QRL Seniors' Market
The current Seniors Assisted Living Market is regulated under the Landlord
and Tenant Act with new provisions being added. The business opportunity is on the cusp of
huge growth. Independent market research firms are engaged to perform an analysis of the
existing market within a given area that we propose to build in. This independent report
provides the impetus to move forward each of our projects as they develop, through various
stages.
In Canada, it is estimated that by 2041 approximately 23% of the
population will be over 65, up from 12% in 1995. Seniors continue to make up substantial
shares of all people employed and the large majority live at home. In the past 15 years,
incomes of seniors have risen faster than those of people under the age of 65.
Specific to the Greater Toronto Area, the following provides some examples
and information on statistics and trends relating to the seniors population.
According to the latest Census there are approximately 338,000 people in
Toronto over the age of 65, representing 14 per cent of the City’s total population.
The City’s population continues to age. Seniors are the fastest growing age group.
The number of seniors has almost doubled within the last 30 years. The 75+ age group alone
has increased by 138 per cent since 1971.
By 2031, projections are that 16 per cent of the Toronto population, or
nearly 480,000 people will be over the age of 65. The 75+ age group is expected to
increase by nearly 50 per cent between 2001 and 2031. Women make up a large share of the
senior population, especially in the oldest age range. In 2001, women represented 59 per
cent of the population aged 65 and over, and 74 per cent of the population aged 90 and
over.
Seniors predominantly live in family households. In this regard, 56 per
cent lived in husband-wife families, 39 per cent were single seniors, and 5 per cent lived
in lone-parent families. Roughly one in every four seniors lives alone.
Continually the independent market research indicates and supports the
building and operating of new Seniors Assisted Living Rental units.
Quality Retirement Living
125 Guelph Avenue, Unit 2, Cambridge, ON
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