Greying population will change housing

A report published by the Toronto-based Altus Clayton Research Group says it will be another 15 years before the senior “over 75” demographic bubble will have a major impact on homes and housing construction. The report examines the implications of the aging population for the seniors' housing market as the 21st century marches on.

For purposes of the research, seniors' housing is defined as accommodation developed and operated for profit and geared to those 75 or older -- such as retirement homes, apartments, assisted and independent living projects, but not government-regulated nursing homes or long-term care facilities.

According to the report, the majority of the aging population is sitting solidly in the age group of 55 to 74 years old. They are not considered seniors, but the "primary lifestyle buyer group." They are fuelling the recreation housing industry, and will remain the dominant group for the next decade.

"This represents the aging of the early baby boomers into this age cohort -- the oldest baby boomers were about 60 years old at the time of the 2006 census and the youngest about 40," says the report. "It's not until that baby boom starts to head into the 75 and over age groups that the boom in seniors' housing will take place."

The report suggests that Canadian builders should start making plans to provide housing for the approaching “seniors over-75 group”. Not only is the population getting older, it's more solid financially and more demanding about what it wants its homes to look like and the amenities that are included.

"In some markets, lifestyle buyers [ages 55 to 74] have accounted for a larger share of new housing demand than would be expected based on demographics alone because local developers and builders increasingly offer housing specifically designed to attract these buyers," says the Altus Clayton report.

The report says developers should consider providing a wide array of tenure -- even in the same building. Not everybody wants to live in a studio apartment, so provide a selection of housing forms. Lifestyle and independence, regardless of physical limitations, are still the goal of seniors, so provide a selection of amenities.

Outside the residence, residents might just enjoy relaxing in an atrium or using some other type of common-area amenity. As residents age, they might require increased levels of health care. Developments should include accommodation for independent living right up to long-term care.

Many older Canadians really don't want to move. They're comfortable surrounded by friends and creature comforts. Because they have the financial wherewithal, they can have some renovations done to adapt to their changing needs.

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