Growing Demand for Senior-Friendly and Multigenerational Housing

As we age, comfort and accessibility become priorities for many. Single-storey dwellings (thus with no stairs), apartments in condo buildings with elevators, and residences without accessibility-limiting architectural elements are more and more sought after. Adapted housing (wide doors, bathrooms designed with safety and accessibility in mind, etc.) is gaining widespread appeal.

Furthermore, the multigenerational home, in which aging parents live with their children and, very often, grandchildren, is an increasingly popular model, and has been for several years now.

Long-Term Effects on Home values

This demand for senior-friendly and multigenerational properties will no doubt affect their market value, which will probably rise. Conversely, houses with poor accessibility may lose value if they fail to meet this clientele’s needs. Investing to make homes safer and better adapted to the elderly may therefore become a major advantage for homeowners looking to sell in the coming years.

The Emergence of Senior Living Communities

Over the past several years, we have seen an increasing number of residential developments geared towards autonomous seniors. While most of them focus on rentals, there are nevertheless a few projects across Québec where residents can purchase their unit. These seniors’ villages usually include additional services like health care centres, recreational facilities and social events. This housing model attracts buyers looking for a safe, community-oriented lifestyle, thereby boosting prices and spurring similar projects in new regions.

Effects on Rental Demand

Seniors who have sold their homes often decide to rent for the added flexibility and reduced maintenance. This, of course, heightens demand for well situated, secure, senior-adapted apartments (like in the residential developments mentioned above).

How the Aging Population is Affecting the Real Estate Market

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