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Market geography

Housing options

Promoting your market area

2. 50+ Communities and Properties

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Market Geography

2000 Census showed majority (84%) of Canadians aged 65 and older lived in one of four provinces: Ontario

Quebec

British Columbia

Alberta

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Title of "Senior Capital" is shared by Victoria, B.C. and St. Catherines-Niagara area.

Most seniors live in urban areas.

Most seniors stay in their own homes to their 70s and 80s

Market Geography

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Independent Living Assisted Living Continuing Care Care Facilities

Housing Options

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Remaining in the current residence

Aging in the community in a different residence

Relocating for the last time to a community that provides a range of options

Aging in Place

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Ability to perform activities of daily living (ADLs) is key:

Eating

Dressing

Getting into or out of a bed or chair

Taking a bath or shower

Using the toilet

Facility should be a match for faculties and abilities

Preparing to Age in Place

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Active-adult communities offer a range of services, social events, amenities, and activities to attract and serve residents.

Active-Adult Communities

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Single-family homes

Attached homes, duplexes, townhomes

Condominiums

Manufactured and mobile homes

Cluster housing

Subdivisions

“Try-before-you-buy” option

Active-Adult Housing Options

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Apartments are small and easy to maintain

Seniors can socialize with comfort, safety, and security

No medial or custodial care provided

Seniors-Only Apartments

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Second living units installed on a temporary basis and are built so they can be easily moved

Typically occupied by individuals 65 years or older

Construction subject to National Building Code of Canada requirements

Garden Suites

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Sharing a home with a roommate

Strategy for aging in place

Organizations help with match up

Shared Housing

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Private apartments

Independent living with privacy, supervision 24/7

Common social areas and communal meals

No medical care

Independent Supportive Living

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Fills in the gap when the caregiver must work during the day or needs a respite

Offers supervision, often a noon meal, social and education activities, and support groups

Senior Day Care

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May be offered by independent

supportive, assisted living, and continuing

care retirement communities

Can provide vacations and care giver

respite

Try out as a possibility

Short-Term Stays

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Intermediate step between independent living and care facilities

Assistance with daily activities

For those who cannot live on their own, are ambulatory, but do not need nursing care

Assisted Living

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Increasing levels of care at one location as residents’ needs change

Provides security of being taken care of through stages of aging

Residents can maintain friendships

Large buy-in fee, annuity purchase, monthly fees

Not for the budget conscious

Continuing Care Retirement Communities

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Simple small assisted living facilities

Personal and custodial care

Converted private homes, unofficial

4 to 10 residents

Board and Care

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Personal care and medical care around the clock

Short-term residents who are recovering

Long-term residents who cannot care for themselves

Nursing Homes

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Allows caretakers occasional time off to recoup emotionally, handle other family responsibilities

Alternative is short-term stay in an assisted-living facility

Respite Care

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Specialize in care of patients with dementia

Caring for patient at home means families need to think about:

•Security and safety of environment

•Day care facility availability

•Interaction and recreation opportunities

Alzheimer's Care Facilities

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Use of the property may change as owners progress through life stages

Second Homes, Future Retirement?

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Use rental income to offset as much of mortgage and expense

Sell primary home and refurbish rental home

Sell both homes and purchase new home

Converting Rental to Retirement

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What picture do the data present?

How does it compare to the buyers you encounter most frequently in your market?

Typical Second Home Buyer

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Help buyers evaluate and balance the pros and cons

Promoting Your Market Area

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Medical

Market

Transportation

Community & Activities

Fitness

Climate

Services

Senior and Aging Services

Property Features

Checklist for Promoting Your Market Area

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Most important factor in choosing retirement location

Be prepared with information on cost of living factors

Cost of Living