Overview of the Presentation
CANADA MORTGAGE AND HOUSING CORPORATION
Understanding the market
2
Did you know?
 It is estimated that, by 2036, more than one third of
the Canadian population w...
Understanding the market
3
Did you know?
 Nearly 60% of Canadians aged 55 or older live in
single-detached homes.
 Many ...
 Understanding the Market
 Responding to the Market
 Planning the Project
 Designing the Project
 Services and Amenit...
Understanding the market
Who are older Canadians?
Grouping seniors by age cohort
 Pre-seniors – aged 55 to 64
 Younger s...
Understanding the market
6
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...
Understanding the market
Retiring versus continuing to work
 Mandatory retirement has been eliminated in most
provinces, ...
Understanding the market
8
What are the trends in incomes, wealth and pensions
for Canada’s seniors?
 Older Canadians in ...
Understanding the market
9
How does ethnicity affect seniors’ choices in housing?
 Among certain immigrant groups, it is ...
Understanding the market
10
What are the options for aging in place?
 “Aging in place” can have several meanings for
seni...
Understanding the market
11
Do seniors want to stay in their communities or move
elsewhere?
 As people age, they tend to ...
Understanding the market
12
What proportions of older Canadians live in urban/rural
Canada?
 Overall, about 78% of Canadi...
Understanding the market
13
Do seniors want to rent or buy housing?
 Canadians aged 55 to 64 have the highest rates of
ho...
Understanding the market
14
What are the trends in seniors’ lifestyles, health and
mobility?
 As people age and move into...
Understanding the market
15
What kind of living arrangements do seniors want and
need?
 In general, many seniors want to ...
Understanding the market
16
Monitoring the trends
 Population trends and projections show that older
adults and seniors a...
Understanding the market
17
So, why is it important to define a target market?
 Age
 Lifestyle
 Income and assets
 Cul...
Understanding the market
18
Do you need help to navigate your way around?
Visit our website: www.cmhc.ca/ahc
You will find...
Understanding the market
19
Do you need help to navigate your way around?
Visit our website: www.cmhc.ca/ahc
You will find...
Understanding the market
20
Do you need help to navigate your way around?
Visit our website: www.cmhc.ca/ahc
You will find...
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CMHC - Affordable Housing Centre

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Housing for Older Canadians

New Brunswick Non-Profit Housing Association Annual Conference 2012

Moncton, May 10, 2013

Published in: Real Estate, Business
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  • To know the age…These are factors that will determine the success of the project.
  • CMHC - Affordable Housing Centre

    1. 1. Overview of the Presentation CANADA MORTGAGE AND HOUSING CORPORATION
    2. 2. Understanding the market 2 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. CANADA MORTGAGE AND HOUSING CORPORATION
    3. 3. Understanding the market 3 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. CANADA MORTGAGE AND HOUSING CORPORATION
    4. 4.  Understanding the Market  Responding to the Market  Planning the Project  Designing the Project  Services and Amenities Presentation outline 4 The Definitive Guide to the Over-55 Market The presentation is based on the 2006 Census CANADA MORTGAGE AND HOUSING CORPORATION
    5. 5. Understanding the market 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 5CANADA MORTGAGE AND HOUSING CORPORATION
    6. 6. Understanding the market 6 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% CANADA MORTGAGE AND HOUSING CORPORATION
    7. 7. Understanding the market 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. 7CANADA MORTGAGE AND HOUSING CORPORATION
    8. 8. Understanding the market 8 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. CANADA MORTGAGE AND HOUSING CORPORATION
    9. 9. Understanding the market 9 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. CANADA MORTGAGE AND HOUSING CORPORATION
    10. 10. Understanding the market 10 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. CANADA MORTGAGE AND HOUSING CORPORATION
    11. 11. Understanding the market 11 Do seniors want to stay in their communities or move elsewhere?  As people age, they tend to return to their place of origin to be among family and friends.  Reasons for moving: person left family, person joined family, separated, widowed, or death of a spouse. CANADA MORTGAGE AND HOUSING CORPORATION
    12. 12. Understanding the market 12 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. CANADA MORTGAGE AND HOUSING CORPORATION
    13. 13. Understanding the market 13 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. CANADA MORTGAGE AND HOUSING CORPORATION
    14. 14. Understanding the market 14 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. CANADA MORTGAGE AND HOUSING CORPORATION
    15. 15. Understanding the market 15 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. CANADA MORTGAGE AND HOUSING CORPORATION
    16. 16. Understanding the market 16 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. CANADA MORTGAGE AND HOUSING CORPORATION
    17. 17. Understanding the market 17 So, why is it important to define a target market?  Age  Lifestyle  Income and assets  Cultural affiliation  Distinct needs CANADA MORTGAGE AND HOUSING CORPORATION
    18. 18. Understanding the market 18 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 CANADA MORTGAGE AND HOUSING CORPORATION
    19. 19. Understanding the market 19 Do you need help to navigate your way around? Visit our website: www.cmhc.ca/ahc You will find many tools and resources.  Gaining community acceptance  Building your team  Writing a business plan  Assessing housing need and demand  Need and demand checklist CANADA MORTGAGE AND HOUSING CORPORATION
    20. 20. Understanding the market 20 Do you need help to navigate your way around? Visit our website: www.cmhc.ca/ahc You will find many tools and resources.  Building/site selection and design  Local planning process and approvals  Equity, funding and financing  Project costing and construction process CANADA MORTGAGE AND HOUSING CORPORATION

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