The Growth of Retirement Homes in Canada

Alexander

Business, Healthcare

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April 29, 2017

In recent years, there has been a boom in the construction of Ottawa retirement homes in Canada. Along with nursing homes, assisted living, and other long term care solutions, these seek to address the needs of an aging population.

Aging Population

As the baby boomer generation ages, this trend will continue. Because of the large size of the boomer generation, their aging process is expected to transform the economy of Canada.

This so-called “greying” of Canada will impact a number of sectors of the economy. Almost 7 million Canadians are retirement aged. Their needs will create new demands in many economic sectors including healthcare and housing.

The real estate market is expected to feel a big impact. In fact, some people speculate that home construction will drastically decrease, except for the area of old age homes.

Investment Opportunity

There is a great deal of investment going into the construction of residences for the elderly. These are seen as great opportunities. For example, the Reichmann family has been involved in the building of these homes for almost 20 years, now.

Even international investors have been attracted to the market. Near the end of 2016, the Chinese firm Anbang invested in the Retirement Concepts chain of assisted living homes. This chain extends from British Columbia, to Alberta, and even Quebec.

Standards for Care

Canada has high standards for eldercare facilities. Whether operated by individuals or corporations, these facilities have to meet several requirements. Many provinces have specific legislation governing licensing. In provinces like Alberta, rules governing nursing homes are comprehensive and specific.

Because these are medical facilities, they are highly regulated. For example, there are exact limits for accommodation charges for residents. Terms such as charge nurse, drug, and power of attorney are carefully defined. Roles and responsibilities of all parties are explained.

In assisted living situations, this is slightly different. Although there are still regulations and careful definitions, there is less emphasis on professional medical care. In contrast to patients in nursing homes, residents of assisted living facilities tend to have more capacity for independence. They require only supportive care.

Availability of Care

Although the elderly population is growing quickly, housing options are widely available. Many available facilities are owned by chains. In provinces such as Ontario and British Columbia, there are a number of options in both cities and towns.

After the 2011 census, politicians and the public became more aware of the need for eldercare services. Because of continued discussion, the available care and services are evolving rapidly.

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