MORTGAGE Blog & ARTICLES
Canadian Home Building affected by the Aging Population
Baby boomers are expected to become a much bigger portion of the population in Canada in the next years to come. Experts say that the housing builders should better include some features in senior plans as housing demand increases.
The Vancouver Sun reported that housing planners have also increasingly design senior housing homes and complexes with features to help senior Canadians like wider hallways and doorways, front loading dryers and washers, rollout shelves, and non-slip flooring.
The demands have been outstanding and elder Canadians need to be offered with homes that matches all their needs during their retirement years. It’s a tough life to grow older but home building companies made sure that they include such features in the homes that will help seniors in their daily retirement life in the future.
It is also expected that by 2030, 80% of the new housing demands will be affected by baby boomers according to reports which add to the housing planners who are seeking for commercial mortgage which will start shifting attention to making senior housing in order to accommodate the elder population in Canada. Also, the Canadian Institute for Health Information reported that the amount will double in 2036 which accounts to 25% of the entire population for Canadians aging 65 up.
Home buyers composed of the aging population in the next years to come will greatly affect the home building due to healthcare and housing construction as well as the labor force for construction according to demographics report. There will be a significant decline in the birth rates and more improved life expectancy.
In fact, as the population ages, the demand for homes and apartments also increase as well as the health care spending. Today, Canada spends almost $2,100 for every individual aging 45 to 49 on health care and spends $20,000 for every individual aging 85 to 89.
Meaning, new hospitals and clinics are needed as the baby boomer population ages. Labor markets are also expected to be increasingly constrained. This situation makes a great challenge for the Canadian economy entirely and the construction specifically. So it is best to make sure that people get included in the top 100 employees and don’t let the older segment slip away without absorbing some of the knowledge for the younger generation.
Clearly, it will be a crucial time for the baby boomers as well as the aging population for the next years to come. Figures have indicated that the home building in Canada will be greatly affected by the elder Canadians and that keen attention to this must be given. Since, the retirement years of this population is also crucial, demands will be expected to become higher in the nearest future.
Home building in the entire Canada especially to the largest cities will significantly be affected and the home prices will also increase. On this note, preparations for this economic situation should be observed properly to identify the essential things to be done.
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