by Michelle Morra
The senior housing market is different in Québec than in the rest of Canada. Compared to other provinces, where meals and services add considerably to rental costs, the Québec model is more à la carte—seniors select and pay for only the services they want.Another key difference is the price of rent itself. Not only are rental apartments in general less expensive in Québec, but the province offers a tax credit for seniors, reducing their rent to the tune of about $300.
Le Groupe Maurice aims to offer “the best product for the best affordability of our residents.” What exactly that means is a continual work in progress according to the company’s Vice-President,Michel Bouchard.
“Usually around age 75, people are looking to break the isolation they have,” Bouchard says. “A lot of people are alone and need to socialize. They need to meet people, talk to people, and they also want security. As you get older, sometimes you lose a bit of your autonomy and you want to make sure that someone is looking after you if something were to happen health-wise.”
Groupe Maurice residences are highly secure, with access cards for the building and 24/7 surveillance cameras. Bouchard says the company is always looking for new services to offer, new ways to be state-of-the-art. “The product we’re building today is significantly different from our earlier buildings in terms of space, natural lighting, and services offered,” he says. “And it keeps on evolving as the baby boomers come to the age of moving to these types of residences. We want to continue to meet the demand.”
Asked if the current pace of senior housing is sustainable, Bouchard has no doubt. “The latest reports say that the 75-plus segment of the population will keep on increasing until 2035 or even 2040,” he says. “And while there’s a lot of construction going on, everything we have built still doesn’t satisfy the demand. I’ve been working in real estate on several types of products—from retail to office to everything else—and in my mind this segment is undergoing the largest growth of all.”
Published in Canadian Real Estate Forum