Top Senior Housing Trends in Alberta Canada for 2021 - TIME BUSINESS NEWS
The fact that the population is getting older influences politics, social values, government spending decisions, and capital flows. As a result, the private sector is expected to develop more innovative solutions in providing housing and care services for seniors. This article will discuss the top senior housing trends in Alberta, Canada, for 2021.
The senior housing and care industry provide housing and a wide array of services to seniors. The sector is segmented into the following categories:
Senior housing commonly refers to SA, IL, AL, and MC. In contrast, elderly care properties usually refer to government-subsidized long-term care homes. Seniors’ apartments and independent living serve autonomous residents and offer hospitality services. Assisted living in Airdrie care for residents who need assistance with daily living activities. Care properties, meanwhile, help residents with more significant needs and thus provide both hospitality and personal care services.
The demand for seniors residences in Calgary is mainly driven by older adults that require convenient access to services. According to Statistics Canada, the Canadian population’s average age has increased from 26.2 in 1971 to 40.8 at present. Meanwhile, the proportion of the population aged 75 and above has risen from 2.9 % to 7.4 %.
Over the next 20 years, the 75+ years old segment’s ageing population is expected to grow by 4 % per year; and account for 13.5 % of the total population by 2040. To keep up with this rising demand, the current senior housing inventory/capita supply will need to double over the next 20 years.
This projection assumes that the current inventory of retirement homes in Calgary remains serviceable. Typically, a portion of the current senior housing inventory will become obsolete and need to be replaced.
Aside from the increasing number of seniors, we know that Canadians are living longer. Based on the most recent data from Statistics Canada, between 1992 and 2009, life expectancy at age 65 has increased by more than two years. These factors are expected to result in a greater demand for seniors housing in Airdrie, Alberta.
In Alberta, the vacancy rate for standard spaces for senior housing increased from 13.8 % in 2019 to 15.1 %. The vacancy rates were highest among bachelor units at 18.6 %.
The most significant increase was in the Edmonton Census Metropolitan Area. It increased from 9.7 % in 2019 to 12.6 % in 2020. The Calgary Census Metropolitan Area’s vacancy rate rose from 15 % in 2019 to 15.9 % in 2020.
Meanwhile, in Alberta, the average rent for a standard space rose to $3,270 in 2020 from $3,258 the previous year. The Calgary Census Metropolitan Area’s average rent was $3,945 compared to $2,884 in Edmonton Census Metropolitan Area.
There are 14,852 senior housing spaces in Alberta, 5,670 in the Edmonton Census Metropolitan Area and 5,295 in Calgary Census Metropolitan Area.
There is a significant change in the Canadian population demographic trends. The 75+ year segment is poised to grow in the next decade.
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