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Aging Population Drives Growth in the Senior Housing Sector
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(Posted on Mar 21, 2016 at 06:00AM by Michelle Bogle)
When it comes to profitability in the senior housing market, occupancy is the main driver. As populations age, so does the need for available senior residences.Â
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According to Statistics Canada, 2015 estimates show that, for the first time, there were more persons aged 65 years and older in Canada than children aged 0 to 14 years. Nearly 16.1% were at least 65 years old, compared to the 16% of children aged 0 to 14 years.
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And, based on Statistics Canada’s most recent population projections, the share of individuals aged 65 years and older will continue to increase and account for 20.1% of the population in 2024, while the share of children aged 0 to 14 years should account for just 16.3%.
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What does this mean for Vancouver’s senior housing market? It means a significant demand for seniors’ residences and an overall rise in the sector’s profile with potential investors. Plus, with a number of Vancouver-based seniors selling multi-million dollar west-side private residences, there is a growing market of mature adults ready and willing to pay more for luxurious, private care.
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If investing in Vancouver’s commercial senior housing market is of interest to you, please contact our office at Marcus & Millichap Vancouver to speak with an advisor about this growing opportunity.Â
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