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NN is currently launching a major expansion in Mississauga and Oakville area. So if you‘d like to become a successful member of our North Americaâ€"wide network. Call... Our Sales & Marketing Department REALTY WORLD~ â€" Eastem Canada REALTY WORLD 1â€"800â€"263â€"3986 (416) 672â€"6611 REALTY WORLD Townâ€"City Realty ome home to estate living to own an elegant, u?gtaded 1665 sq. ft. residence below appt. glacement cost. Over ooki:g estate grounds and the pres't‘isious his professionally decorated residence reflects comfort a s(Yk kitchen with illuminated ceiling, 2 1/2 baths, mirrored wall in liv quality appointments. ONCE IN A LIFETIME OPPORTUNITY Yours to own at up to $85,000 BELOW other similar residences being offered at Fairways. THIS RESIDENCE MUST BE SOLD. CANNOT BE REPLACED AT THIS VALUE. TAKE ADVANTAGE NOW. N\ LIMITED, REALTOR REALTY WORLD m THE RESULTS PEOQPLE."~ Taamoysâ€"F|INt CONDOMINIUM RESIDENCES 1400 DIXIE ROAD, MISSISSAUGA Opposite the Toronto Golf Club Retirement living options require careful thought Have you given much thought lately to where you‘d like to spend your golden years? Does a cosy condo in Florida sound appealing? Or would you enjoy a more interactive retirement community where you could share your mealtime and recreâ€" ational hours with friends? How about a garden suite or a sharedâ€"equity lease? These are just a few of the growing numâ€" ber of housing opportunities Canadians may want to explore as they approach their senior years. While some of these concepts have been in existence for some time, there are several exciting new alternatives now being introduced in North America. Presently, about 10% of the country‘s population is aged 65 or over. But by the year 2,000, this percentage will grow to 13% and by the year 2031, seniors are expected to make up oneâ€"quarter of the nation‘s population. Ufidoubtedly. most older Canadians would probably prefer to continue to live independently in their own homes within the $ AnILY MBb residence below appraised value is and the prestigious Toronto Go 568â€"8111 891â€"7299 MILTON HAYNES Broker praised value and reâ€" us Toronto Golf Club. rle. Featuring a white iving room and other ) @ (7~ However, as an increasing number of housing alternatives come on stream, more and more seniors may be inclined to move out of their longtime homes, not simply as a matter of necessity, but because they‘ll want to take advantage of the benefits and specialized services many of these new options will offer. CURRENT OPTIONS Many Canadians are finding that mobile home retirement communities provide them with suitable amenities at a reasonâ€" able cost, as well as lots of opportunity for social interaction with their peers. Usually set in quiet, charming locations, these communities generally provide many services and recreational opportunities for residents. _ In most mobile home retirement communities, the homes are generally purchased by the seniors, but rent must be paid for the plots on which the units are located. HOME SHARING AND COMMUNAL LIVING Many seniors faced with economic or physical limitations may want to consider sharing their homes with family memâ€" bers, friends or acquaintances. In addition to helping the homeâ€" owner with expenses, home sharing also provides companionâ€" ship. In some cases, the homeowner may wish to reduce the rent charged to the newcomer, in exchange for performing variâ€" ous chores around the house. If you‘re interested in this option, check with your municiâ€" pality first; some could have bylaws concerning these types of arrangements when occupants are unrelated. . Sheltered retirement bousing is somewhat similar to the homeâ€"sharing concept. Extremely popular in Britain, this type of housing consists of a group of apartments or clusters of sinâ€" gleâ€"storey homes. Each occupant has his or her own living quarters, and a caretaker is on hand to provide special assisâ€" tance. Some of these setups also provide meals to residents. Often, the units can be bought and some offer lifeâ€"tenancy or sharedâ€"equity arrangements â€" concepts new to Canada. Life tenancies offer the elderly a chance to buy life leases (pay rent in one lump sum), allowing them to live in a unit for the rest of their lives. The cost is based on value of the unit and the age and sex of the purchaser. If the occupant moves or dies, ownership reverts to the developer or investor. Sharedâ€"equity arrangements can also provide many benefits. Under this type of system, seniors can purchase a portion of the equity of a unit â€" 25%, 50% or 75% â€" and then pay rent for the part still owned by the developer or investor. Maintenance and operation of the building are handled by special staff, but special fees (much like condominium fees) must also be paid to cover ongoing costs. If residents decide to move, they can sell their share in the unit and still benefit from any appreciation in the unit‘s value. Loan stock arrangements may also appeal to seniors in the future. With this setup, seniors make an interestâ€"free loan to the sponsor of a housing project. In exchange, the senior has the right to live in the unit rentâ€"free for the remainder of his or her life. The only payments they have to worry about are mainteâ€" nance and operation fees. OTHER RETIREMENT COMMUNITIES Retirement villages are generally larger than sheltered retirement housing systems (from approximately 100 to 200 individual units) but provide similar services. They are comâ€" mon in Australia. Lifeâ€"care communities can be larger still (between 100 and 500 selfâ€"contained units). They provide seniors with indepenâ€" dent lifestyles but offer increasing levels of service and care as needed. To live in these communities, residents usually have to pay a sizable entrance fee, along with monthly charges. OTHER OPTIONS Garden suites â€" also referred to as granny flats, doddy housâ€" es and elder cottages â€" are another emerging housing option for seniors. Although rare in Canada, these little dwellings are popular in Australia. They are selfâ€"contained, preâ€"fabricated units designed to be situated behind or adjacent to existing homes of family members or friends. Although these units are compact, they contain virtually all of the features of a regular home. Garden suites provide a viable option for seniors who require smaller, easyâ€"care dwellings, but wish to maintain their independence. Seniors may want to consider having one of these units located on their own property, and have a family member move into their former home. Retirees may also opt to sell their existing property and have a granny flat erected on the property of a son or daughter. However, an occupant cannot benefit from appreciation in the value of the unit. If a resident moves or dies, the interestâ€" free loan is returned to them or their estate. Grafmy flats are unique because they can afford a great deal of privacy, while still providing family companionship and assâ€" (See "Check" Page RE 26)