It won’t be long before Canada’s developers, and the real estate trade, begin to start thinking about building up, not out. One large part of those in need of housing will be seniors, expected to reach some 80 percent by the year 2030. There will be considerable numbers of people 65 and older wanting to downsize their homes and more into apartments and condos.
The baby boomers have already had an effect on the market and some figures indicate that has been going on for almost 40 years. While some have gone into multi-family units because of concern for the environment or to be close to work, retired seniors simply want something that requires less upkeep. Others may need to find some sort of assisted living facility, where they can still live on their own but have needed services at their fingertips.
By 2030, the percentage of homes that are condos or apartments is expected to reach 68 percent. Currently that housing market makes up 47 percent of the whole. Developers are expected to put more focus on properties that have attractive amenities such as golf courses, or recreation parks or complexes nearby.
Statistics Canada reported that as of 2016, the number of Canadians that are 65 and older is expected to top 15.9 percent.