{"id":8484,"date":"2018-03-12T15:15:10","date_gmt":"2018-03-12T22:15:10","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8484"},"modified":"2018-03-07T09:20:19","modified_gmt":"2018-03-07T17:20:19","slug":"essential-to-increase-ownership-homes-rental-supply-for-seniors","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/essential-to-increase-ownership-homes-rental-supply-for-seniors\/","title":{"rendered":"Essential to Increase Ownership Homes &#038; Rental Supply for Seniors"},"content":{"rendered":"<p style=\"text-align: justify;\">As Vancouver faces a housing shortage and the city\u2019s population ages, international developer Grosvenor says densification is needed to increase supply for the elderly.<\/p>\n<p style=\"text-align: justify;\">In 2015, seniors (65+) accounted for 13% of Vancouver\u2019s population and that number is expected to rise to 19% by 2030, according to Grosvenor\u2019s Silver Cities report, published Monday.<\/p>\n<p style=\"text-align: justify;\">With a lack of available land in Vancouver, long permit timelines and public resistance, Grosvenor says more high density housing is essential to increase ownership homes and rental supply for seniors.<\/p>\n<p style=\"text-align: justify;\">\u201cThis constraint on space means densification within existing communities is required, especially as there is a strong desire among older people to remain in neighbourhoods where they have established their lives and social network,\u201d writes James Patillo, Managing Director, Development at Grosvenor Americas.<\/p>\n<p style=\"text-align: justify;\">Although there is currently demand for new residential condos in the city, Patillo says there is resistance to these types of developments, particularly in neighbourhoods that need it the most.<\/p>\n<p style=\"text-align: justify;\">\u201cThe strong NIMBY (Not-In-My-BackYard) tendencies present in many municipalities means the very people who have reached or are reaching retirement are often the ones opposed to those plans,\u201d he writes.<\/p>\n<p style=\"text-align: justify;\">He adds that many municipalities are not creating specific zones or land parcels for the use of senior housing or a care facility. This in turn allows land prices to escalate, deterring developers from building less profitable seniors housing.<\/p>\n<p style=\"text-align: justify;\">To bring more high density housing to the city, the government will have to find quick solutions to create more supply for downsizers without putting additional strain on existing civil and transportation infrastructure, says Patillo.<\/p>\n<p style=\"text-align: justify;\">Another challenge will be accommodating the increase of seniors in the city\u2019s rental segment \u2014 which currently has a vacancy rate below one per cent. Patillo says the government will likely have to assist by possibly rezoning areas for senior-assisted living and care homes.<\/p>\n<p style=\"text-align: justify;\">\u201cThe challenge is for municipalities to encourage the construction of more accommodation for both sale and rent, marketed to older people while at the same time meeting demand from the younger generations,\u201d he writes.<\/p>\n<p style=\"text-align: justify;\">Patillo acknowledges that Vancouverites are being more open-minded about densification as the YIMBY (Yes-In-My-Back-Yard) movement is spreading among the younger generations who realize that more high density housing is needed.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/03\/home-shortage-65-population-vancouver-key.html\" target=\"_blank\" rel=\"noopener\">There&#8217;s A Home Shortage for the 65+ Population in Vancouver. Here&#8217;s the Key to Fixing It<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Vancouver faces a housing shortage and the city\u2019s population ages, international developer Grosvenor says densification is needed to increase supply for the elderly. In 2015, seniors (65+) accounted for &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/essential-to-increase-ownership-homes-rental-supply-for-seniors\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-8484","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Essential to Increase Ownership Homes &amp; Rental Supply for Seniors &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/essential-to-increase-ownership-homes-rental-supply-for-seniors\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Essential to Increase Ownership Homes &amp; Rental Supply for Seniors &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As Vancouver faces a housing shortage and the city\u2019s population ages, international developer Grosvenor says densification is needed to increase supply for the elderly. 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