Make the Right Choices for Your Senior Years

Downsizing is a big theme in the real estate sector, particularly now with aging Boomers making up nearly 30% of the Canadian population; the entire Boomer generation will hit 65 by 2031, making the proportion of seniors about 23%, versus 15% in 2011. According to a Canadian Housing Observer released this winter, seniors account for 30% of owner-occupied condos in Canada, compared to 19% occupied by under-35s.

Putting aside the marketing reality that young ‘uns don’t want to live cheek by jowl with the oldies, there are signs in many of our newest communities that healthy seniors would be able to age steadily within them. Having a concierge at the door, fitness centre in the basement, and TTC at the curb are all great features for seniors. The lack of stairs in most condos alone is a worthwhile consideration. Well maintained sidewalks with landscaping and benches, nearby medical services, and the lack of maintenance inherent in condo living are all good things, too. I recently wrote a column about the city’s parks, and cited research that park adjacency is actually linked to lower crime rates, and parks are a major talking point for many new condominiums.

While you might think that a lack of cash flow would mean downsizing to a smaller town in addition to a smaller home, based on 2012 data for a variety of criteria including bike- and pedestrian-friendliness, access to transit, days with a temperature above zero and days without rains, cost of property taxes, doctors per thousand residents, average home prices and incomes, and incidents of violent crime, MoneySense magazine in 2013 put Toronto sixth, behind Victoria and Saanich, B.C., and Kingston, Burlington and Ottawa. Toronto’s a big city, though, with neighbourhoods that sometimes bear little resemblance to one another.

In their neighbourhood rankings last summer, Toronto Life considered among its criteria some that are irrelevant to many seniors, such as schools and employment, criteria that sometimes gave one neighbourhood an edge over another; their No. 1-ranked neighbourhood, Rosedale/Moore Park, is certainly pretty, but its outstanding 97% score for employment and 93% for schools don’t carry much truck with seniors. Its low crime stat is a good one, but its mediocre transit and shopping scores are less impressive. The second-place neighbourhood, Banbury/Don Mills, had a paltry 23.2 transit score, but high scores for health & environment and entertainment.

If you’re a senior with an eye on a new condo, a new neighbourhood, or both, here are a few things to consider:

-          Lower cost of living: You may think Toronto is Toronto is Toronto, but have a good look around your prospective new neighbourhood to see what, say, the grocery store will cost you. If the nearest store is McEwan or Longo’s, you’re going to pay more for everything you bring home than if it’s a No Frills. Fancy buildings mean fancy rents, so if your dentist, florist or veterinarian is located in a chic building, they’re going to charge more. If you’ve got the money, it can be well worth the pleasant experience to pay top price for services, but even a bargain can become a cost burden in the wrong surroundings.

-          An involved community: How does your prospective new neighbourhood engage residents? If, for example, you’ve got a partner with dementia, you don’t want to isolate yourself. You want to buy somewhere there are services to support you. Do your new neighbours have the same interests? Is there a library nearby? (They’re great for finding cheap and free things to do — just check the bulletin board.) Are there appropriate agencies to support your individual needs and interests?

-          Access to public transportation and walkable streets:  Punch your neighbourhood into Walkscore.com to find out how it measures up. While Toronto’s transit system is touted as the best in Canada, access can vary widely from neighbourhood to neighbourhood.

-          Great shopping and entertainment options: This one depends on what you’re into, but many a condo-buying downsizer has told themselves they’ll make great use of the cultural venues, shopping options, galleries and whatnot around them — and they don’t. Book a hotel room for a few nights and pretend you live there. Check it out on a weekend, and during the week. If you don’t find any options that move you, don’t move there. You can pay a premium for an upscale neighbourhood whose amenities don’t interest you.

-          Low maintenance, one-level property: Any condo will mean the end of snow-shovelling and eaves trough-cleaning, but layout can mean a lot. If you’ve got mobility issues, look for wide hallways, open common areas, and within your suite, easily accessed laundry rooms, thermostats and the like.

-          On-site amenities: An on-site fitness centre can be a desirable option for many seniors, but remember you pay for amenities in your monthly condo fees, whether you use them or not. Many seniors like a swimming pool, but they are heavy on maintenance and that translates into higher condo fees. Are you better off with a nearby community centre? Do you entertain friends and family enough to pay for multiple party rooms or guest suites? Will you use a business centre? How much does a fancy lobby or pet spa mean to you? Be careful you’re not paying to maintain areas you won’t use.

Do your homework, and you can make your move into the next phase of life a truly rewarding one.