Affordable Senior Housing in Alberta
Making a difference for our Senior Population
Title: Addressing the Need for Affordable Senior Housing in Alberta
As the demand for affordable senior housing continues to rise in Alberta, it's clear that action needs to be taken to address this pressing issue. In this blog, I will highlight three reasons why the demand for senior housing is at an all-time high, as well as three actionable solutions to meet this demand. With a focus on building more purpose-built rental accommodations, I aim to provide insight for my educated and passionate readers who are eager to advocate positive change within the real estate sector.
Reasons for High Demand:
Aging Population: Alberta, like many regions, is experiencing a significant increase in its senior population. As more individuals reach retirement age, the need for suitable housing options becomes more critical. To compound the problem most seniors have a projected fixed income which at the time did not consider rapid inflationary events which leads to point number 2.
Financial Constraints: Many seniors face financial challenges, making it difficult for them to afford suitable housing while also meeting their other financial obligations such as healthcare and living expenses. Post Covid-19 the Healthcare system is now forever changed putting massive pressure on a constrained publicly available work force. This has a massive ripple effect since most seniors requiring urgent care may be forced to use private facilities costing thousands.
Limited Availability: The current supply of affordable senior housing falls short of meeting the growing demand, leaving many seniors in precarious living situations. Which leads many to believe that by solving the supply will alleviate other economic pressure from a vulnerable population and providing an immediate relief to our economy.
Solutions to Address the Demand:
Government Incentives and Support: Government involvement and support play a crucial role in addressing the shortage of affordable senior housing. This can be achieved through the provision of tax incentives or subsidies for developers, thereby incentivizing the construction of affordable housing options. By leveraging public-private partnerships and policy initiatives, governments can facilitate the development of senior housing projects that align with community needs and are financially feasible for both developers and residents. We see action been taken here with the recent announcements of GST rebates, formidable government backed financing, and grants directed to encourage more construction.
Engaging Community Partnerships: Collaborating with community organizations and non-profits can foster innovative approaches to address the affordable housing shortage for seniors. Community partnerships can drive the development of comprehensive solutions that integrate healthcare services, social programs, and housing options, supporting the diverse needs of the aging population. By harnessing local knowledge and resources, these partnerships can maximize the impact of housing initiatives and contribute to a more sustainable and inclusive senior housing ecosystem. There are thousands of service providers who can easily collaborate with housing providers to provide a one stop shop for aging in place. We just need to continue the conversations and put up our hands to engage. Simply asking the question is enough to spark interest for collaboration. So its best for all the above groups to continue to engage and network.
Construction of Purpose-Built Accommodations: One pivotal solution to the demand for affordable senior housing in Alberta involves the construction of purpose-built accommodations. Purpose-built senior housing is designed to meet the specific needs of seniors, including accessibility features and amenities that cater to their lifestyles. This approach not only provides housing tailored to the aging population's requirements but also contributes to community integration and well-being. Since long term care facilities are bursting at capacity and often times when available prove to be extremely un-affordable to your average retiree this creates a massive gap to be filled. When the facility is built with purpose opposed to retrofit the design and implementation can accomplish exactly what it was intended. Advancements in building practices and technology has allowed housing providers to build effectively and remain profitable.
As a real estate professional with a vested interest in senior housing, it's vital to recognize the urgency of this matter and work towards implementing viable solutions. By spotlighting the reasons for the high demand and offering actionable solutions, I aim to inspire positive change in the pursuit of affordable senior housing in Alberta and across our amazing country. Together, we can make a difference in the lives of our seniors and contribute to the betterment of our communities.
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Happy Investing!
Phillip Shearcroft, BBA
Founder | President
Phillip@visioninvestmentproperties.ca
Sources:
Importance of Developing Purpose-Built Rental Products for Seniors. Available at: https://www.ahma-ab.com/library/Importance-of-Developing-Purpose-Built-Rental-Products-for-Seniors.pdf ↩
The Role of Government and Incentives in Affordable Housing Development. Available at: https://www.cmhc-schl.gc.ca/en/professionals/housing-research/housing-solutions/role-government-and-incentives-affordable-housing-development ↩
The Importance of Community Partnerships in Affordable Housing Development. Available at: https://www.tandfonline.com/doi/full/10.1080/10511482.2017.1342792 ↩