It’s Time to Pay More Attention to Senior Housing in Canada, Says SMI Brokers Expert

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With The News Of Manitoba Joining Hands With Builders To Develop Affordable Housing For Seniors, Mortgage Expert From Syndicate Mortgages Explains Why It’s High Time To Focus On Senior Citizens Market

According to a press release published by the Government of Canada and the Government of Manitoba, the renowned Kinsman Villa Group is expected to get $2.4 million in funds for the development of affordable housing units for seniors. According to Mr. Arkan, CTO of Syndicate Mortgages, this may be the best time for the government as well as the developers to divert their focus to senior housing.

According to the press release published on News Wire, Kinsman Villa Group will develop forty units of affordable and senior friendly houses at the Mountain View apartment complex. It was stated that the Mountain View Villa will be a multi-storey complex, stretching at an area of 41,440 square-foot in Dauphin. The funding announcement was made by Mr. Stan Struthers, Manitoba’s Minister of Finance and a number of other prominent figures including CMHC authorities.

According to Mr. Arkan, a lot of baby boomers are now moving towards retirement and will be looking for suitable post retirement housing. However, he also added that the requirement of senior citizens is now changing due to the changing economy and lifestyle choices. “A number of senior citizens are now working even after their retirement. That is why the requirements of people over 55 are now different from what retirees were looking for a decade ago. While some of the requirements are still the same, developers must take into account the changes as well.”

Earlier this month, CMHC also published the first volume of their housing guide for the older demographic. ‘Housing for Older Canadians: The Definitive Guide for Over55’, CMHC’s guide highlights the changes in demands and requirement of older demographic. The guide also offers valuable advice to developers and realtors in this aspect.

Mr. Arkan predicts that the housing scenario is changing and CMHC is trying its best to stay prepared for the change and challenges. Commenting on some of the common factors that can attract the elderly buyers, Mr. Arkan said, “They like to stay close to family but now that they are working after retirement age, proximity to workplace also counts a lot.”

According to the sources, the funding was a part of $62 million Investment in Affordable Housing 2011-2014 Agreement between the Governments of Canada and Manitoba. This year, the Government of Canada will invest $2 billion in development of safe and affordable housing.

To find out more about CMHC and Mortgage rates around Canada, visit the website http://www.syndicatemortgages.com

About Syndicate Mortgages Inc.
Syndicate Mortgages Inc. is one of the leading Canadian mortgage brokerage firms. Founded in 2008 in Ontario, the company specializes in residential, commercial and construction financing across Canada. With years of experience and expertise in the mortgage industry, and access to an array of lending institutions across Canada, Syndicate is known for finding the best mortgage rates for their customers. Syndicate has branch locations across Canada. For contact, please use the following details.

Contact Details
Syndicate Mortgages Inc.
http://www.syndicatemortgages.com
Toll Free: (888) 646-1062
Email: info(at)smibroker(dot)com

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Marcus Arkan
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