As we age our housing needs change, and these changes can be time- consuming to consider and expensive to implement. Moving house is a massive cost burden: real estate fees can be 4-5 per cent and these come on top of legal, house removal and any mortgage discharge costs too.
Finding a suitable home, that meets your needs and that you love as much as your current cherished home can also be a time consuming and emotional process. Often new homes need to be updated, redecorated or adapted to your tastes or needs.
Futureproofing
As we get older, one thing is certain – it is better to appraise your needs ahead of time and plan for the future. A future-proofed home, or a plan for your next move can be important for your psychological as well as your physical safety.
It can also provide your family members with confidence that they are doing the right things for you, to meet your needs. This is especially if you experience cognitive decline in your later years, as relatives can follow a plan that was put in place before this decline.
It is important to appraise your needs now and in the future. Review your house and how it will or will not meet your needs and how it can be adapted. Most Canadians want to live independently and age in place, staying in the family home they love for as long as possible.
A 2022 survey by HomeEquity Bank and Ipsos revealed that 92 per cent of Canadians aged 45 and up prefer aging in place over moving to a long-term care facility. However, as you get older your house might need some adaptations, and you may need some help with household tasks and extra services such as a personal carer, cleaner or meal delivery service.
Home adaptations
Making adaptions to your current home can often be the smartest move by keeping you in the home you love, surrounded by familiar places and people without the stress and costs of moving.
Handrails, walk-in showers, home elevators, adapted kitchens and ramps, for example, can make all the difference and are usually beneficial before they are critically needed especially if they mitigate a trip or fall which is the leading cause of decline.
In fact, falls are the primary cause of injury-related hospitalisations and deaths in individuals aged 65 and over, with fall-related injuries costing the Canadian healthcare system approximately $2billion annually.
Home adaptations that mitigate these risks can also be the cheapest option for you and your family, when compared to residential care fees or moving home. A 2021 survey by March of Dimes Canada identified that 93 per cent of seniors and 78 per cent of working-age adults agree that home modifications can help people age in place.
Local Support Services
Take some time to consider what help is available. Depending upon your needs and whether not you have a disability may affect what support is available. Are there any government grants or assistance that can pay for renovations? Are there any home support services that could help to meet your needs?
Even if you don’t need them now, it is good to know what is available as and when you might need them. Taking stock might seem time consuming now, but it can be a great time saver in the future, especially if there is a crisis in your health or mobility.
You can also review what other types of housing are available in your community. There are different types of seniors’ housing and there may be something more suited to your needs nearby. For example, you might need someone on site or community facilities to combat loneliness.
Having a plan and knowing that you have reviewed and approved these options means that family can be in harmony knowing that you have been involved in planning the next steps and have agreed with the plan.
What types of housing are available?
Seniors’ housing is not the same in all provinces and territories so you will need to consider where you want to live and what is available within that area. There are different laws governing the operation of some types of housing, and there are also differences in access to subsidized units for low-income seniors. As there is no one
size fits, it is important for you to do the research on your locality and individual circumstances.
Supportive housing, assisted living, retirement home? What are my choices?
There are many different types of supported housing arrangements which are designed for differing needs – whether those needs are cognitive or physical. This is a broad category of housing with different names. However, they are all different versions of a similar concept – that a residential placement comes with support services which can be added or are included in a package of care.
The services offered can range from meals, support with eating and drinking, assistance with bathing, and an on-call nurse. What is offered depends on the place available, and what you choose dependent upon what you need at the time.
Make yourself aware of what facilities are available in your area and what the costs involved are. These may be owned and run for-profit or by not-for-profit organizations such as service clubs or churches.
There are others that are government owned. In some provinces and territories there is government support for low-income seniors to make this type of housing affordable to meet specific needs. Take time to budget and think about how these needs can be funded.
Long term care / nursing home
When there is a high level of care needed a nursing home may be appropriate. This is for when there is a high level of need for personal and/or medical care due to chronic illness, disability or for end-of-life care. This level of need will need involvement of a doctor and/or other health care provider. Individual assessment of health needs will be needed to get access to this level of care.
How much does it cost?
The costs of different care needs and residential placements, with varying different levels of support services can vary greatly ranging from $2,000 to $14,000 per month, so it is important to plan accordingly and do your research. We recommend doing this with family members, especially those who have Power of Attorney, a Representative Agreement or Personal Directive so that they know your thoughts and feelings.
To help you to plan accordingly, The Canada Mortgage and Housing Corporation (CMHC), Seniors’ Housing Report, has information about the average cost of seniors’ residences throughout Canada. This is available on the CMHC Website, or you can order and pay for a printed version by calling 1-800-668-2642.
Top Tips to Help You Plan for Your Future Housing Needs:
- Apprise your home needs now and the future.
- Consider home adaptations or a move to help you age in place.
- Review home support services are available in your community (home care, meal delivery service etc).
- List seniors’ residences available, what services are included and at what costs.
- Have a lawyer provide a Power of Attorney, a Representative Agreement or Personal Directive.
- Make sure your trusted person(s) knows your plan and the options available to you now and in the future.