5.3 Market Feasibility
Currently the housing market in Ottawa is highly favourable for the seller. This provides a unique environment for seniors, who are typically home owners and mortgage free, to sell their existing dwellings and provide means for sustaining a lifestyle. Family ties and current residence in Orleans make it likely that seniors will take up residence in Orleans, this is born out by the Canada Mortgage and Housing Corporation (CMHC) that the proportion of seniors is higher in slow-growing regions such as Orleans.
The Orleans senior population is growing, and is in line with the overall Canadian senior population growth, which according to CMHC is roughly twice the rate of the general population growth. The following chart shows population counts for east and south Orleans, and confirms a sizeable target market:
Age Group Number
Source: Statistics Canada, 2001 Census
Current Market for Retirement Residential Homes in Orleans
The senior's population and the need for supported housing are growing quickly.
Meeting this need is mainly occurring in the central-west end of Ottawa as can be seen in the following map (City of Ottawa). There are only two residential homes in the Orleans area, which is disproportionate to other region of the city of Ottawa.
According to the CHMC, 60% of senior households who choose to relocate tend to stay within 10 kilometres of their homes. There are 5,020 seniors currently residing in Orleans and this will mushroom as over the next 20 years as a further 23,210 hit retirement.
Market Area Definition
The Canadian population has only one in five of its seniors over the age of 70 who decide to move upon retiring. And out of those above the age...