The Canadian Mortgage and Housing Corporation’s latest study on housing trends predicts that an aging Canadian population will help continue to drive demand for condominiums and smaller homes, institutional buildings such as old age facilities, as well as a lively market for renovators.
The oldest of the baby boomer generation are now entering their retirement years and by 2036, seniors will represent about one quarter of the total population in Canada. That will mean an increase in older households and more headed by single seniors, who will demand a different kind of residence from the two-story detached home they raised families in.
Condominiums already accounted for one-third of all starts in urban centres last year, compared with 29 per cent in 2009, but that trend likely will continue according to CMHC.
“Aging households will support continued growth in condominium markets. We can also expect to see growing demand for home adaptations … (and) the number of seniors in institutions would increase by a factor of almost two and a half,” the report states.
“Some will move into smaller detached houses or row houses, some will move into condo apartments,” Mr. Melzer said. He points out that Vancouver is experimenting with units as small as 300 square feet, which may be attractive to single seniors.
Seniors tend to stay in their current homes as long as possible, so many will also likely choose to renovate their living spaces.
“Typically, young seniors are not living in accessible bungalows, so there will be renovations … installation of ramps or elevators, widening of the front door, bathroom doors. You might get replacement of bathtubs,” he explained. Another option is extensions to existing homes where seniors can live with their children.
To read the extensive report “The Canadian Housing Observer 2011” click below http://www.cmhc.ca/en/corp/about/cahoob/cahoob_001.cfm
