Understanding — and Responding to — the Over-55 Market
Which sectors of the housing industry are involved in seniors’ housing in Canada? How can the housing market for seniors be segmented effectively? What are the steps involved in determining the feasibility of a proposed seniors’ housing project, assessing the competition or developing a strategy to attract the right target market?
These are just a few of the questions that sponsors and developers need to answer before embarking on any project that’s aimed at one of the fastest-growing segments of the housing market: Canadians 55 years of age or older. To help developers, non-profit groups and other stakeholders better understand the changing needs of Canada’s seniors, Canada Mortgage and Housing Corporation (CMHC) has released a new version of its in-depth report Housing For Older Canadians: The Definitive Guide to the Over-55 Market.
This online series of five volumes offers a detailed look at this increasingly active, demanding and financially secure demographic. The second volume in the series, Responding to the Market, provides essential information on the key market factors and forces that must be taken into account by anyone interested in developing housing for Canadian seniors. This includes:
a brief overview of the seniors’ market in Canada, drawing on current and historical data;
a look at the different housing options that are available for older Canadians, with step-by-step information on how to choose the right option for your project;
tips on how to define the target market of older Canadians and information on how to segment it into categories such as age, income, lifestyle or cultural affiliation and needs;
information on how to carry out a feasibility assessment to determine the likely success of your concept, including how to complete a market analysis, select a site, analyze the competition and determine the financial feasibility of your development; and
a description of new and emerging trends in the seniors’ housing market, and how understanding those trends could spell the difference between success and failure.