends in the country, the proportion of senior citizens
in the total population is expected to grow from 14% currently to a staggering
24% by 2036. This trickles down to a material impact on the market, as CMHC
points out: “Demographic pressures account for much of the variation in the
rate of housing construction in different parts of Canada. As people age, their
needs are likely to change due to disabilities, medical conditions, changes in
their household composition, and/or changes in their financial situation.
Population aging therefore requires various forms of housing, a range of models
of coordinating housing with support services, and community planning that
respond to the needs of seniors and enhance their quality of life.”
While many
seniors are electing retirement outside of urban centres, many more are electing
a return to the urban core, for a number of reasons. “Economies of scale, the
existence of a well-developed construction industry, the often relatively low
cost of construction compared to rural and remote communities, and the presence
of a wide range of community organizations, seniors groups, faith-based groups,
and other civil society institutions interested in serving seniors are all
factors that support the provision of housing and supports for seniors in urban
areas.”
It’s not
just the big urban centres that are drawing this demographic; smaller urban
centres are holding great appeal, and are becoming increasingly more popular.
In fact, data states that the senior proportion of the population in smaller
urban centres has climbed to 16%, and is expected to increase over coming
years. Whitby for example has six retirement buildings and many are forthcoming
to Durham Region.
“The result
is a growing availability in urban areas of housing designed specifically for
seniors and of services that meet the needs of seniors who are aging in their
homes, as well as projects based on innovative partnerships that integrate
housing and support services.”
What is
emerging as well, is that many of these senior households are, or will be
single households, which will impact not only space requirements, but must also
incorporate elements like affordability on single income, as well as possibly
social or care requirements.
Aging in Place
CMHC’s
Housing Outlook report suggests that there are many seniors who are choosing to
stay put, and make appropriate renovations to their existing dwellings to meet
their changing needs, rather than downsizing, or moving to retirement housing.
The data in their report demonstrates “that a large majority of seniors are
choosing to age in place; that is, to continue to live in their current home
and familiar community for as long as possible even if their health changes.
Some seniors choose to downsize and/or to relocate in order to have better
access to services or to live closer to family members, and then age in place
in their new home.”
There is
also growth in technology to facilitate and extend independent living,
including the development of tools, like, “smart sensors which remind seniors
to turn off appliances, record patterns of use, and alert caregivers when the
senior’s use of the appliances indicates a potential problem. Another example
is monitors for seniors with serious medical conditions to enable them to
continue living at home without sacrificing needed care.”
I know
firsthand that the goal for many seniors is to remain in their existing home
for as long as possible. Sometimes major renovations are not necessary; small
changes to the house can provide peace of mind and may extend the time they can
remain in their home and live independently.
In the past
few years, governments have tried to ease the pressure on Long Term Care homes
and hospital discharge beds by introducing a variety of supports that help
seniors remain in their homes longer. These programs have no doubt had some
success, but one of the perhaps unanticipated results is that more seniors are
holding off on a move to a retirement residence as an option. Instead, they
resist moving at all until they require Long Term Care.
The Rise of the High-Rise
There has
been a surge both in condominium interest and development, partly to meet the
growing need to support a rising immigration populations in major centres, as
well as property investor demands, but it is no coincidence that the popularity
of the housing type is increasing in sync with Baby Boomers approaching and
entering retirement.
This shift
towards housing taste and requirement is changing the physical landscape of housing
in the country. Not only is land scarce in many major urban centres, so
developers are moving outwards rather than sprawling upwards, but many retirees
are favouring the simplicity of living associated with condo living, and are
doing so in vast numbers. CMHC reports that “over half of all housing
starts in Vancouver, 48% in Montréal and 45% in Toronto were intended for
condominium tenure.”
Statistics
demonstrate that there is definite appeal for a specific part of the demographic;
the Boomers are moving the condo market in the big cities more than the smaller
centres. Early boomers in a big market like Toronto where houses have become so
expensive, find themselves with a small fortune in their home-one that can get
them a pretty comfortable condo. In smaller markets we see those with good
pensions moving more toward condos as their perpetual income gives them the
comfort of being carefree about being able to pay the condo fees and the taxes.
These folks also often enjoy a few months away in winter as long as their
health holds. Condo living makes it easy to turn the key without worrying about
a vulnerable vacant house.
During the
past twenty-two years of selling real estate in Whitby, I have helped people of
all ages buy and sell real estate. I’ve helped many clients move their parents
from Scarborough or elsewhere to live nearby within Durham Region.
I realize
that all buyers and sellers have unique needs and I work hard to make the
moving process seamless and stress free. Working with seniors in Whitby is a
growing trend and I can help clients of every age find the right solution.
For more
insight into the local market, condominiums in Durham or downsizing here in
Whitby, Brooklin, Ajax or elsewhere in Durham Region, contact me:
Randy Miller
Sales RepresentativeRe/Max Rouge River Realty Ltd., Brokerage in Whitby
905-668-1800 or 905-427-1400
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