For the sake of this article we will classify a senior as anyone over 65, although I appreciate many in that age classification don't see themselves as seniors.
According to the most recent census, the majority of seniors don't live in what we would call seniors' housing, or residences specifically designed for senior citizens such as retirement homes or nursing homes. In fact, 98 per cent under 70 and 94 per cent under 80 live in their own homes. Even for those over 85, the majority continue to live in their own homes.
The primary factor influencing the move from one's own home to seniors' housing is the loss of a spouse.
The senior market segment is one to watch for future housing trends. The number of seniors will continue to grow in all age categories through 2031. Over the next six years the 65 to 74 age group or younger seniors will experience the greatest growth. This is an important fact as more than 90 per cent of this group lives in private housing and is likely to have equity built up from owning their own home without a mortgage.
This isn't to say there won't be demand for retirement homes, but this demand won't peak for about 15 years. From a regional perspective, it is important to note Manitoba has the lowest percentage of vacant spaces (4.6 per cent) for seniors' housing of any province in Canada (national average is 9.7 per cent).
About nine per cent of all new home sales for the past five years have come from those 65 and older. Eleven per cent of all new condominium sales are from this age segment.
Today's younger seniors have established equity in their current homes. It is also safe to say today's seniors are considerably more mobile than their parents were.
Speaking of mobility, today's senior is more prone to take an extended winter vacation south of the border than a generation ago. They are also more interested in travelling across Canada in order to visit children and grandchildren who may be located in other provinces.
With this greater equity and mobility in mind it would not be surprising to see a more concentrated effort towards marketing the condominium lifestyle to the senior population in this and other Canadian markets.
Mike Moore is president of the
Manitoba Home Builders Association
