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HEAL ESTATE OUTLOOK Wednesday Jtme IRS Page Conference on housing options for older Canadians Save for highlights of ihc Cm da Census Report every four years most Canadian pay scant attention lo population statistics and demographics of he li getting more mature senior age bracket boasting the fastest growing of the By l3percentorailCnadl In 1 baby boomers born between the end of the Second World War and he early sixties will be well into their senior yean Unlike previous generations older Canadians arc look forward to and preparing for their senior years They are conscious of their health finances and the many lifestyle options available More informed and socially aware them they will demand many more choicer which maintain their independence while their changing needs as they progress through their red years Obviously the implications for the housing industry are great since a satis fying retirement often hinges upon nght match of home and location I accessible facilities and services As the federal government slut agency Canada Mortgage mil Housing Corporation 11 also prepmng for the future inno housing options with represent frompnvatc industry governments and social agencies As part of its scorch for answers to the housing question of the century CMHC is holding a Conference on Housing Options for Older Canadians which will tie into the 17th Annual Set cmific And Educational Meeting span sored by the Canadian Association of Gerontology in Halifax Nova Scotia 18 October Conference participants will exam ine new ideas in housing from financial perspectives Members of the community facing similar demographic trends will share housing experiences and concerns For example many countries such as Bntam and Australia have had sue ecu with forms of housing not often found in Canada The garden suite or granny flat has satisfied many seniors in Australia but met with mixed re views in Canada Placed on the prop erty of a close friend or relative these small selfcontained units give the sen an independent dwelling yet also a sense of security should be required The m popular f retirement housing in the United Kingdom not to mention the most promising housing market consists of purpose built apart mentsor groups of small single storey homes in developments of to SO dwellings Called sheltered retirement housing developments keep a staff member on hand lo help residents if necessary and each is equipped with an emergency alarm system The Conference will also examine ways of helping those who arc house nch and cash poor to stay in their homes through innovative financial CMHC hopes the Halifax confer will also educate architects and designers about the functional needs of the elderly For example the older person can not always see and hear or move as well as the average occupant of a specific type of dwelling Special lighting and spatial considerations accommodating wheelchairs or walkers mult be cons Id at the design stage so thai elderly residents have the sense of security and orientation necessary to maintain an in dependent lifestyle for as long as pos sible Coops inviting but beware Ontario residents could lose their homes if they fell for shady deals designed to get around rental hous ing protection laws Provincial government officials are concerned that unethical pro moters are setting up Illegal or misleading schemes to sell off units In developments classified as rental housing People think Ihey are buying a filece real estate an apartment in but what they are really get is an Interest in a rust or limited partnership says Sara Blake of the Ontario Securities Com mission which Is in vestlgallng a number of the promo- lions The interest Is not registered on title sometimes the existence of the partnership is not on the title either Even investors not interested In occupying the building hove to be says Ms Blake Confusion over the Identity of landlords responsibility for repairs decision making authority and who owns what can seriously affect the of an Investment When the tic makes no mention of a partner ship or trust there is a risk that the promoter could sell Hie building to a third party who Is unaware of the outside interests Ms So regardless of whether they want to live in the building live investors should act their lawyers involved Ms says The primary concern Is that purchasers arc not being told of the risks Stay away from anything hat seems odd If a court battle In the sale being declared void you probably hove to original seller to get any money back The chances of losses are loo great to take the risk when there are so many legitimate investments out there The legalities arc complex but at least four different structures for ownership are being used says Susan Rosenthal legal counsel for the Ontario Housing Ministry In all variations purchasers may nc mist into believing they can evict ex tenants to occupy the apart themselves Ms Rosenthal says But tenants are protected by the Landlord and Tenant Act and are not rcyuirwi to vacate their units when their building is sold she says setting up the sales to look like business ventures promoters arc trying to circumvent the Ontario Rental Housing Protection Act which became effective July 1986 Under the Act municipal approval is required for any ma jor changes affecting rental housing This Includes demolitions renova and conversions to other uses or forms of ownership such as con dominiums and specific kinds of co operatives set out in the act The legislation defines rental housing as any building or related group of buildings containing at least one rental unit In most lions it does not affect housing in municipalities with popula tlons smaller than or buildings with less than five residential units There arc an awful lot of its ends or to this situation so like the we ore advising people get lawyers closely involved In any purchase that seems remotely ques lionabk Ms Rosenthal says Don sign anything until a real estate lawyer has reviewed the deal and if you still have doubts specifically about potential of the Rental Housing Act If the type of cooperative defined In the act Is set up illegally it could be disbanded The penalty for contravention of he act is a maximum fine of and one year In jail for each count on the Rental Housing Protection Act are available at Rent Review Services offices located throughout the province Numbers are listed in the Ontario government section of the phone book blue pages Questionable sales of rental be reported to the nearest BBS office or if Investment shares are involved contact Ms Blake at Like the homeowners below You Could PLAN Your SUMMER Move NOW LET BILL OR ANDY SHOW YOU HOW EASY IT IS TO MOVE TO YOUR DREAM HOME Not intBitdad To Solicit Home Already For Salt CALEDON BEAUTY 1850 bungalow miles of Caiedon Village Sunken living ceilings Custom built year old wilh view of Caiedon Offered Call Bill or Andy lor personal viewing Duplet sold as un lor the scot ring buyer now windows separata targe lot Can Bill or Andy King Sales Reps SA4IBLE BEACH GETAWAY 8732437 RESTAR MARLATT REALTY GROUP INC NETWORK OF THE STARS MEMBER REALTOR