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Changes to the Retirement Home Outlook and its Impact on Vancouver, BC, Investors
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(Posted on Nov 26, 2018 at 07:20PM by Danielle Smyth)
Increasing numbers of seniors choosing to stay at home in their retirement has skewed the numbers of anticipated residents in assisted living and other facilities. In Vancouver, BC, rising debt, as well as the scarcity of available retirement homes and the soaring costs of those that are available, has led to a decline in interest from the elderly.According to a recent survey, 93 percent of Canadians over the age of 65 indicate a desire to remain in their homes once they have retired for as long as possible. According to the results, “69 percent of senior homeowners...wish to maintain a sense of independence...51 percent said that they want to stay close to family, friends, or their communities, and 40 percent pointed at emotional attachments and memories as their motivation.â€
This shift has led to higher renovation spending by the 65-plus age group, which now accounts for a quarter of all such expenditure in the nation. If you’re interested in learning more about opportunities for investment throughout Canada or how shifts in retirement home decisions might impact you as an investor, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
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