(Ottawa) Although seniors tend to consider moving to smaller homes as they age, many are choosing to age in their home rather than putting it on the market, reveals a new report from the Canada Mortgage and Housing Corporation (CMHC).
The return to the rental market of the most recent cohorts of elderly households is less pronounced and later, observed the CMHC.
This could be due to factors such as people living longer, households having more money than their predecessors and relying less on property sales to meet their needs, and homeowners in urban centers having a greater choice of housing.
According to the CMHC document, senior households in Toronto and Vancouver are most likely to migrate to condominiums, while in Montreal, they prefer to move to rental housing.
As Canada seeks to increase the supply of housing to reduce costs, the federal agency says solutions for seniors could focus on solutions that build on existing units, by creating accessory dwelling units or houses on lane.
CMHC says policymakers should monitor trends over the coming decades, to see if aging in place could become more popular among seniors, or if the recent increase in rental housing starts in various parts of the country encourages older households to turn to rental.
