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Present and Future Developments in Senior Housing in North America

We consulted with the experts to compile a list of retirement home trends. Here are some of the most important factors affecting the senior housing industry today:

  • High-end luxury seniors' residences and communities offering a vast choice of amenities, including spas and state-of-the-art fitness clubs, bowling alleys and putting greens, beauty salons, art studios, Internet lounges and gourmet dining
  • Increased demand for more varied recreational and social activities
  • Expensive two-bedroom suites have the lowest vacancy rates, suggesting luxury is in demand
  • "Customer-centric" is the mantra of today's retirement home industry
  • Ownership being viewed as an option to rental facilities, with growing interest in retirement condo ownership and life-lease
  • Active seniors joining retirement communities at a younger age
  • Seniors are retiring to cottage country and eventually moving into a retirement residence there (compared with Ontario as a whole, a higher percentage of the age 75 and over population in areas like Muskoka and Simcoe County are living in retirement residences)
  • Meeting the needs of active seniors as well as those needing more care, allowing residents greater opportunity to age in place
  • Broader range of health services with more health-care support than in the past
  • Developers planning and building retirement residences and communities today, anticipating the amenities and services that will be in demand in 10 to 15 years - but most of the luxurious residences being built today will be mid-range in 20 years from now when Baby Boomers, with their sky-is-the-limit standards, are seeking accommodations

Retirement home trends boiling under
The experts looked into their crystal balls and told us what they see as the future of retirement homes in North America:

Destination retirement communities, with people from across the country gravitating to these purpose-built, expansive communities where residents can age in place
More choices, including condominiums, townhouses, bungalows, arranged in small and large settings to cater to increasing consumer expectation and market demands
Larger suites in retirement residences
More varied and lavish amenities and services, e.g., home theatre in every suite
Greater range of innovative programming, including opportunities for continuing education
Higher levels of health-care services supporting aging in place