The Graying of Wealth is based on 30% of the affluent population over age 60, compared to 30% under the age of 40 with decreased financial security, who are less interested in home ownership or even working five days a week for that matter. This declining workforce as well as the slowdown in our economy, are just two of the factors that will determine the demands for future Canadian accommodation.
UNDERSTANDING NEW MARKET TRENDS
The traditional craftsman motif is dying out and being replaced with a mid-western contemporary residential product, where windows are floor to ceiling, 9 to 10 foot walls are expected and floors are covered with maintenance-free laminated hard-boards.
Flat roofs that extend past their vertical walls will return from the 1950s because of the rising cost of electrical and gas utilities. Solar technology efficiency is improving rapidly, and tech-savvy battery storage of energy with reduce reliance on the grid will be more common in developments.
In order to make this possible in today’s challenging construction environment –– economies of scale must apply.
URBANIZATION
Cities like Calgary are seeing an urbanization in growth – upward rather than outward. 50 years ago only 30% of the population lived in cities; today that number is 85% – for employment as well as the proximity of amenities and healthcare, particularly for the Graying of Wealth.
LIFESTYLE CHOICES ARE IMPORTANT
A MacArthur Foundation study found that 70% of physical aging and 50% of mental aging is determined by lifestyle choices. The Graying of Wealth know this and are looking for a home that makes staying healthier simpler. Here are just a few of the components older adults find attractive:
n Safety and security for both the Resident as well as their vehicle. Lock’n Leave is important to this demographic. Short trips or avoidance of winter is top of mind for The Graying of Wealth – they deserve it.
• Availability of health and wellness assistance maybe not necessarily for right now but options available for the future. Moving is challenging and gets more so as time goes on so the ability to stay in your home longer is important.
• An onsite fitness centre with more than just treadmills and weights – such as Mobility Stretch & Flex programs and pickleball courts.
• Communal spaces that encourage social interaction and lifelong learning opportunities (book club, creative writing, history, art, chess classes, guest speakers).
• Availability of meals. After cooking for a family cooking healthy meals for one or two can be challenging and frankly depressing. Chef-made meals are a welcome benefit to this lifestyle choice.
• Volunteer Opportunities. These are people who have been productive their entire life, this isn’t going to stop just because they are no longer “working.” Urban living means opportunities within their own community as well as being close to other worthwhile projects. Making the world a better place by volunteering can provide a sense of fulfillment and purpose.
Moving is often more difficult as we get older. It is even more important for The Graying of Wealth to chose the best option for only not today but tomorrow as well.
How do you want to live?
Do you worry about security, particularly when you are travelling or away for the winter?
Are you tired of the constant upkeep and repairs to your current home? Landscaping, snow removal, buying soft-water tablets, servicing the furnace and air conditioning, utilities and annual maintenance and repairs for many can add up to whopping monthly costs!
Do you find yourself eating a cheese sandwich for supper, feel isolated and alone and worry about anxiety and depression levels?
Do you worry something will happen and there will be no one to notice or be there to help?
Too often we wait for something to happen before we make important life decisions—choose to make a move while the choice is still yours to make!
If you have questions about senior living options, costs and an aging in place lifestyle call 403-369-6000 or email tinac@statesmangroup.com.
Tina Cameron has over 20 years of experience with The Manor Village Life Centers and The Statesman Group of Companies.
