Three Options in Retirement Living

Before making a commitment to a style of living, consider all the options. If you will be relocating, know a little about the city where you will be living and become acquainted with the communities within the city.

These are three options in styles of living accommodation for Canadian seniors and I've included a summary or overview of each one.

Traditional Rental - Retirement Homes Community

A popular option in retirement living in Canada is traditional rental within a retirement community. About 25 percent of seniors prefer to rent without the responsibilities and headaches that go along with home ownership.

Renting in a retirement community means paying a monthly rental that may include additional amenities and services. The range in price is from $1800 to $4500 per month depending upon location, size and amenities. Monthly rental will include room and board, housekeeping, and use of available amenities. In most retirement communities, additional services may be offered for an added fee.

In most Canadian provinces, retirement homes are privately funded and fall under the Tenant Protection Act and Landlord-Tenant Laws. Research the tenancy laws that apply in the province in which you will be retiring.

Before making the commitment to rent in a retirement community, make a checklist of things to consider when visiting a property, here are a few examples:

• Overall cleanliness


• Property maintenance, what's included i.e. lawn care and snow removal


• Is the property attractive to you and will it be attractive to your children and grandchildren


• Will your damage deposit be refundable if and when you move


• Read all paperwork and agreements before signing anything

Review your provincial government website as to whether subsidized housing is available to seniors, each province is somewhat different.

If your circumstances change, renting will give you a high level of flexibility.

Life Lease Community

The Life Lease gives seniors an investment in the community without the responsibilities of actual home ownership. When a Life Lease is purchased, the resident will have the use of amenities such as recreational facilities, dining areas and other benefits specified in the lease. Life Lease communities are usually sponsored by a non-profit organizations and therefore the costs tend to be lower than market value but as with all real estate, costs will vary depending upon the province and city.

Property in a life lease community offers solid return on investment and usually provides future support services that make them attractive for couples to which differing levels of support are required. Life Lease communities are age-specific where residents must be over 55 and residents seems to enjoy being surrounded by others with similar interests and needs. The sense of community can influence peace of mind as seniors take an active role in community management and tend to look out for one another.

Ownership - Retirement Condo

There's a new option in ownership becoming more and more popular with seniors - the retirement condominium. Condos designated as such are usually associated with a retirement residence to form a 'community' and the amenities such as housekeeping, health and other support services are offered to condo owners as well as those in the residence itself.

Retirement condominiums appeal to and are marketed to active healthy seniors who are planning to age in place and take advantage of additional services they may need over time. This option in retirement housing is particularly attractive to couples that need different levels of care and support.

Costs of retirement condos vary and in the greater Toronto area the average starting price is about $240k for a one bedroom and $300k and up for two bedrooms. A monthly condo fee covers services like meals and basic amenities and the option to purchase additional services is available.

Before making the commitment to condominium ownership make, a checklist of things to consider when visiting a property, here are a few examples:

• Overall cleanliness


• Property maintenance, what's included i.e. lawn care and snow removal


• Is the condo committee able to work within a budget


• What will the condo fees be and do you require the services included in these fees


• Are condo fees subject to increase and if so how much and how frequently


• How much are the property taxes


• How much can you expect to pay for utilities


• Will your deposit be refundable if and when you move


• Negotiate, you may be surprised!


• The same trends in cost of real estate will apply to costs in a retirement condo as in all forms of real estate where the province, city and vicinity will all influence prices.