Friday, December 23rd, 2011
We have been letting our faithful readers down recently and I apologize for the scarcity of posts over the last few weeks. We will do better in the new year. A few topics lined up for comment include the future of Canada’s housing market based on some interesting data from the Conference Board; anti-anxiety medication (I hope I have piqued your interest with that one); seniors living in poverty (a bit of a rant coming up); geographic mobility of Canadian seniors, a subject in which I have an unhealthy interest; and more on the boomers, a subject that will never die until all of them do.
So stay tuned and in the meantime, have a peaceful and happy holiday season.
Tags: Seniors' Housing
Posted in News | Comments Off
Wednesday, December 7th, 2011
A recent article in the Nanaimo Daily News about seniors housing suggests that the average Nanaimo senior can afford 37.5 months of assisted living. And after that? The article leaves it to your imagination. Ice floes maybe?
But perhaps the situation is not as dire as the article suggests. For example, the average cost of assisted living per month is indicated to be $6,000. The average sale price of a condo in Nanaimo is indicated to be $225,000 resulting in the aforementioned 37.5 months.
Where exactly the reporter found that $6,000 unit is a good question. I have never heard of a $6,000 assisted living unit in Nanaimo. And most people who move to a retirement community don’t need assisted living anyway—they need housing that provides meals, housekeeping, laundry etc but they don’t need the level of care provided in assisted living.
According to CMHC, the average cost of an independent living unit in Nanaimo (one that provides meals, housekeeping, laundry etc) is $2,553—a long way from $6,000. And many people don’t move from a condo to seniors housing—they move from detached houses, the average value of which in Nanaimo is currently $356,000. And people use their income to finance their monthly housing costs, not just the proceeds of house sales. The article says the average after-tax income for 65+ people is $25,996. In fact, the average income of all 65+ households in Nanaimo is $46,471; of owners is $50,334 (80% of 65+ households in Nanaimo are homeowners).
All this is not to say that low income seniors, especially renters, don’t face serious housing challenges. They do. But to scare people by saying that the average senior in Nanaimo will only be able to afford to stay in a seniors’ community for 37.5 months is highly misleading. What is needed is a mix of options, ones that take into consideration peoples means before lumping them all together into one big pot of seniors.
Tags: Aging, Assisted Living, Baby Boomers, Housing Options, Independent Living, Seniors' Housing, Seniors' Incomes
Posted in Future, Housing Market, Senior Housing | Comments Off
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