WHY INVEST IN THE SENIORS HOUSING MARKET
INDUSTRY LEADING PROJECTS
Chancery creates value for our investors by seeking out innovative, industry-leading projects.
We aim to develop projects that will have options for all care levels in the seniors housing spectrum from memory care to independent living, assisted living to seniors apartments, so that seniors can find the care that they need in a Chancery development.
In Ontario there is a growing gap between the need for the care and the government’s ability to supply beds to seniors who need them. 26,500 seniors are currently without access to a long-term care bed in Ontario and over the next six years this wait list will double to 50,000.
Chancery develops high-quality, affordable seniors housing that allows seniors the ability to access services on a fee-for-service basis, allowing them the freedom to choose those services that enhance their quality of life. Living in a Chancery development offers peace-of-mind for seniors and their loved ones, who know that they can access quality seniors housing as the need arises.
Leaders in Affordable Seniors Housing
With a Canada-wide capture rate of just 9.1%**, it has become a necessity to provide seniors with more access to affordable housing in order to cover off the widening gap between government care and the needs of the demographic. Making seniors housing accessible to a greater number of seniors has been an industry focus for years, but with the high costs of construction and management, truly affordable suites have been few and far between.
In Ontario in 2016, only 1.5% of spaces rented for less than $1,500 per month, while 81.1% of units had an average rent of $2,500 or more per month*. These rental rates are a barrier for many seniors which make enjoyable and safe retirement living a luxury that is unaffordable for too many.
Chancery is working on two major projects that will revolutionize affordable care in Canada by offering a variety of options to fit into any budget, and, in some cases, offering residents access to à-la-carte services via concierge.
Canoe Bay is a seniors community overlooking beautiful Mooney’s Bay in Ottawa. Chancery partnered with Gary Harper of B&K Management to respond to a RFO from the City of Ottawa and was granted the right to purchase and develop the land in September 2016. Mr. Harper is part-owner of City View Retirement Residence where he introduced a successful affordable care model to the rather expensive Ottawa market.
Canoe Bay is an adult community that combines a variety of living options permitting active senior living and the ability to age in place in a beautiful setting. Canoe Bay seniors residence will be developed with smaller suites and more public space for amenities and activities, promoting social interaction, resident engagement and active living, while allowing for an affordable alternative to the competition.
Chancery and Hillsport Developments Inc. have partnered to develop The Bartlett Seniors Apartments in Oshawa, Ontario. With a premium central location within walking distance to Oshawa Centre Mall, these independent seniors living apartments will be competitive with market rental apartment rates. The Bartlett will offer the security and safety of a traditional retirement residence and residents can access a variety of services and activities available à-la-carte via the building concierge.
Chancery partners with local operators who understand the needs of seniors in their respective communities and has created custom platforms to fill those needs. Fundamentally, there isn’t a great deal of care being delivered in a typical retirement residence. Most of what is provided are services such as housekeeping, dining and laundry or, more generally, services that help seniors be less dependent on actual care. The primary comfort for residents of retirement residences is the knowledge that live help is close at hand, should the need arise. Chancery believes that seniors and their families can have such assurances in a more traditional apartment setting, thus meeting the needs of lower-middle income seniors. Comfortable living in retirement needn’t be a luxury and Chancery will continue to develop projects at the forefront of quality and affordability.
** The National Seniors’ Housing Survey. 2016. Canada Mortgage and Housing Corporation.