CMHC - Affordable Housing Centre

Overview of the Presentation

Housing for Older CanadiansNBNPHA

Moncton, May 10, 2013

CMHC Affordable Housing Centre

CANADA MORTGAGE AND HOUSING CORPORATION

Understanding the market

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Did you know?

It is estimated that, by 2036, more than one third of the Canadian population will be over 55 and almost one quarter will be over 65.

Canadians aged 55 to 64 have the highest rate of homeownership among all age groups.



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Did you know?

Nearly 60% of Canadians aged 55 or older live in single-detached homes.

Many seniors are opting to remain in their communities or moving to urban areas to get closer to health care, recreational amenities, and family and friends.


Understanding the Market Responding to the Market Planning the Project Designing the Project Services and Amenities

Presentation outline

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The Definitive Guide to the Over-55 Market

The presentation is based on the 2006 Census



Who are older Canadians?

Grouping seniors by age cohort

Pre-seniors – aged 55 to 64 Younger seniors – aged 65 to

74 Older seniors – aged 75 to 84 Eldest seniors – aged 85 and

older

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Location 55-64 65-74 75-84 85+ Total

N.L. 13.7% 7.7% 4.5% 1.5% 27.4%

P.E.I. 12.7% 7.8% 4.9% 1.9% 27.3%

N.S. 13.0% 7.9% 5.1% 2.0% 28.0%

N.B. 12.8% 7.6% 5.0% 1.9% 27.3%

Quebec 12.5% 7.6% 4.9% 1.6% 26.6%

Ontario 11.1% 7.0% 4.8% 1.6% 24.5%

Man. 10.6% 6.6% 5.1% 2.1% 24.5%

Sask. 10.2% 7.1% 5.6% 2.5% 25.4%

Alberta 9.7% 5.6% 3.7% 1.3% 20.3%

B.C. 12.0% 7.4% 5.1% 1.8% 26.3%

Yukon 10.7% 4.2% 2.1% 0.6% 17.6%

N.W.T. 5.8% 1.5% 1.4% 0.4% 9.1%

Nunavut 5.5% 2.0% 0.6% 0.2% 8.3%

Canada 11.6% 7.2% 4.8% 1.6% 25.2%



Retiring versus continuing to work

Mandatory retirement has been eliminated in most provinces, so some seniors continue working.

As well, the economic upheaval of 2008/2009 also caused some seniors to put their retirement plans on hold because of a loss of income.

Today, people are no longer taking it for granted that they will retire at the age of 65.

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What are the trends in incomes, wealth and pensions

for Canada’s seniors?

Older Canadians in general have good financial resources.

Seniors have access to public, and for many also private, pension plans.

And many own their homes mortgage-free.



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How does ethnicity affect seniors’ choices in housing?

Among certain immigrant groups, it is traditional for elderly people to live with their children or other relatives, rather than to go into a seniors’ home.

Opportunities exist to develop housing for specific ethnic groups if developers have a thorough understanding of the groups and their housing preferences.



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What are the options for aging in place?

“Aging in place” can have several meanings for seniors.

For some, it means staying in the same house they have occupied for most of their lives.

Or it may mean simply staying in the same community or neighbourhood, although in a different unit.

And for others, aging in place means moving to a long-term care facility where additional support services are offered not far from their loved ones.



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Do seniors want to stay in their communities or move elsewhere?

As people age, they tend to return to their place of originto be among family and friends.

Reasons for moving: person left family, person joined family, separated, widowed, or death of a spouse.



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What proportions of older Canadians live in urban/rural Canada?

Overall, about 78% of Canadians 55 years and over live in urban areas, while 21% live in rural communities.

Today, there are nearly one million more seniors living in metropolitan areas than in non-metropolitan areas.



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Do seniors want to rent or buy housing?

Canadians aged 55 to 64 have the highest rates of homeownership among all age groups.

Many of those 65 and over who downsized sold their homes in favour of renting.

However, those who downsized before they were 65 tended to stay owners.



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What are the trends in seniors’ lifestyles, health and mobility?

As people age and move into retirement, the way in which they spend their time changes.

Although seniors today are generally healthier, many older Canadians experience limitations on their activities.

In 2006, about 41% of the population aged 65 years and over had some form of disability.

As a result, the additional need for support services should be considered when planning housing.



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What kind of living arrangements do seniors want and need?

In general, many seniors want to age in place. They expect to do so…and as a result… They do not consider alternative housing

options, except when circumstances force them to do so.

So, at times, it is too late, and the choice is limited.

They have to accept what is available. And sometimes, that means they will be far from

their family and friends.



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Monitoring the trends

Population trends and projections show that older adults and seniors account for a growing share of the population in all provinces and territories.

Newfoundland and Labrador and New Brunswick will have the largest proportions in Canada in 2036.

Now, this cannot be ignored.



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So, why is it important to define a target market?

Age Lifestyle Income and assets Cultural affiliation Distinct needs



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Do you need help to navigate your way around?Visit our website: www.cmhc.ca/ahc

You will find many tools and resources.

Project viability assessment calculator Housing in Canada Online (HiCO) Housing development checklist


http://www.cmhc.ca/ahc


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Gaining community acceptance Building your team Writing a business plan Assessing housing need and demand Need and demand checklist




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Building/site selection and design Local planning process and approvals Equity, funding and financing Project costing and construction process



CMHC - Affordable Housing Centre

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Transcript of CMHC - Affordable Housing Centre