Aging + Housing
Increasing income disparity amongst older adults:
A growing income gap is a concern, especially between older adults who own their homes (where costs decrease over time and where wealth accumulates) versus renters (where expenses increase over time and there is no wealth generated by the asset).
Increased demand for affordable housing:
Increasing cost of housing due to both supply-side (cost of land, cost of construction, etc.) and demand-side factors (fixed/low incomes, growing populations in some geographies, etc.) which create untenable situations for aging and retired Canadians. Coupled with the fact that many Canadians entering older adulthood do not have retirement savings, we imagine significantly increased demand for affordable housing.
Growing municipal involvement in ensuring adequate affordable housing:
Municipalities become more forceful in requiring the inclusion of affordable housing in new development projects and more creative in how to use real estate assets to deliver a wider range of affordable housing options.
Intergenerational focus:
Developers and municipalities focus on the design of intergenerational communities where older adults can live amongst people of all ages for a more authentic and rich aging experience.
Enhanced emphasis on sustainable and age-friendly communities that focus on health and wellness:
Increased focus on age-friendly development driven by the desire of Baby Boomer to live in settings close to services and recreational opportunities and to maintain their health and independence.
Designing accessible and safe housing:
"Aging-in-place" means that homes need to be designed with consideration for mass customization and the full spectrum of accessibility principles across the lifespan. This will create demand for both new builds, retrofits, and renovations that are adaptable and accessible and municipalities will incentivize/require more attention to age-friendly / universal design.
Diversification and scaling of shared housing models for older adults:
Housing affordability, the need for social connection and informal support systems may be achieved through different ownership and housing models including co-ops, co-housing, and co-ownership.
Expansion of supportive housing options that integrate care:
Growing demand and supply of affordable supportive housing especially for vulnerable seniors that integrate care provision and/or navigation.
Redesign of long term care and retirement living communities:
Sharply negative public view of congregate care settings for seniors given COVID 19, results in a shift toward different types of housing and care models for adults needing a significant amount of care (ie. smaller community-based models, intensive home care models, etc.).
Technology supports independent living:
Adoption of technology in day to day life and comfort with virtual care continues to grow amongst the seniors’ population (aged 65+) as a result of greater smartphone and tablet penetration, increased digital literacy, improved artificial intelligence, and policy directives that focus on using technology to support aging in place.
Mission-driven organizations pioneer new models:
Faith-based and other mission-driven health and social service organizations shift their focus to address housing needs in their communities and pioneer new collaborative ways of working.
