Victoria offers a range of senior living real estate options
Catering to diverse needs and preferences. These options include new-build seniors' residences, independent living units, rental units, social housing, and various other forms of accommodation suitable for older individuals.
New-Build Seniors' Residences:
Victoria is seeing the development of several new-build seniors' residences across southern Vancouver Island, adding over 1,000 units to the market. These residences include a variety of features, such as mixed-use rentals, condos, ground-floor commercial spaces, and accommodations suited to seniors. Some notable projects include Concert Properties' 15-storey development in downtown Victoria, Cherish at Central Park in Langford, and the Saanich Seniors’ Care Complex.
Independent Living Units (ILUs):
ILUs are typically self-contained bedsits, one- or two-bedroom units designed for older people who can live independently. These units are mostly managed by not-for-profit organizations and have varying criteria for eligibility.
Rental Units in Retirement Villages:
Some retirement villages offer rental units, usually prioritizing individuals with limited financial resources. These units often require an income assessment.
Social Housing:
This includes short and long-term rental housing that is owned and run by the government or not-for-profit agencies. It covers both public housing and community housing, providing options for people on low incomes or with special needs.
Supported Residential Services (SRS):
SRS are privately operated businesses offering accommodation and assistance with everyday activities like personal care, meal preparation, and medication management.
Specific Residences:
Victoria has various specific senior living residences, such as Ross Place Retirement Residence, Rose Manor, Marrion Village, and many more, each offering unique amenities and services like assisted living, independent living, memory care, etc.
Government Projects and Initiatives:
The region sees various initiatives to support senior living, including affordable housing projects like Cottage Grove by the Victoria Cool Aid Society, geared towards vulnerable seniors at risk of homelessness, and the eco-friendly Townley Place Passivehaus by the Greater Victoria Housing Society.
Despite these diverse options, Victoria's senior living real estate sector faces challenges, such as rising demand, affordability issues, and the need for more varied types of housing to cater to different levels of care and financial capabilities.
For more detailed information on each of these options and to explore the variety of senior living options available in Victoria, you can visit websites like Citified.ca, SeniorCareAccess.com. These sources provide comprehensive details on various housing options, eligibility criteria, and the types of services available in different senior living arrangements.
Consider contacting Ainsley Gower, a local Victoria Realtor, for all your real estate needs.
