For West Coast retirees, there is a vast ocean of choices in retirement residences. Options range from a glitzy, high-end seniors’ residence to renting a suite in a government-sponsored complex. To help navigate this complex terrain, we’ve broken down the possibilities into three categories based on the amount the retiree has to spend.
$1,000 to $2,000
This is insufficient to get you in the door of one of the private seniors’ residences. Patrick McLaughlin, president of Kiwanis Seniors Housing of West Vancouver, advises checking with BC Housing for a list of non-profit housing options such as those operated by Kiwanis. These are rented out to seniors capable of living independently at usually around 70 per cent to 80 per cent of market rates.
Lower-income seniors can then also apply for a SAFER (Shelter Aid for Elderly Renters) subsidy from BC Housing.
Under the subsidy formula, tenants pay 30 per cent of gross income toward rent and the subsidy pays the balance up to a maximum of $765 for singles.
There is big demand for these non-profit housing complexes, so expect a waiting list. Retirees can also consider moving into a government-subsidized assisted-living suite where residents pay 70 per cent of their net income.
$2,000 to $5,000
At the lower end of this scale, you can get in the door at Amica’s Rideau Manor in Burnaby, a highrise apartment building that has been converted into seniors’ housing. Michael Hayward, vice-president of marketing and communications for Amica Mature Lifestyles Inc., which operates seven private retirement residence communities in B.C., describes this as one of the best-kept secrets in the Lower Mainland.
For $2,350 a month including taxes, seniors can rent an alcove suite, which is similar to a one-bedroom suite except that the sleeping area does not have a window. For this price, residents get meals and access to a staffed wellness centre and fitness facility.
The building offers a range of possibilities within that price range, including $2,950 per month for a one-bedroom apartment with balcony, and two-bedroom units that are around $4,850 a month. There is one two-bedroom suite with three balconies that goes for $4,975 a month.
(Image: $2,000 to $5,000 per month: model suite at Amica's Rideau Manor in Burnaby. One-bedroom suites rent for $2,950 per month; two-bedroom suites from around $4,850 per month | Amica Mature Lifestyles)
This building is for seniors who no longer want to cook and clean for themselves, welcome the recreational facilities and can live independently. There is a nurse on staff but not around the clock. Once occupants require assisted living – meaning help with some of the basics of daily living like getting dressed and taking medication – they will either have to move to an assisted-living facility or hire help privately.
For $4,195 per month, independent seniors can rent a studio apartment in Amica’s higher-end Arbutus Manor in Vancouver’s Kerrisdale area, which includes a minimum of two meals a day, housekeeping, all-day tea, coffee and snacks, physical fitness and recreational programs and access to a nurse on staff.
Azim Jamal, CEO of Retirement Concepts, which operates two retirement communities in Vancouver, namely the Terraces on 7th and the Renfrew Care Centre, and 10 in total in the Lower Mainland, said one-bedroom suites for either independent or assisted living in these buildings would rent for between $2,000 and $5,000 per month, depending on location and services. Meals, housekeeping and recreational programs would be included. Typically for those in assisted-living suites, personal care is available for around $35 an hour.
$5,000 and over
For $7,275, seniors can rent a two-bedroom suite in Amica’s Arbutus Manor, which includes meals, housekeeping and a wide variety of recreational programming. Tenants who require assisted living can move into a studio and get the extra help for $6,000 a month.
For $10,000 a month, wealthier seniors can move into a condominium worthy of a glossy architectural magazine in Watermark, which is attached to Amica West Vancouver. These condos have full-size kitchens and all the amenities one would expect in a high-end residence, including fine dining and a swimming pool. Those who suddenly need assisted living can move onto a second separate floor, sparing the trauma of relocating to another facility.
(Images: More than $5,000 per month: for $7,275, retirees can rent a two-bedroom luxury suite in Amica's Arbutus Manor in Vancouver, which includes meals, housekeeping and a wide variety of recreational facilities and programs | Amica Mature Lifestyles Inc.)
Hayward stresses that cost is often not the prime motivating factor in choosing where to live. Rather, seniors are more apt to choose first to remain in their neighbourhoods close to friends and family and then figure out what housing options are available in it. Of course, price does play a role in the final selection.
Author’s note: At the time of this writing, Amica had been sold to BayBridge Seniors Housing Inc. and was in the process of transitioning.
For more on retirement preparedness, see an infographic at www.biv.com/navigating and read our new Retirement Ready magazine at https://www.biv.com/magazine/retirement-ready-2016/
