Our Aging Population: Housing Options Available Where You Live

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Retirement is around the corner for many in Canada today, with a quarter of the demographic falling into the senior category by 2030. While so much of the population is hitting this milestone, their housing options may differ from what they once envisioned. Downsizing to a smaller home or condo is much more expensive than a decade ago, and options are limited. Retirement homes are becoming more expensive, and long-term care homes have become less desirable as stories of neglect and loneliness emerged during the pandemic.

In this issue, we look at emerging trends for supporting senior living.

Age in place

According to a November 2023 study by the CMHC, seniors who can afford to stay in their original homes choose to age in place as long as their health allows. Many communities provide more support for seniors in their original homes through activities, check-in services, and health care support. The City of Hamilton now provides several community services for aging adults (55+), all outlined in their fully downloadable and printable Older Adult Guide available online.

The goal of these services is to support seniors as they enjoy their retirement years while maintaining their original homes for as long as possible, including options such as food
delivery, yard work assistance, house cleaning, and in-home care options.

Co-housing

While much of Canada copes with housing challenges, alternative living arrangements are becoming
available to seniors. Co-housing is a structured community where each resident has a home but shares amenities. Some are retrofitted buildings, apartments or townhomes, and while most are not age- restricted, they have a senior focus.

The Canadian Co-housing Network (CCN) is a non-profit organization with 49 communities across Canada, either built or under construction. Hamilton is one of the communities actively looking for land to build 15 to 30 units by 2025. The CCN also aims to create homes with a smaller carbon footprint by using environmentally friendly building choices and designs with sustainability in mind.

Naturally occurring retirement communities (NORCs)

A NORC is a community or geographic area where many older adults reside and strive to bring services to a building or neighbourhood. The University Health Network (UHN) in Toronto researched how home care could be streamlined and publicly funded for NORCs, reducing travel time for many personal support workers (PSWs) by bringing them to several clients simultaneously in the same area.

In Hamilton, the El Mirador apartment building is supported by Oasis Senior Supportive Living. This NORC emphasizes physical fitness and healthy living programming. A dedicated team at the UHN is mapping potential sites to expand their reach and offer more housing options for seniors as the population of this demographic grows.

Co-living

Since home prices soared during COVID-19, so did the level of creativity families developed for sharing accommodations and affording a home. While we have seen multi-generational living grow, we also witnessed the emergence of co-living: seniors choosing to buy a home together and share expenses. This phenomenon is more common for older women who have become widowed, divorced or have grown children, and they prefer the company of friends to living alone. With Ontario zoning laws now allowing up to three separate residential units per property, this option is more accessible to those with the equity to pool resources.

While the age-in-place movement has grown, long-term care homes will remain necessary for those facing mobility and severe health challenges. As the population ages, the healthcare system will need to adapt. Those in good health want more choices of how and where they live, with services in place to support them.

By: JULIE ACHTERMEIER

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7 Things To Know When Purchasing A Cottage Or Vacation Home

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PURCHASING A COTTAGE OR VACATION HOME CAN BE AN EXCITING VENTURE, OFFERING A PERFECT GETAWAY FROM THE HUSTLE AND BUSTLE OF CITY LIFE. HOWEVER, IT’S ESSENTIAL TO APPROACH THIS PURCHASE WITH CAREFUL CONSIDERATION AND THOROUGH PLANNING.

HERE ARE SEVEN KEY THINGS TO KNOW BEFORE DIVING INTO CANADA’S COTTAGE OR VACATION HOME MARKET.

UNDERSTANDING THE MARKET

The cottage market can differ significantly from the urban housing market. Location, accessibility, and seasonal demand can influence property prices. Researching the market trends in the specific area you’re interested in is crucial. Pay attention to historical data on property values and consider working with a local real estate agent specializing in cottage properties.

FINANCING YOUR PURCHASE

Securing financing for a vacation home can be more complex than a primary residence. Lenders may require a larger down payment, often around 20-35%, and the interest rates might be slightly higher. Ensure you have a solid financial plan and get pre-approved for a mortgage to streamline the buying process. Consulting with a mortgage broker can help you find the best financing options.

SEASONAL ACCESS AND MAINTENANCE

Many cottages are located in areas with seasonal access, which can impact your ability to visit year-round. Consider how this will affect your usage and maintenance of the property. Some cottages may require specific preparations for winter, such as shutting off water supplies and protecting against harsh weather conditions. Ensure you budget for ongoing maintenance costs and potential seasonal expenses.

ZONING AND REGULATIONS

Each municipality has different zoning bylaws and regulations that can affect your use of the property. Some areas may have restrictions on rental income, building renovations, or the addition of structures such as docks or boathouses. Understanding these regulations before purchasing is essential to avoid surprises and ensure your plans align with local rules.

INSURANCE CONSIDERATIONS

Insuring a vacation home can be more challenging and costly than insuring a primary residence. Cottages are often in remote locations, increasing the risk of damage from natural disasters or delayed emergency response times. Work with an insurance broker to find comprehensive coverage that addresses these unique risks and provides peace of mind.

RENTAL INCOME POTENTIAL

If you plan to rent out your vacation home to offset costs, investigate the rental market in the area. Understand the demand for short-term rentals and the potential income you could generate. Be aware of any municipal regulations regarding short-term rentals and factor in the costs associated with marketing, managing, and maintaining the property for guests.

LONG-TERM INVESTMENT

Consider the cottage or vacation home’s long-term investment potential. While these properties can provide personal enjoyment and potential rental income, they may not appreciate at the same rate as urban properties. Evaluate the property’s long-term value based on its location, condition, and market trends to ensure it aligns with your financial goals.

FINAL THOUGHTS

Purchasing a cottage or vacation home is a significant decision that requires careful consideration and planning. By understanding the market, securing appropriate financing, and considering factors like seasonal access, zoning regulations, insurance, and rental Income potential, you can make an informed choice that provides both personal enjoyment and financial stability. Consulting with real estate agents, mortgage brokers, and insurance specialists can provide valuable insights and guidance throughout the process.

By Jason Woods
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Six Things Not Covered on Your Home Insurance Policy

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As a homeowner, it’s critical to understand what may not be covered under your Home Insurance Policy, especially with more of us working from home or running small businesses. For most Home Insurance Policies in Canada, these top six items are likely not covered. To be sure, please check your policy or call your Insurance Broker.

Flood & Earthquakes

In the last few years, Canadians have experienced severe flooding in Ontario, Quebec, Alberta, New Brunswick, British Columbia, and Manitoba. Flood or overland water is excluded from your policy; however, due to this emerging threat to homeowners, insurers are now offering flood insurance coverage as an additional cost. Contact your broker to ask how you can purchase this coverage if you feel at risk. Keep in mind that it will be more difficult to qualify for this coverage if you live close to a lake, river or floodplain.

Earthquakes are considered catastrophic and excluded from your policy, along with earth movement, which includes earth shifting and sinkholes. While these occurrences are not typical in Canada, some companies offer earthquake coverage for an additional premium, and the deductible is typically quite high.

Pest Infestation

A standard home insurance policy does not cover damage caused by “pests.” The removal of any of these animals or pests is also not covered. Since infestations and the resulting damage are usually considered matters of home maintenance, the responsibility falls on the homeowner to pay for repairs or pest control measures. The best defence is a good offence – stay on top of home repairs and schedule an inspection if you suspect you may have a problem.

Freezing of Indoor Plumbing

Most homeowners are unaware that being on vacation or away from their home during the winter months requires someone to visit your home to check your furnace and ensure water pipes are not frozen. If your plumbing freezes while you are away and you did not have someone checking your home every four days, most policies would not cover the cost of repairs. If you are away for less than four days, the exclusion does not apply.

A Vacant Home

If you leave your home for 30 days with no intention to return to it (for example, you bought a new house and put your old one up for sale), there is no coverage after 30 days. Most insurance companies will offer limited coverage; however, you must notify your insurer before leaving it vacant. Insurance companies view vacant homes as ideal targets for arsonists and vandals as no one is there to check on the house. 

Mould

If you suddenly find a mould problem in your home, your insurance company will have no part in the cleanup or repairs. According to your insurance company, mould development means that you were not properly maintaining your home. You will have to pay for any repairs, regardless of how or when the mould developed. 

Home-based Businesses

You need to notify your insurer if you have a home-based business or start-up. Home insurance is not business insurance, and using your home for any business-related purpose could void your home insurance policy. Speak to your broker or insurance company to find out what additional insurance you may need, depending on the nature of your business. For example, working at a computer all day is very different than operating power tools. And bringing clients to your home for a business meeting can be risky without personal liability insurance. If that client were to slip and fall, you might be dealing with an expensive claim without the proper coverage.

When it comes to home insurance, knowledge is your best friend. Understanding what is and is not covered will help you adjust your policy where needed.

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Home Reno In The Cards for 2022: Our Top Five Tips Will Help

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Home renovations have always been a great way to improve your home’s return on investment (ROI) but knowing where to invest your money these days can be a challenge. Here are the top trends for 2022.

Minor kitchen remodel

Minor kitchen enhancements can give you more value than a significant renovation if you focus on the right areas. Upgrading appliances, adding new hardware, and repainting cabinets or replacing countertops may be all you need to bring your space to life. The era of plain white or wood cabinets has passed. Adding colour is this year’s big style change. Following the lead of European kitchens, we are seeing gorgeous greens, creams, taupe and even pinkish brown. Create a DIY weekend project or hire a local painter.

Larger bathrooms

With more family members living under one roof, bathroom space is often in high demand. Consider adding a double sink, walk-in shower and more storage. Homeowners are also adding luxuries to the bathroom to create a spa-like atmosphere with heated floors, touchless faucets, and backlit mirrors. Neutral shades of white, beige and grey are still popular as they don’t date and allow you to change accent colours with the seasons for a fresh, new look every few months.

Efficiency upgrades

There’s never been a better time to consider how renovations may impact climate change. Most new appliances are now energy-efficient, and many products incorporate recycled or reused materials. Upgrading windows? Be sure to choose a company with an ENERGY STAR product to help reduce heating and cooling bills and qualify for a Government of Ontario rebate (www.nrcan.gc.ca/energy-efficiency). Switching from wood to vinyl frames means no warping or rotting and no upkeep. Be sure to order from a reputable company with a lifetime or 25-year warranty and check customer ratings online. Solar-powered lights make a great addition to outdoor living space, refurbished old furniture pieces look great indoors and out, and eco-flush toilets are a smart upgrade to bathrooms.

Build that deck

While the pandemic days are still not quite behind us, many continue to find solace in outdoor living spaces. Although now isn’t the season for building decks, planning and booking that contractor ensures you can get the work done in the spring or summer. There are many types of wood to choose from, with some in higher demand than others. Do your homework to determine if wood is still a better option financially than a composite deck. Traditionally, composite has required a considerable investment because the materials tend to last longer, and there’s no upkeep. Wood requires a routine investment in staining and resealing, and not all grains are resistant to insects. Cedar and redwood are often your best bet; however, prices and demand for these types have increased significantly in the past two years.

Upgrade your entrance

One of the best investments you can make in your home is to upgrade the entry door and garage and create a stunning curb appeal. Entry doors now come pre-hung and are a great DIY project or hire a professional. A steel door is a better option than wood as it is durable and does not warp or crack with the changing seasons. Replacing the garage door is also a great way to update your look and it can quickly be done in a day. The ROI for both doors cover the cost of the product and installation and is never a waste of money, especially if you are looking to sell in the near future. You can reuse your current motorized opener and wiring and replace the door itself to save money.

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Easy Swaps To Give Your House An Instant Upgrade

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Sometimes the simplest decorating swaps can yield the biggest returns. These one-hit-wonder changes will invigorate your spaces with minimal effort on your part. But be forewarned: One swap may make you want to do another … and another. But that’s what makes decorating fun, right?

Swap standard-issue pillows for something with personality.

Ditch the pillows that came with your sofa and layer in a contrasting colour or pattern. But don’t toss the old pillows into the donation bin just yet. Oftentimes these pillows have reusable forms and will fit inside new covers. Or if y ou’re handy with a sewing machine, stitch new covers to size and you’ll save the expense of new pillow forms.

Swap a cluttered, utilitarian nightstand for something prettier.

Bring some luxury to your life by simply giving your nightstand a little love. Clear out the unnecessary clutter (we mean that pile of receipts and five random pens) and add a few pretty accessories that make your bedroom feel more like a retreat and less like a dumping ground. Designate a drawer for the basics, such as chargers.

Swap a plain lampshade for a patterned cousin.

Most lampshades are plain white, which can stick out like a sore thumb in a room where colour or muted neutrals reign. Do your whole room a favour and replace these offending lampshades with something that blends in better.

Swap a coffee table for an ottoman.

This swap is particularly effective if y our coffee table is part of a matched set with your end tables. An upholstered ottoman softens a furniture arrangement and provides another opportunity to add pattern and colour. Add a large tray to the top as a stable spot for drinks and accessories.

Swap silver for gold.

The gold trend is here to stay, so what are you waiting for? Start small and work in a few gold accessories to a specific spot. If y ou want to start riding the next trend, go with copper or rose gold.

Swap solid curtains for patterned counterparts.

Ditch plain window treatments for something a little livelier. Keep the new curtains within the same colour family as your old ones, and use the existing patterns in your room to determine the scale of the new window treatments. For example, if you have small- and large-scale patterns in your room, opt for curtains in a medium-scale pattern.

Swap bulky furniture for airy pieces.

Heavy, solid-frame accent furniture (such as end tables and ottomans) can weigh down a space. Replacing this dead weight with less-bulky pieces will make a space feel lighter and more refined.

Swap basic hardware for a custom combination.

Who says all hardware needs to be the same? Forge your own path with a mixed-and-matched set of knobs, pulls and bars.

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Should You Buy A Student Rental Property?

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If you have children about to enter university or are considering a property investment, purchasing a home to rent in a university town can be a lucrative business. But before you hire a realtor, be sure to do some research and understand this new venture’s benefits and potential drawbacks.

Benefits of Renting to Students

Choosing a property close to the school ensures you will always be able to fill the home with student renters who are looking for affordable housing. International students present an opportunity for a steady income stream as most come to Canada alone and must rent accommodation.

Renting to students can seem a bit daunting as these are tenants without a credit history and no source of income, but in most cases their parents are paying their way and will be the ones responsible for the rent. Getting a parent or guardian to sign the rental agreement helps ensure you will be issue-free throughout the year.

As a bonus, if you have a child attending university, you have the peace of mind knowing you’re providing a safe home for them to live in while they attend school.

Drawbacks of Student Rental Properties

The main downside of renting to students is that they are young adults who are not accustomed to looking after a home and may not treat it with the same care and consideration as a mature working adult. Parties run rampant in university settings, which can lead to unruly behaviour and damage to the home. There is also the concern of uncleanliness and improperly stored food, leading to vermin, mould, or insects. Choose your tenants wisely!

Becoming a landlord in another city or town makes it more challenging to maintain the property, like cutting the grass or replacing a broken appliance. If your primary residence is more than an hour away from the rental, it would be wise to find a local plumber or home improvement company in the area to save you a long drive in the evening to unclog a toilet.

What to Consider When Purchasing a Property for Student Tenants

Ultimately, you want the rent to cover the mortgage cost and have some additional money set aside for repairs or emergencies. It makes the most sense to purchase a home with maximum rental space. A 3-bedroom home can become a 4- or 5-bedroom by adding two rooms in the basement, for example.

Today’s student is looking for affordable, yet desirable living accommodations so minor upgrades will go a long way. Choose quality products for installations like toilets and sinks. While it may cost a few extra hundred dollars upfront, they will last longer and cause you less in repairs in the long run. When choosing flooring, use laminate or vinyl-tiled options, which are cost-effective and durable.

Where to Buy

A recent report from Canadian Real Estate Magazine listed the top five cities for making a real estate investment in 2021. Ironically, all five have a large Canadian university. Windsor (University of Windsor and Odette School of Business), Guelph (University of Guelph), Hamilton (McMaster University), Kingston (Queen’s University) and Vancouver (University of British Columbia). With the exception of Vancouver, each of these cities boast an affordable housing market which makes it a win-win situation when combining affordable house prices with a high demand for rentals.

Overall, students can be great tenants, and their short-term leases allow you time for updates, renovations, or the flexibility to sell when the time is right. With the proper planning and foresight, renting to students can be a rewarding and lucrative business.

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Modern Kitchen and Bath Upgrades

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Upgrades happen for all kinds of reasons, but one of the most common purposes of a home renovation is to make essential spaces like kitchens and bathrooms more modern.

Modernizing your spaces isn’t just about the aesthetic, although that is a major advantage, especially when it comes to resale value. Updating your kitchen and bath is also an opportunity to introduce new technology and enhancements that improve the function of these high-traffic rooms. Modern styles simplify everyday living and can make contemporary entertaining more enjoyable. The sleek lines of modern design lend themselves to a clean look, which is supported by hidden features that make organization easier.

Smart Technology

Although the idea of a connected home isn’t new, technology is steadily improving. This means smart features are now often more affordable, easily integrated into the rest of your home and available to help manage a wider range of household items.

In the kitchen, you can add smart technology in numerous ways, from appliances and climate control to lighting and window treatments. For example, touch-to-open and push-to-open doors and drawers create a sleek, modern design while opening and closing with either a push or touch of a button for convenience.

Similar diversity is available in the bathroom, where you can incorporate connected health and fitness monitors, touchless toilets, mirrors that double as information centres, towel warmers and even showers that automatically adjust to your preferred temperature.

Paint

Changing the colours in a space is one of the most effective ways to transform the decor, but the walls aren’t the only place where paint can make a big impact, especially in rooms like the kitchen or bathroom, where the cabinetry can make a bold statement.

Black is a hallmark of modern design and installing cabinetry with a black finish can instantly upgrade a room. To create visual interest, consider incorporating accent cabinets in a coordinating finish.

Decorative Range Hoods

An exposed range hood is a trendy look that can add sophistication to your kitchen. Treating this functional element as a statement piece gives you another place to showcase your style and create a sleek and modern look. If your hood is covered, consider making the cabinet door a focal point with a material such as back-painted glass.

Multi-Purpose Sinks

While your sink has some obvious functions, you can upgrade the space for even more practical use. Some of the latest sink design innovations include built-in features such as cutting boards, colanders, bowls, drying racks and compost areas. In addition, motion activated wastebaskets with separate compost or recycling containers provide hands-free access to reduce unwanted messes.

Touchless Faucets

Public restrooms aren’t the only places you can benefit from a touchless faucet. At home, the feature may come in handy when your hands are full or filthy. An automatic water

flow is convenient and can help keep germs and grime under control. For the most on-trend, modern look, coordinate your faucets with other bathroom elements finished in gold hues, such as a laminate veneer vanity in a high-gloss gold finish.

Free-Standing Tub

A luxurious soaking tub is a top demand for many homeowners, and trends are moving toward free-standing options that create a focal point in an oasis-like bathroom. You may be envisioning an old-fashioned clawfoot style, but there are numerous modern takes on the traditional version that can fit seamlessly into your modern design scheme.

Reprinted with permission from RISMedia. ©2021. All rights reserved.

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Got Kids? 5 Things to Look for in a Home

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Searching for a home on its own can be stressful enough. Throwing kids into the mix can leave you feeling frustrated and overwhelmed. To make the experience more enjoyable for all, consider this advice when house-hunting with a young family.

Location, Location, Location

It always comes back to location, and when you have kids, location is more important than ever. Depending on your children’s ages and interests, where you choose to raise your family can significantly impact how everyone settles in. Consider the type of community you want – rural, urban or suburban? A quiet life in the country sounds lovely, but if it’s a long way from schools, community centres or shopping, you could spend a considerable amount of time driving back and forth. Likewise, a city atmosphere may not be ideal if children have no place to play or the streets are busy.

Proximity to Schools

Considering the home’s proximity to schools may seem obvious, but it’s surprising how many people talk themselves into the “perfect” home only to discover it’s too far from a school or the walking route isn’t safe (think busy intersections or no sidewalks). Your employment situation and hours can also impact the ideal school location – will you be walking the kids or dropping them off on the way to work? The reputation of the school is also important and what it offers in addition to education. Does it have sports teams or an arts program? A home close to a good quality school will also keep reselling prices high, making selling easier if you choose to move again down the road.

Size and Layout of the Home

When considering the size of the home you need, take into account the sports or activities your children play. A hockey player may need a mudroom to store smelly equipment, whereas a musician may need instruments in a finished basement to keep noise levels down. Also, consider how long you plan to stay in the home. If this is a long-term move, will the space be large enough for teenagers or young adults? Students who go away to university or college usually move back home for a while as they search for employment and save for rent or a down payment. You may want to consider a basement with an apartment or a walk-out with a separate entrance.

It Takes a Village

It takes a village to raise a child – even in 2021. Finding a community where you can meet like-minded families is key to creating a happy home environment. Research the demographics for the area and determine if there are other families with children of similar ages. Check crime rates to determine if the neighbourhood will be safe for you and your family, then take a walk through the streets and get a good feel for the area. Can you see yourself there? Does it feel right? Your gut instincts can say a lot about a place, so take the time and check it out thoroughly.

Let Your Kids be Part of the Process

Depending on the age of your children, keeping them involved in house hunting as much as possible will make the prospect of moving more exciting. Ultimately, you will decide where to live, but involving them may go a long way to creating an easier transition. Consider leaving them at home for the initial visit and include them only when you have narrowed down your search. There’s a fine line between confusing them with too many options and keeping them involved, so try not to schedule more than two house visits in one outing. Kids who get bored will also become more disruptive and could cause tension during the visit.

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What to Look for in a Storage Facility

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Many people store items (furniture, boxed clothes, decorative items) in their basement or garage, but this can prove problematic. Temperature and humidity fluctuations can wreak havoc on your possessions, causing furniture to warp and fabric items to become mouldy.

External storage facilities are popular year-round. Need a place to store your precious antique convertible? Or is there no room in the garage or the garden shed to store your beautiful garden furniture through the winter months? Do you own a boat? Have the kids left home but somehow their “stuff” hasn’t gone with them? The list is endless….

But it is during the process of moving home that storage facilities really come into their own. As you prepare the home for sale, every stager and realtor will advise you to declutter as much as possible. You are going to need a place to store items you do not wish to part with. Sometimes, realtors will advise you to “refresh” your home décor and use more modern furniture and accessories to make a positive first impression on buyers. You will need a secure place to store your own furniture during the sale process.

Of course, once the sale happens, your moving company may offer to store your furniture in the event that the move-out date does not correspond with the possession date of your new home. But what if your new home needs a fresh coat of paint or a more extensive renovation before you move in? It may be more convenient to store your possessions in a secure facility where you have access rather than at the moving company where you will not be able to access it.

Lastly, downsizing is not easy. There are many people at this stage of life who don’t quite succeed in parting with all their precious possessions before they move, and need a semi-permanent place to store items that they still “need” occasionally.

It is no surprise then that the storage facility business is booming. There is a wide range of facilities to choose from, with different rates and features.  How do you choose which one is right for you?

When choosing a storage facility, Babette Buck of UltraStor in Burlington recommends checking contracts for hidden administration fees and their minimum rental period (usually four weeks/one month). She also suggests that, before you sign a contract, be sure to take a tour of the facility with a checklist. Here are some key items to consider:

  • The facility is well lit and clean
  • Each unit has an individual alarm
  • There is a robust security system
  • The facility is gated and locked
  • Each unit is temperature-controlled if indoors
  • The facility has a comprehensive pest control plan
  • Hours of operation -A 24-hour facility allows access at any time
  • Ask about promotions or discounts
  • The facility provides insurance coverage (your items will
    not be covered under your homeowner insurance)
  • The facility has a retail store with packing and moving supplies
  • You are provided with a high-quality padlock and key
  • The facility has a policy to not store prohibited items such as propane tanks, toxic chemicals or food
  • Check online reviews for 4- and 5-star ratings

With answers to these questions, you will be in a better position to compare the options available to you, and select a storage facility that suits your needs and budget.

Written by: Julie Achtermeier 

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