Our House

Dominion LenDing CentreS OUR HOUSE Spring 2017 >> 11 StoCKSY, iStoCK 8.5 million 1.6 million 23–25% or 10,000,000+ Vancouver—to secure the $60,000 they budgeted to complete the work. "the market had unprecedented numbers," Krista says. "i knew [the mortgage company] would give us money." the couple put the money to work, completing the project in early 2017. the Herons are part of a growing number of Canadians who are either renovating to take in an elderly parent, or altering an existing dwelling so a senior parent can remain at home. the latter is commonly known as "aging in place." A study by Caregiver omnimedia from 2015 found there are 8.5 million family caregivers in Canada and another 1.6 million people over the age of 55 are care recipients. meanwhile, numbers from Statistics Canada suggest seniors (65 years of age and older) could represent between 23 and 25 per cent of the total population in 2036. that means the number of seniors in Canada could top the 10-million mark. the numbers have caught the attention of the Canadian Home Builders' Associa- tion (CHBA), the biggest construction industry association in Canada. gary Sharp, director of renovator services with CHBA, says home renovations to accommodate seniors is an area where the association expects to see growth. He notes more than 80 per cent of seniors surveyed want to live in their house as long as possible and are considering renovating to stay. "it's definitely a market worth looking at," Sharp says, adding members of his association are prepared for an increase in requests for this part of the industry. the CHBA has an entire section on its website for people to use as a guide when looking for the right contractor. But Sharp cautions that the types of renovations needed may not be as simple as making room for a wheelchair. Before making any modifications, the CHBA recommends speaking to an occupational therapist who can get an understanding of the particular needs of the person at the time and in the future. "there's a whole variety of different things that can be done to make housing more livable," Sharp says. And any major renovation is going to cost money. Fortunately, there are options for the homeowner. pauline tonkin, a mortgage specialist with Dominion Lending Centres, says that homeowners who have an existing home and have enough equity can do a straight refinance. Homeowners, however, who haven't developed enough equity can do a renovation plus improvements, which would then go through an appraisal process to confirm the increase in the value of the renovation. tonkin notes insurers and lenders typically look at 10 per cent of the value of the home to a cap of $40,000. if the person is buying a home with the intention of doing renovations at the same time, they can also finance for the purchase plus the improvement. tonkin says the financing process for these options aren't particularly onerous, suggesting that more people would look at renovations of this nature if they were more aware of what's available to them. "i think there's going to continue to be a demand for that particular product, but education and letting people know it's out there is important," she says. Various provincial governments such as ontario and B.C. also offer personal income tax credits for seniors' (or a family member living with a senior) making home renova- tions. information on many of the programs around the country can be found online. Back in maple ridge, the Herons are happily adjusting to mom moving in. they have also had a chance to reflect on the entire process. "there are moments where it's stressful, because there are things that weigh on you that you have to fulfill and things you need to do. that list never seemed to end," says Dave. Krista says her mother has officially retired and is now enjoying her days doing what she wants to do. Her mom's happiness has made the renovations all the more worthwhile. "to see her come and go as she pleases and live a life that she wants. it means everything." Seniors as a percentage of the total population in Canada— more than 10 million—by 2036 People over the age of 55 who are care recipients Number of family caregivers in Canada GOlDeN yeARs

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