Altus Feasibility Study (pdf) - Maison Senior Living

CALGARY, ALBERTA 

A PROPOSED SENIORS HOUSING PROPERTY 

MARKET FEASIBILITY STUDY 

File No. NYKV959184 

Effective October 15, 2010 

Prepared for Milliken Developments 

Prepared by Altus Group

Independent Real Estate Intelligence 

File No. NYKV959184 

Milliken Developments 

234 19 th Street West 

North Vancouver, BC 

V7M 1X5 

Attention: Ms. Kate Milliken Binns 

RE: MARKET FEASIBILITY STUDY ON A PROPOSED ASSISTED LIVING [AL] & MEMORY CARE [ALZ] RETIREMENT 

RESIDENCE AT 4904 – 4920 ELBOW DRIVE SW, CALGARY, ALBERTA 

Dear Ms. Milliken Binns: 

We have completed an investigation and analysis pursuant to your request for a market feasibility involving the 

above noted proposed seniors’ housing property and herein submit our findings. The purpose of this study is to 

validate demand and to verify the developer’s rental rate and staffing assumptions for a freestanding luxury, 

boutique style retirement residence providing assisted living [“AL”] and memory care [“ALZ”] in southwest 

Calgary. The intended use is for internal planning and decision making and no other use. This study is subject to 

the terms of reference, extraordinary assumptions and extraordinary limiting conditions described herein. 

The following report provides details of the subject property and summarizes the information gathered in our 

investigations, techniques employed and reasoning leading to the conclusion. The analysis, opinions, and 

conclusions were developed based on, and in conformity with, our interpretation of the guidelines and 

recommendations set forth in the Canadian Uniform Standards of Appraisal Practice [“The Standards”]. The 

report is subject to the terms of reference and assumptions and limiting conditions herein. The accompanying 

report of 62 pages contains the results of our investigations. 

The report is for the sole use of our client, Milliken Developments. However, the client may provide only 

complete, final copies of the market feasibility report in its entirety [but not component parts] to third parties who 

shall review such reports in connection with loan underwriting or securitization efforts. Altus Group Ltd. is not 

required to explain or testify as to the results other than to respond to the client for routine and customary 

questions. Please note that our consent to allow a report prepared by Altus Group Ltd. or portions of such report, 

to become part of or be referenced in any public offering will be at our sole discretion and, if given, will be on 

condition that we will be provided with an indemnification and/or non‐reliance letter, in a form and content 

satisfactory to us, by a party satisfactory to us. We do consent to your submission of the reports to rating 

agencies, loan participants or your auditors in its entirety (but not component parts) without the need to provide 

us with an indemnification agreement and/or non‐reliance letter. 

Research, Valuation & Advisory Cost Consulting Realty Tax Consulting | Geomatics | Environmental & Forestry Services 

200 University Avenue, 7 th Floor, Toronto, ON M5H 3C6 Canada T 416.221.1200 F 416.221.1416 

www.altusgroup.com

4904 ‐ 4920 Elbow Drive, Calgary, AB 


October 28, 2010 

We hereby certify that we have no present or contemplated interest in the herein described property of any kind 

whatsoever. If you require any further information on this matter, please do not hesitate to contact the 

undersigned. 

Respectfully submitted, 

Altus Group Limited




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TABLE OF CONTENTS 

EXECUTIVE SUMMARY ................................................................................................................................1 

BACKGROUND.......................................................................................................................................... 1 

PRIMARY MARKET AREA [PMA] .................................................................................................................... 1 

DEMOGRAPHIC PROFILE ............................................................................................................................. 2 

SUPPLY & DEMAND .................................................................................................................................. 2 

DEMAND COVERAGE RATIO [DCR]................................................................................................................. 2 

OPERATING ASSUMPTIONS ......................................................................................................................... 2 

INTRODUCTION ........................................................................................................................................ 3 

SCOPE OF INVESTIGATIONS ......................................................................................................................... 3 

ASSUMPTIONS & LIMITING CONDITIONS......................................................................................................... 4 

EXTRAORDINARY ASSUMPTIONS .................................................................................................................. 4 

ECONOMIC OVERVIEW ................................................................................................................................5 

SENIORS MARKET EVOLUTION & HISTORIC OVERVIEW......................................................................................11 

REGIONAL & CITY DESCRIPTION ..................................................................................................................21 

MARKET AREA DEMOGRAPHIC PROFILE........................................................................................................ 28 

MARKET SUPPLY ANALYSIS .......................................................................................................................51 

DEMAND ANALYSIS................................................................................................................................. 56 

DEMAND COVERAGE RATIO....................................................................................................................... 59 

CERTIFICATION....................................................................................................................................... 61 

QUALIFICATIONS .................................................................................................................................... 62




Background 

EXECUTIVE SUMMARY 

We researched the retirement home market in Calgary to determine if the freestanding mixed AL/ALZ concept is 

feasible and whether the operator’s proposed average rents and staffing ratios are reasonable and achievable. 

In order to test demand, we prepared a market feasibility based on our model which takes into consideration 

family types, income and need. 

Outside of the government funded care model, ALZ is uncommon in the private pay market and does not exist in 

the high end format in Calgary as proposed by Milliken. Moreover, the only comparable model in the country is 

operated by Sunrise Senior Living, a US based developer of mansion style residences in Ontario, BC and Quebec. 

Primary Market Area [PMA] 

The PMA encompasses the south‐westerly portion of the City of Calgary, south of the 17 th Avenue, east of 

Crowchild Trail/37 th Street SW, north of Fish Creek/Canyon Meadows Drive SE, and west of Queen Elizabeth 

Highway/Blackfoot Trail/McLeod Trail. 

The subject property is located in the northerly portion of the PMA on the boundary between two 

neighbourhoods; Elboya to the east and Britannia to the west. It is an established inner city community located 

approximately 3 kilometres from downtown Calgary. 

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Demographic Profile 

The PMA is estimated to have a 2010 population of 171,594. It has a middle‐aged population age structure with 

predominant affluence classification of middle and upscale, and above average incomes when compared with the 

Calgary CMA. 

An estimated 10,968 people are aged 75+ years or older in the PMA, representing 6.4% of the total population. 

The number of seniors is expected to grow to 11,370 over the next 5 years, a modest increase of 3.7%. The average 

annual income for the 75+ cohort is $52,376, 33% higher than the Calgary CMA average. 

Supply & Demand 

The PMA contains a total of 963 retirement units in six (6) residences and currently captures approximately 8.8% 

of the seniors’ 75+ population. Based on our analysis of existing supply, we estimate that no units in the PMA 

would be competitive to the proposed high end development. 

To estimate market demand, our model considers family types, frailty in the seniors’ population and income 

levels. Based on our modelling, potential demand in the PMA is for 262 units. 

Demand Coverage Ratio [DCR] 

The demand coverage ratio measures the relationship between market demand and competitive supply in the 

PMA. We contend that a market is in equilibrium when the DCR is approximately 2.0. 

As noted above, no units are deemed “competitive supply” in the PMA. Our model includes the subject property 

units [73] and presumes that 75% of the total demand originates from the PMA, or 55 units [73x 75%]. Therefore, 

the DCR is calculated at 4.8 [qualified demand ÷ net supply]. Based on population forecast by Environics 

Analytics, the DCR will rise to 5.2 by 2015 barring a possible change to the supply. 

Operating Assumptions 

Based on our analysis of AL and ALZ rental rates at similar freestanding, upscale residences across the country, it 

is our opinion that the estimated average rents, staffing ratio and overall expense ratio proposed are consistent 

with benchmarks in the seniors’ housing market and reasonable to achieve in the Calgary market. 

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Purpose of the Study 

INTRODUCTION 

The purpose of this market feasibility study is to determine if demand exists for a high‐end assisted living and 

memory care residence in Calgary, Alberta. 

Intended Use of the Study 

The only intended use of this study is to assist with construction financing for a proposed seniors’ housing 

residence located at the intersection of Elbow Drive and 49th Avenue SW, in Calgary, Alberta. 

Effective Date of the Study 

The effective date of the study is October 15, 2010. 

Data 

The data utilized in our analysis is derived from the 2006 Canadian Census, 2005 Tax Filer data, Environics 

Analytics, the Assisted Living Federation of America, the National Investment Conference for the Senior Living 

and Long Term Care Industries, as well as various proprietary databases. 

We have relied on Environics Analytics for our population estimates and forecasts. 

Scope of Investigations 

The scope of this market feasibility study encompasses the necessary research and analysis to prepare a report in 

accordance with “The Standards” which involved the following steps. 

� Published data from municipal authorities was reviewed as it relates to the real estate market in which 

the subject is situated. Investigations were carried out in order to evaluate market trends, influences and 

other significant factors relevant to the subject property. 

� A demographic profile of the subject property’s PMA was compiled from data sources including Statistics 

Canada and Environics Analytics. 

� The competitive supply documented in this report was researched and interviews were carried out with 

the operators involved in order to obtain current rental rates, occupancy levels and an indication of 

general market conditions. 

� A demand model for the proposed property was prepared. 

Since this study was not intended to be used for court purposes or for arbitration, some of the information set out 

may not have been fully documented or confirmed by reference to primary sources. 

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The user of this report should exercise reasonable and proper due diligence and consult legal advice and such 

other experts necessary to make informed decisions regarding the property. 

Assumptions & Limiting Conditions 

This report is prepared at the request of our client, Milliken Developments, as a market feasibility study. It is not 

reasonable for any company other than Milliken Developments to rely upon this report without first obtaining 

written authorization from the Altus Group Ltd. There may be assumptions or limiting conditions in addition to 

those set out below relevant to the client or their intended use. This report is prepared on the assumption that no 

other person(s) will rely on it for any other purpose and that all liability to all such persons is denied. 

While expert in consulting matters, the author is not qualified and does not purport to give legal advice. 

The author is not a qualified surveyor and no legal survey concerning the subject has been provided. Sketches, 

photographs, etc. are presented in this report for the limited purpose of illustration, are not to be relied upon. 

Neither possession of this report nor a copy carries with it the right of publication. All copyright is reserved to the 

author and is considered confidential by the author and his client. It will not be disclosed, quoted from or referred 

to, in whole or in part, or published in any manner, without the express written consent of Altus Group. It is 

subject to confidential review by the Appraisal Institute of Canada. 

The information furnished by our sources is believed to be reliable. As well as using documented and generally 

reliable evidence of market transactions, it was also necessary to rely on hearsay evidence. 

Because market conditions, including economic, social and political factors, change rapidly and, on occasion, 

without warning, the conclusion[s] reached as of the date of this appraisal cannot be relied upon to estimate 

market value of any other date except with further advice of the author. 

The compensation for services rendered in the report does not include a fee for court preparation or appearances. 

However, neither this nor any other of these limiting conditions is an attempt to limit the use that might be made 

of this report should it properly become evidence in a judicial body which will decide the use of the report which 

best serves the administration of justice. 

Extraordinary Assumptions 

The reader is advised that this report does not address unforeseeable events that could alter market conditions 

reflected in the analysis prior to completed construction. 

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Canada, Economic Overview 

ECONOMIC OVERVIEW 

Source: Altus Group Economic Consulting based on Statistics Canada, CMHC, and Conference Board of Canada (data as at August, 2010) 

The pace of the Canadian recovery slowed significantly in the second quarter. According to Statistics Canada, 

Canadian gross domestic product (GDP) slowed to an annualized 2.0% in the second quarter of 2010. The 

performance in the second quarter was led by oil and gas extraction and mining, while housing investment, which 

had previously driven growth, showed signs of softening. Although the pace of the recovery has become more 

tepid, these new levels appear to be more sustainable. Overall, the consensus view continues to be for a fairly 

gradual economic recovery. One factor prompting the cautious optimism is foreign trade, which continues to 

struggle, posting a number of small deficits and surpluses, a far cry from the large surpluses prior to the recession. 

Part of this can be attributed to the continued struggles of forestry exports, which is attributable to the continued 

weakness in the U.S. housing market. Also, a possible slowdown in China could dampen demand for some of 

Canada’s raw materials. 

Over 2010 as a whole, Canada’s GDP is expected to grow at an annualized pace of some 3.2% before slowing to an 

annualized pace of 2.7% in 2011. Public sector spending will continue to play an important role in economic 

growth while private spending also improves. Concerns over a euro‐zone debt crisis should continue to add 

pressure to the Canadian recovery. However, the continual improvement in private sector spending should help 

alleviate any concerns about a double‐dip recession in Canada. 

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Strong job growth since the second half of 2009 has resulted in Canada recouping nearly all of the jobs lost in the 

recession. In the second quarter of 2010, employment was up about 1.0% from the previous quarter on a 

seasonally adjusted basis. In addition, employment in the second quarter was nearly 293,000 jobs higher than the 

same period in the previous year. The outlook is for employment to grow at an average annual pace of 1.6% 

through the forecast period. 

Housing starts remained a bright spot in the Canadian economy in the second quarter, rising to 202,400 units, 

seasonally adjusted at annual rates. This marked the fourth straight quarter‐over‐quarter improvement. Overall, 

housing starts were 4.9% higher than the previous quarter on a seasonally adjusted basis. However, these levels 

are expected to moderate due to exhausted levels of pent‐up demand and the effects of pulled‐forward sales. 

Existing home sales are also showing signs of softening. The Canadian Real Estate Association reported that the 

number of homes sold in the second quarter declined by 13% on a seasonally adjusted basis, and average existing 

home prices also moderated. Overall, despite improved employment conditions and the expectation that the 

recovery has become more entrenched, the housing market is expected to recede from the frothy levels 

experienced in the first half of 2010. 

Activity in non‐residential construction spending (buildings and infrastructure) showed some encouraging signs of 

improvement in the second quarter, led by investment in commercial and industrial buildings. Overall, spending 

on non‐residential structures was 1.2% higher than the previous quarter on a seasonally adjusted basis. However, 

levels still remained 3.8% below the same period in the previous year. Spending should continue to improve as 

businesses resume spending and efforts to complete projects associated with government stimulus spending 

continue. Also, with oil prices beginning to stabilize and uncertainty surrounding deep sea drilling, private sector 

investment intentions for oil and gas investment in the Western provinces should improve. 

All told, the economic recovery is becoming more entrenched, but there remain some headwinds to the recovery. 

The significant amounts of public‐sector debt is now a concern for the euro area, and it will limit the potential 

contribution of public sector stimulus going forward and has translated into higher taxes and interest rates. 

Another major concern is lethargic job growth in the U.S. Sluggish employment growth has resulted in still‐ 

depressed consumer confidence and a housing market still struggling to gain a foothold. 

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Alberta, Economic Overview 


The Alberta economy has bounced back after a difficult 2009, with economic growth is expected to resonate 

throughout the forecast period. The improved performance is partially due to the insatiable thirst for oil and gas 

and the Province unveiling new royalty rates, which make it a more attractive destination for investment. 

Resource prices have lured many firms back to the oil sands, as a number of companies have announced 

intentions to bring once idle projects back online or increase production. The benefits of increased investment in 

the oil sands should flow through the economy and benefit the manufacturing, trade and service industries. 

Exports also continue to improve but the recovery remains gradual. In the second quarter, exports were 28% 

higher than the same period in the previous year. The improvement was led by exports from petroleum refineries. 

As the global economy improves and demand for resources reasserts itself, Alberta will likely re‐establish itself as 

the Canadian growth leader. 

Employment continues to be a soft spot in the province, but it is expected to pick up steam. Although 

employment levels have started to improve recently, they remain well below the peak experienced before the 

recession. In the second quarter, employment was only 0.2% higher than the same period in the previous year and 

well off the pace experienced by other Canadian provinces. Overall, in 2010 annualized employment is expected 

to be 0.4% higher than the previous year as the province is not expected to recover the jobs lost in the recession 

until 2011. 

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Housing starts in Alberta continued to improve in the second quarter. Starts were about 12% higher than the 

previous quarter, seasonally adjusted at annual rates, and almost double the same period in 2009. Despite the 

improvement in housing starts, levels remain well below those experienced prior to the recession. New housing 

construction will continue to face headwinds as a number of completed and unabsorbed row and apartment units 

continue to increase and limit the number of apartment starts going forward. The oversupply of condominium 

apartment units is compounded by slower migration to the province, as migration in the first quarter of 2010 was 

about 60% lower than the same period in the previous year. These factors will likely restrain housing starts in the 

short term before showing more stable signs of improvement as they become more aligned with market 

fundamentals. 

Spending on non‐residential building construction has yet to improve. Non‐residential investment spending was 

2.2% lower than the previous quarter on a seasonally adjusted basis and 12% lower than the same period in 2009. 

As technological advancements in the extraction of shale gas result in the emergence of this industry in B.C. and 

Saskatchewan this could negatively impact the important natural gas industry in the province and limit the 

number of projects going forward. However there are a number of factors that have renewed interest in the oil 

and gas industry in the province. These include stable oil prices, uncertainty surrounding deep sea drilling and a 

more competitive royalty regime. Therefore, investment in non‐residential building construction is expected to 

start to recover and remain strong. 

While the oil industry is on a solid footing, within the natural gas sector there are ongoing structural implications 

for this key Alberta industry. Technology has unlocked vast supplies of shale gas across North America. This is a 

game changer for the natural gas industry in terms of feasibility of development, reserve estimates, and proximity 

of supply to markets. The new supply additions, coupled with weakened demand from industry, have resulted in a 

sustained downtrend in natural gas prices from $8.00 GJ to $4.00 GJ during the past two years. The implication is 

that the budget surplus party is over for the Alberta Government. In perspective, the leading source of revenue for 

the Alberta Government is energy resource revenue, accounting for 30% of total government revenue. The key 

challenge is that of the total resource revenue generated for the government, 65% is derived from natural gas, 

25% from oil sands, and 10% from conventional oil. Until the oil sands industry output increases substantively, the 

Alberta Government will be faced with lesser revenue. This has demand side implications for real estate, 

particularly the government office sector in Downtown Edmonton. 

The recovery in Alberta will be tied to the strength of oil prices, as the benefits will trickle down through the 

economy since both the manufacturing and trade industries are highly interconnected with the resource industry. 

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Calgary, Economic Overview 


Calgary continues to have an economy where prosperity is linked to energy market conditions, as the Calgary 

CMA is home to many service‐providing companies along the energy‐sector value chain. The strong energy 

market over the past several years has resulted in nation leading population growth and Calgary now being the 

fifth largest city in Canada (as per 2006 Census). The local economy should strengthen in 2011, due in part to 

stronger global demand and higher prices for resources. Higher energy prices will likely lure some investment 

back to the province and Calgary should experience spin‐off benefits from the increased spending. 

Employment has continued to struggle in the region despite improvements throughout much of Canada. In the 

second quarter, employment was 0.5% lower than the same period in the previous year and 0.7% lower than the 

previous quarter, on a seasonally adjusted basis. The annualized employment growth rate of 1.9% expected in 

2011 is still significantly slower than the annual average growth rate of 3.1% experienced over the last decade. 

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Despite wavering employment conditions, housing starts have continued to improve. In the second quarter, 

housing starts were almost double the level experienced in the same period in the previous year. However, there 

are signs that the housing market in Calgary is set to cool, as the number of newly completed and unabsorbed row 

and apartment units continues to increase and existing home sales have started to decline. However despite these 

risks, the Calgary housing market should continue to benefit from improved affordability as both new and existing 

house prices are below their pre‐recessionary peaks. Also, the region continues to have one of the strongest 

population growth rates of any large metropolitan area in Canada, which bodes well for market fundamentals. 

After experiencing double digit increases between 2004 and 2008, spending on non‐residential building 

construction has continued to decline. Activity in non‐residential construction was 1.9% lower in the second 

quarter of 2010 compared to the previous quarter, on a seasonally adjusted basis. However, despite these lower 

levels of construction spending there are some large projects in the pipeline, including the expansion of the 

Calgary Airport, which is expected to cost $45 million and be finished in 2013. Also, uncertainty surrounding future 

regulations for deep‐sea drilling could shift more investment to the Alberta oil and gas sectors and the region 

should experience spin‐off benefits associated with higher levels of investment. 

Although there is up‐side potential due to the possibility of increased spending in the oil and gas sectors, wavering 

employment conditions and a fragile U.S. recovery could dampen the recovery. 

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SENIORS MARKET EVOLUTION & HISTORIC OVERVIEW 

Historically, the American seniors housing industry has been considered to be a decade in advance of the 

Canadian industry simply by virtue of the fundamental difference in the health care delivery systems in the two 

countries. This gap has closed considerably as today the two countries are operating on virtually identical 

marketplace premises. 

In Canada, the Federal Government’s commitment to a universal public health care system drove the retirement 

and health care industry to revolve principally around an institutional model with uniformly consistent products 

that were more nursing home like than hospitality. Investors in the industry were largely small local “mom and 

pop” entities. It is no coincidence that the vast majority of the existing inventory of projects (both public and 

private) developed across Canada before about 1995 are characterized by a preponderance of small bed‐sitting 

rooms, limited amenity spaces and cafeteria quality meal facilities, which are appropriate for a care model but not 

an independent model. 

In the US, the existence of strong private sector involvement in health care has driven investors, developers and 

operators to create distinctly different housing and health care options. Much of the evolution of products such as 

condominiums for seniors, campus style continuing care retirement communities, life‐care residences and stand‐ 

alone lifestyle rental retirement residences have evolved from a fundamental understanding of the quality and 

customer service expectation in the private pay realm. Although there have been legacies of large, institutional 

nursing home owners and operators such as Beverly and Hillhaven, the rapid evolution of the lifestyle retirement 

industry was propelled by companies such as Sunrise and Marriott in the 1980’s which demonstrated that the 

business could be as much about “want” as about “need.” 

Customer service in the business of caring for seniors had thus proven to be a bona fide philosophy for 

profitability. In the 1990’s the nursing home sector began to feel the burden of customer expectation and out of 

this turmoil evolved the assisted living industry. This evolution blended the best of both nursing and lifestyle 

retirement living into a new service product that now placed a high premium on meeting the expectations of not 

only the seniors who were the residents, but also on meeting the expectations of the adult children of the seniors 

who were lynchpins in the decision making process for private pay nursing services. Success in this new paradigm 

required developers and operators to create buildings and unbundled services more into a menu instead of the 

one‐size‐fits‐all philosophies of the past. Indeed, the Baby Boomer adult children of seniors had become of 

paramount importance. Companies such as Sunrise Senior Living were spawned from this revolution and as the 

market accepted these products, the capital markets began to feel more comfortable with these products and 

companies. 

In Canada, it took until the late 1990’s for the capital markets to become comfortable with the appeal and 

profitability of the seniors housing sector. Apart from Extendicare and its focus on nursing homes, the launch of 

the Central Park Lodges LTC REIT in 1997 precipitated and paved the way to the public markets for companies 

such as Amica, Chartwell, Sunrise and CPAC. Interestingly, these companies have one thing in common; they are 

all committed in some degree to the principles of customer service in their residence development and operating 

models. These public companies, especially the large REITs, have both funded and private‐pay residences in their 

portfolios as expected in the Canadian context. 

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A testimony to how closely converged the two countries are in terms of product development and business 

philosophy today is the fact that two of the largest Canadian public companies (Chartwell REIT and Extendicare) 

have residences in both Canada and the USA and manage them all from headquarters in Canada. Further, two of 

the longest standing national players in Canada are RRO (formerly Retirement Residences REIT) and Holiday 

Retirement Corp. It is in the context of daily business of these bi‐national developer operators that the inevitable 

convergence of the Canadian and American experiences will most rapidly occur. 

The shifting Canadian Provincial landscape for private sector involvement in the provision of assisted living is 

likely to open up significant opportunities for investors, developers and operators. Provinces such as Quebec and 

Alberta are leading the way in the level of cooperation between public and private sectors and demonstrate a real 

willingness to allow the private sector to evolve market‐driven services and products. It is the success of such 

public‐private initiatives and the continued positive experiences of the large public company investors that will 

lead to the growth in investment in Canada by American companies. Of course, the fact that the product 

segmentation differences of yesterday are becoming blurred to non‐existence also helps greatly. 

Nomenclature 

The seniors housing industry brings together elements of traditional real estate, together with hospitality and 

health care industries. The components of the industry as we know it today form a continuum of care that 

generally parallels the stages of aging. The following diagram illustrates the general business sectors of the 

industry in Canada. 

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INDEPENDENT LIVING > INDEPENDENT SERVICED LIVING > ASSISTED LIVING > MEMORY CARE > LONG TERM CARE 

This accommodation reflects a declining contribution of “real estate” and increasing contribution of “business” 

value through the continuum of care. 

Independent Living (IL) accommodation is typically an apartment/unit which has a full kitchen and which forms 

part of a larger seniors’ community. Suites may be owned or rented and cater to seniors who require minimal or 

no assistance with daily living. Sometimes a limited meals package and housekeeping are included in the basic 

rental/monthly fee but typically, services such as meals, housekeeping and laundry are normally provided on 

request for an additional charge. IL residences are not subsidized by the government and residents are 

responsible for the entire cost of accommodation and services. 

From a rental perspective, IL is most common in the Province of Quebec. In other Provinces, it is typically 

encountered in the non‐profit sector as rentals or life‐lease projects. An emerging trend for IL in Ontario and BC is 

ownership in the form of condominium apartments which are often attached in some fashion to a rental 

retirement home. Amenities and services of the rental building are made available to owners of the condos for a 

fee. Operators such as Amica (with JV developer partners) and CPAC (now part of Chartwell REIT) are innovators 

of this model in Canada.




Independent Serviced Living (ISL) and Assisted Living (AL) are typically associated with retirement residences and 

play the most significant role in the seniors’ housing industry, providing for the lifestyle wants of seniors while also 

catering to their physical needs as they age over time. They offer services such as 24 hour supervision and 

emergency response, 2 to 3 daily meals and snacks, planned social and physical activities, housekeeping and 

laundry services and assistance with one or more acts of daily living. Retirement homes are privately owned and 

are not regulated by the government except through local municipal by‐laws, building codes, etc. ISL and AL are 

differentiated by the service platform. 

ISL residences are more lifestyle oriented than AL, typically providing assistance with “instrumental” acts of daily 

living such as meal preparation, housekeeping and laundry, and with limited personal care services such as 

medication administration and/or assistance with weekly bathing. AL residences are a combination of housing, 

personalized supportive services and health care designed to meet the needs of those who require assistance with 

activities of daily living. Although the target market is 75+ years of age, the average age is typically about 85 years 

old. Typical services include assistance with transferring, bathing, grooming, medications, special diets, etc. The 

noted exception is the Province of Ontario where a retirement home operator is allowed to provide up to 1½ 

hours per day of personal care without a license. This is the main distinguishing factor between the retirement 

home market in Ontario and others in Western Canada. 

In our view, this is an excellent opportunity for operators in Ontario. They can offer a continuum of care in their 

buildings, extending the average stay and create additional revenues along the way. This is particularly true since 

the LTC beds are now generally full (with a few exceptions) and care needs will again spill over into the private 

retirement home sector. 

Long Term Care (LTC) throughout the Canadian seniors housing sector is designed to accommodate residents 

who no longer are able to live independently and who require onsite nursing care, 24 hour supervision or personal 

support. LTC residences offer higher levels of personal care and support than is typically provided by independent 

living and/or retirement residences. Accommodation may include shared, semi‐private or private units. Most 

residences are licensed or require some level of government approval to operate and are eligible for government 

funding support subject to regulation and care standards. 

Development Trends 

Seniors and their adult children (“influencers”) are increasingly becoming well‐informed about the housing 

options and service offerings available in the market. The stereotype of the “old folk’s home” is being replaced by 

an awareness and appreciation of the merits of specialty seniors housing arrangements. Increasingly, the 

healthier, more affluent senior is demanding and receiving the model of housing she or he wants, one offering a 

more independent lifestyle with care and support available, but only as needed. Most contemporary retirement 

homes now resemble hotels more than the nursing homes of previous generations. The industry is evolving to 

meet new needs and the demands of the seniors housing sector. 

Since residents in seniors housing residences of all types spend so much time in the residence and rely on the 

programs and staff for so much of their daily enjoyment, residence managers must be committed to excellence in 

service delivery. In addition to experience and expertise in providing health services to seniors, residence 

managers may also include professionals from the hospitality sector. 

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With their growing affluence and the encouragement and support of their adult children, many more seniors are 

able to select more attractive ISL arrangements. These residences offer larger suites, more common areas, 

amenities and social programs. These residences look and feel like an apartment or hotel, offering services that 

residents enjoy and care that many residents need. The buildings offer increasingly sophisticated fire and safety 

systems, heating and cooling, and communications and emergency response technologies. In the long‐term care 

sector in Ontario (and in other provinces), new design standards and models are leading to the creation of less 

institutional, friendlier residences where the residents can better cope with their frailties and limitations with 

dignity. 

Marketing of retirement homes is becoming increasingly important for a number of reasons. First, with the 

expanding range of residences and programs being offered, it is necessary to educate consumers as to the choices 

available and to dispel the image of old‐style seniors homes. Second, marketing assists in reducing the time to 

achieve lease‐up, resulting in earlier stabilization. Third, effective marketing in the local community, through 

market positioning, understanding local needs and good relations with local health professionals, helps to ensure 

future referrals of new residents. With respect to LTC Residences, while occupancy is rarely a concern (given 

government control of supply and funding), the ability of a residence to attract residents willing to pay extra for 

preferred accommodation (such as private rooms) represents a profit opportunity which can be realized through 

effective marketing. 

In addition to new types and designs of seniors housing residences noted above, there are continuing 

improvements in technologies, treatments and options for seniors. These include sophisticated resident tracking 

and emergency response systems, the introduction of new medications targeting the deteriorating effects of 

dementia, enhanced ventilation systems, anti‐microbial/anti‐bacterial carpets, new food preparation systems, 

computer based monitoring/communications systems and portable telephones that permit staff to monitor all 

aspects of a building’s safety and security allowing prompt responses to resident requests. The increasing use of 

the internet as a communications tool has led to the introduction of internet stations as a standard component in 

the design of new residences. At the same time the search for, and selection of, accommodation for seniors 

increasingly involves obtaining information from the Internet, including seniors housing and healthcare, websites. 

The successful operation of any type of seniors housing residence demands a broad range of expertise. The 

operational skill sets required include property management, hotel services (food and lodging), social activation, 

management of health care programs, marketing and community relations, labour relations, and liaison with 

government, regulators and other professionals. Established industry leaders can attract and retain key 

managers, professionals and front‐line staff to provide all of these needed skills by offering better career paths 

and working conditions than smaller operators. Larger players also enjoy economies of scale in purchasing and 

can afford better marketing and branding strategies. For new entrants to the seniors housing sector, obtaining 

financing can be difficult since lenders and CMHC consider the level of experience when assessing any prospective 

operator’s loan application. 

The risks and rewards associated with seniors housing depend on the type of residences owned or operated. IL 

residences and retirement homes are similar to apartments in that space for living accommodation is rented, but 

with various levels of services also offered. The principal factors affecting occupancy levels and revenues of a 

14




residence are the size of the seniors’ population in the surrounding area and the residence types that the 

population requires. Effective marketing can positively influence revenues and occupancy rates. 

Profit margins for IL residences and retirement homes are generally higher than for LTC Residences. The 

ownership and operation of LTC Residences tends to involve lower risk but generate smaller profit margins than 

other types of seniors housing residences because of government regulation and higher levels of care and costs. 

The greatest risks for all types of seniors housing residences are in the development phase, which includes land 

assembly, zoning approvals, construction and lease‐up. 

Conclusions 

Up until the late 1990's, the retirement home industry was fragmented with a number of operators and few 

corporate entities. The product available for sale was largely institutional, involving small, nondescript buildings. 

Transactions were limited in number and generally reflected a range in overall cap rates between 11.0% and 

12.0%. Few contemporary projects had been sold or even offered for sale. During the past 10 years, the market 

has consolidated to some degree with the emergence of corporate and institutional investors. Their appetite for 

product and aggressive pricing, combined with the inherent difficulties competing with larger chains, has enticed 

or perhaps forced many smaller operators to divest. 

Sales volume has grown considerably beginning with the formation of Retirement Residences REIT [Revera] and 

later Chartwell REIT and Maestro Real Estate Capital Management. Not only has volume picked up, so has the 

quality of assets being offered for sale. 2007 was a significant year for transactions, particularly of portfolios; three 

notable transactions took place which affected the Canadian seniors housing market. The first to close was the 

Public Sector Pension Investment Board’s acquisition of Retirement Residences REIT. The second, the largest by 

dollar volume, was the acquisition of Holiday Retirement Corporation by the Fortress Investment Group. This was 

followed closely by Ventas REIT’s acquisition of Sunrise REIT. Prior to this the largest most significant portfolio 

acquisition involving Canadian seniors housing properties was in September 2003, when the “Lifestyles” portfolio 

was acquired by RRREIT. The transaction was significant for two reasons. Not only did it involve one of the 

country’s finest chains, but the REIT’s equity partner was Canada Pension Plan Investment Board. 

The market remains fragmented with only about 25% to 30% of the market being held by a small contingent of 

operators led by Chartwell REIT, Revera and Maestro. A pattern of capitalization rates and other relationships in 

this industry has emerged and has become relatively well established. 

15




Alberta Seniors Housing Overview 

Alberta currently has over 370,000 seniors (residents over the age of 65), representing approximately 10% of the 

provincial population. This number has steadily increased over the past 20 years, and is expected to continue to 

grow into the near future due to a number of factors, including the aging of the “baby boomer” generation, lower 

birth rates, and longer life expectancy. It is estimated that in less than 20 years, the seniors’ populace will double, 

and that by 2031, one in five Albertans will be over 65 years in age. For Edmonton specifically, the most recent 

municipal census (2009) had 76,776 seniors living in that city. This represented 11% of the respondent population, 

relatively consistent with the provincial average. 

With the increase in life expectancy for people in the 20th Century, the proportion of senior citizens will continue 

to grow. According to Health Canada, since 1920, life expectancy has increased by an average of seven years for 

men and thirteen years for women. This will further increase the number of people over the age of 75. 

To meet future demands for seniors’ housing, the Government of Alberta has initiated the Affordable Supportive 

Living Initiative, and the Lodge Modernization and Improvement Program. The program has now committed 

funding to 60 organizations that will share $119 Million. In total, the funding will be used to build and modernize 

1,153 supportive living spaces and update 1,992 lodge units. Partnering organizations include municipalities, not‐ 

for‐profit organizations, housing management bodies, and private sector companies. This funding is in addition 

to approximately $246 Million in capital funding since 1999 that has supported the development and 

modernization of approximately 4,800 supportive living housing units. 

The most recent trend in new construction in Alberta has seen significant development of Private Assisted Living 

and Designated Assisted Living facilities. This trend is congruent with the demographics of the Province and will 

assist in accommodating the upcoming wave of seniors in need of appropriate housing services. The intention is 

also that the development of these types of facilities will bridge the gap between independent living and long‐ 

term care, thus reducing the pressure on long‐term care facilities. 

As it relates to the demographic profile of Alberta seniors, the following discussion provides a brief summary of 

some pertinent facts. 

Seniors on average earn less than those people below the age of 65 do. The most recent income data compiled 

on income of seniors is from 2004. The average pre‐tax income of senior families in Alberta was $56,200; the 

average pre‐tax income of unattached male seniors was $29,500; the average for unattached single female 

seniors was $25,500. The income earned by seniors is comprised of approximately 60% from non‐government 

sources. 

According to Statistics Canada, senior’s largest expenditure is shelter, accounting for 21% of overall total 

expenditures. The second largest expenditure is transportation, accounting for 16%. 

16




As it relates to housing expenditures, the following chart outlines the distribution of those over the age of 65 in 

terms of housing style. 

Overall, the senior demographic is a viable and growing customer base. Continued development of seniors 

housing will be required on a go forward basis, with new product being by both public and private organizations, 

or by way of joint public/private initiatives. 

In Alberta, the continuing care system is shared responsibility between Alberta Seniors and Community Support 

and Alberta Health and Wellness. There are three streams of services/accommodations within the Alberta 

continuing care system; home living, supportive living, and facility living. 

17




� Home Living – Includes people who live in their own homes, including, but not limited to, single family 

dwellings, apartments, condominiums, and other independent living seniors apartments. 

� Supportive Living – Combines accommodations or housing and hospitality services with other supports and 

care. Supportive living operators are responsible for coordinating and arranging hospitality services and may 

coordinate or provide personal care and other support services. There are currently 4 levels of supportive 

living care offered in the Province of Alberta. 

� Facility Living – Include long term care facilities (ie. Nursing homes, auxiliary hospitals) that provide care for 

individuals whose health needs are such that they are unable to remain at home or in a supportive living 

accommodations. 

Prior to 1993, there were 180 health boards in the Province of Alberta. In 1994, 17 health regions were created by 

government with appointed boards to manage operational decision making at the local level. Many new 

initiatives were developed for seniors, including the concept of “designated assisted living” and increased 

supportive living complexes. In 2003, the number of health regions was further reduced to nine. 

In May 2008, the Alberta government announced its decision to govern the province with one health system 

under the Alberta Health Services Board. This replaced the nine health regions previously in place that were 

accountable to the Minister of Health and Wellness. Previously, each of these nine health regions was responsible 

for their own standards, accountabilities, language of services and funding structures. The belief was that these 

separate structures lacked the consistency, equity and flexibility necessary to adequately administer the services. 

Application Process 

An assessment of the seniors’ health and personal need is completed via a Continuing Care Placement 

Coordinator with the Alberta Health Services Board. The function of the coordinator is to assess the needs of a 

person for nursing home care of continuation of nursing home care. 

18 

(1) Under the Nursing Home Act, to be eligible for benefits, a “resident of Alberta” means a person lawfully 

entitled to be or to remain in Canada, who makes the person’s home and ordinarily a resident in Alberta 

and any other person deemed by the regulations to be a resident of Alberta, but does not include a 

tourist, transient, or visitor to Alberta 

(2) Benefits may be paid in respect of a resident: 

a. Who has been found by an assessment committee appointed pursuant to the regulations to require 

nursing home care, 

b. Who is a resident of Alberta and has resided in Alberta for a period prescribed in the regulations, and 

c. Who meets other requirements or conditions prescribed by the regulations 

(3) Benefits may not be paid in respect of a resident: 

a. If payment for the resident’s nursing home care is the responsibility of: 

i) The Worker’s Compensation Board 

ii) The Department of Veterans Affairs (Canada) 

iii) The Department of National Defence (Canada)




iv) The Medical Services Branch of Health Canada 

b. If the assessment committee finds that the resident is no longer in need of nursing home care or that 

the resident no longer meets other requirements or conditions prescribed by the regulations. 

(4) Nothing under this Act prevents a person who does not desire any or all of the benefits under this Act 

from assuming the responsibility for the payment of any or all of the costs of the person’s care in a 

nursing home 

Regulation 

The major pieces of regulation governing long term care facilities are the Long Term Care Accommodation 

Standards and the Continuing Care Health Services Standards. Alberta Health and Wellness is responsible for 

health care services while Alberta Seniors and Community Supports assumes responsibility for overseeing the 

Government’s role in the provision of accommodation services. Until recently, regional health authorities 

monitored and enforced compliance with the Continuing Care Health Services Standards at the regional and 

operational level. 

Alberta Health and Wellness is responsible for publicly funded continuing care health services and has developed 

the Continuing Care Health Services Standards. Alberta Seniors and Community Supports is responsible for 

overseeing the Government’s role in the provision of accommodation services and has developed standards for 

long term care homes and supportive living residences. The standards were originally developed in 2006, and 

have been revised on an annual basis. The standards were developed in consultation with the regional health 

authorities (in place at that time), continuing care operators/agencies, professional associations, and various other 

stakeholders. The document identifies standards for the provision of quality continuing health services and it 

applies to all publically funded continuing care health services regardless of whether they are provided directly by, 

or under contract to, the applicable health authority. It is intended to build upon existing legislation and includes 

standards that are currently not in legislation. The Continuing Care Health Services Standards are based on the 

following six principles: 

� Client Centred Care – care planning, coordinating and delivery of services are centred on the client and their 

unique needs and preferences. The client participates in decisions regarding their care and their 

decisions/choices respected to the extent possible. 

� Integrated Care Teams – all individuals who are providing care work together to develop and implement a 

care plan. Team members know their roles and responsibilities and work together and support one another in 

delivering the best possible care. 

� Client and Family Involvement – clients/families are part of the integrated care team. They understand their 

roles/responsibilities and what is expected of them and are supported in making informed decisions about 

their care. 

� Wellness & Safety – clients are provided with services designed to address their assessed health needs and 

promote and maintain their wellbeing in a safe manner. 

� Quality Assurance – making sure a minimum quality of care is provided through compliance with the 

standards. 

19




� Quality improvement – improving the quality of care being provided through evidence based best practices, 

supporting innovation and creativity, and creating a culture of quality. This should incorporate the six 

dimensions of quality of the Alberta Quality Matrix for Health developed by the Health Quality Council of 

Alberta. 

Summary of DAL, EDAL & LTC Services 

Rent for DAL units includes all of the features of a typical the ISL service platform as well as up to 2 hours per day 

of personal care. EDAL residents receive up to 3 hours of personal care per day. These care requirements are set 

forth under the provincial regulations and personal care may include services such as; assistance with 

medications, dressing and grooming assistance, portering, cueing, bathing assistance, and assistance with eating. 

EDAL residents generally suffer from cognitive impairment and these residents require more one‐on‐one 

assistance within a secured setting. LTC residents receive all the services offered to the DAL and EDAL residents; 

however, LTC residents generally have more complex medical needs and they receive approximately 3.6 hours of 

personal care per day. 

20




REGIONAL & CITY DESCRIPTION 

Calgary is the largest city in Alberta and the third largest city [by population] in Canada. It has an area of 722 

square kilometres. The city serves as the hub of Canada’s fifth largest Census Metropolitan Area. It is located at 

the junction of the Bow and Elbow Rivers, in the foothills of Alberta's Rocky Mountains. Calgary is the 

predominant urban centre in Midwest Canada. 

Calgary is well served by its advanced transportation infrastructure. The TransCanada Highway runs through the 

heart of downtown Calgary and provides a linkage to Swift Current and Regina to the east and Kamloops and 

Vancouver to the west. Highway #2 provides regional north‐sought access connecting to Red Deer to the north 

and the Canada‐United States border to the south. Calgary Transit offers local public transportation throughout 

the city. Calgary International Airport offers domestic and international flights. It is the third busiest airport in the 

country, serving more than 12 million passengers on an annual basis. 

Despite much diversification in recent years, Calgary's economy is still dominated by the oil and gas industry. The 

larger companies include EnCana, Petro‐Canada, Shell Canada, Imperial Oil, Suncor Energy, and TransCanada. 

Agriculture, tourism, and the high‐tech industries have also contributed to the city's rapid economic growth in 

recent years. Other large employers include the Forzani Group, ATCO, Shaw Cable and Westjet. 

The Calgary Health Region serves a population base of more than 1.2 million people. The Calgary Health Region 

has approximately 2,300 doctors, 12 hospitals, 4 comprehensive health centres, and 41 care centres. The City of 

Calgary is served by four major hospitals; Alberta Children’s Hospital, Foothills Medical Centre, Peter Lougheed 

and Rockyview General Hospital. The Alberta Children’s Hospital is a state of the art facility that opened in 2006 

and it is one of the largest paediatric hospitals in the country. 

Location 

The subject property is located in the southwest area of Calgary, approximately 3 kilometres from downtown. It is 

situated at the intersection of Elbow Drive and 49 th Avenue SW within the residential neighbourhood of “Elboya”, 

immediately adjacent to the affluent Britannia neighbourhood. 

Elboya is an established inner city community in southwest Calgary. The majority of the area can be characterized 

as low density, single family residential with commercial development fronting Macleod Trail SW and Elbow 

Drive. Due to its setting in a prime, inner city location, redevelopment and gentrification are ongoing with new, 

custom built in‐fill homes replacing existing older housing stock. The community has good access to the 

downtown core via Macleod Trail SW and Elbow Drive SW, which form the east and west boundaries of the 

district respectively. The southern boundary of the district is formed by 50th Avenue SW and to the north by 

Elbow River. Stanley Park and Britannia border to the north and Windsor Park is immediately south. 

Average household incomes in neighbourhoods within 3 kilometres of the site where the majority of residents are 

expected to be drawn from include Britannia [$282,965], Elbow Park [$264,610}, Stanley Park [$388,186], Eagle 

Ridge [$269,290] and Belaire [$219,300]. Based on the trend, it is reasonable to conclude that average incomes in 

the subject area will continue to rise as new infill development expands. 

21




Subject Property 

The following table summarizes 2009 average and median house prices in surrounding districts according to the 

Calgary Real Estate Board statistics: 

2009 Residential Sales 

Neighbourhood Sales Average Median 

Elboya 26 $832,635 $550,000 

Elbow Park/Glencoe 69 $1,384,508 $1,040,000 

Parkhill/Stanley Park 23 $630,656 $635,000 

Britannia 5 $1,234,600 $840,000 

Bel‐Aire 4 $1,551,750 $1,325,000 

Windsor Park 41 $528,097 $490,000 

Roxborough 7 $1,800,928 $1,885,000 

Meadowlark Park 19 $528,494 $433,000




According to PrizmC2 data [Environics Analytics], affluence classifications in the area are as follows: 

PRIZMC2 Affluence Groups 

20.0% 

10.0% 

0.0% 

Very Wealthy 

11.4% 

Wealthy 

15.9% 

Upscale 

9.1% 

Upper‐Middle 

12.5% 

This trend is evident in local commercial development. Opposite the subject site is Britannia Plaza, an outdoor 

strip neighbourhood centre containing a high end grocer [Sunterra], Starbucks Coffee and other local retail shops. 

Chinook Shopping Centre, the largest enclosed shopping mall in Calgary, is about 1.5 kilometres southeast, just 

north of Glenmore Trail. Calgary Golf & Country Club, a 100+ year old private members course, is immediately 

southwest of the subject property. Several parks straddle the Elbow River as it winds its way up through the City. 

Middle 

15.0% 

Lower‐Middle 

17.4% 

Downscale 

11.9% 

6.7% 

Low 

23




Site Position Full‐block 

Local Access Elbow Drive 

Regional Access Excellent regional access via Highways #8 [Glenmore Trail] and #2 [Blackfoot 

Trail], although congested at peak hours of the day 

Public Transit Excellent access to public transit; bus service on Elbow Drive and BRT Train at 

nearby Chinook Station 

Land Uses in Area 

North Residential 

West Residential and Commercial retail; Elbow River and parklands beyond 

South Commercial [service], Calgary Golf & Country Club 

East Institutional [St. Anthony School], residential and large industrial park beyond 

Nearest hospital Rockyview General Hospital [3 km southwest] 

Visibility & Accessibility 

Photograph → Corner of Elbow Drive & 49 th Avenue SW 

The subject property is a regular shaped parcel of land comprising a total site area of 32,400 square feet (0.74 

acres), more or less. The site has three street frontages; 48 th Avenue, 49 th Avenue and Elbow Drive. The building 

will face west with the primary frontage on Elbow Drive.




Access to the property is via two curb cuts off Elbow Drive, with a service entrance off 49 th Avenue. The subject 

property has excellent visibility and exposure with its position on a corner block. 

Proposed Improvement 

The subject property will be improved with a 4 storey, luxury, boutique style retirement residence with a single 

storey below grade. It will be a purpose‐built, state‐of‐the‐art structure comprising 73 suites offering private and 

semi‐private accommodation to a targeted total of 85 residents. It will contain generous common areas and 

amenities throughout, specifically designed to facilitate the assisted and memory care service offering. 

25




First Floor – Primary Amenity Space 

Second Floor – Memory Care 

Third Floor – Assisted Living




Fourth Floor – Memory Care 

Basement ‐ Parking 

Layout 

The subject property will contain 73 suites including 42 AL and 31 ALZ. The AL will comprise 35 studios ranging 

between 347 and 398 square feet and 7 one bedroom ranging between 476 and 491 square feet. The ALZ suite mix 

includes 18 studios ranging between 347 and 360 square feet and 12 shared suites measuring 476 square feet. 

The main floor contains the primary common areas including lobby/reception, lounges, activity room, games & 

fitness room, dining room, kitchen, bistro, wellness spa and administration offices. 

The third floor has medical offices, dining room, activity areas and lounges specifically designed for the AL 

program. The fourth floor [AZZ] has a small dining area, activity area and lounge. It also has a rooftop deck. 

The basement contains 31 parking spaces accessed via a ramp off 49 th Avenue, commercial laundry, mechanical 

rooms, storage space and resident lockers. 

27




MARKET AREA DEMOGRAPHIC PROFILE 

The area in which the subject property is expected to draw the majority of its residents from is known as the 

Primary Market Area [PMA]. The PMA for the proposed subject property encompasses the southwesterly portion 

of the City of Calgary, south of the 17 th Avenue, east of Crowchild Trail/37 th Street SW, north of Fish Creek/Canyon 

Meadows Drive SE, and west of Queen Elizabeth Highway/Blackfoot Trail/McLeod Trail. The PMA is shown on the 

map below. 

Total Population 

Based on the 2006 Canadian Census the PMA had a population of 163,713. Currently the PMA population is 

estimated at 171,594 persons, which is an average growth of 1.6% per year since the 2006 census. Between 2010 

and 2015 the total population is expected to decrease by 0.3% per year and between 2015 and 2020 the decline is 

projected to continue at 0.1% per year. Projected population growth in the PMA is lower than the projected rate 

of growth in the Calgary CMA.




Total Population 

PMA Calgary CMA 

Population Population 

Actual 2006 163,713 1,079,310 

2010 171,594 1,208,438 

2013 169,656 1,321,208 

2015 168,748 1,403,453 

2020 167,987 1,636,125 

Projected 

Change 2006 ‐ 2010 7,881 129,128 

Change 2010 ‐ 2015 ‐2,846 195,015 

Change 2015 ‐ 2020 ‐761 232,672 

Total Population Change [per annum] 


Change/Year Change/Year 

Change 2006 ‐ 2010 1.6% 4.0% 

Change 2010 ‐ 2015 ‐0.3% 3.2% 

Change 2015 ‐ 2020 ‐0.1% 3.3% 

From the population pyramid below and a comparison of the population age groups to those in the Calgary CMA, 

the PMA overall has a middle‐aged population structure. 

Age 85 + 

80 to 84 

75 to 79 

70 to 74 

65 to 69 

60 to 64 

55 to 59 

50 to 54 

45 to 49 

40 to 44 

35 to 39 

30 to 34 

25 to 29 

20 to 24 

15 t o 19 

10 t o 14 

5 to 9 

0 to 4 

Population Pyramid [2010] 

5% 2% 0 2% 5% 

Percentage 

Female ‐ PMA 

Male ‐ PMA 

29




Seniors’ Population 

The tables below summarize current seniors’ population and projected seniors’ population growth for the age 

cohorts 65‐74, 75‐84 years and 85+ years of age. 

Senior Population 

PMA 

65‐74 75‐84 85+ 

Actual 2006 11,111 7,664 2,398 

2010 11,947 7,969 2,999 

2013 13,632 7,882 3,323 

2015 14,899 7,856 3,514 

2020 18,592 8,725 3,814 

Projected 

Senior Population Change [per annum] 

Change 2006 ‐ 2010 836 305 601 

Change 2010 ‐ 2015 2,952 ‐113 515 

Change 2015 ‐ 2020 3,693 869 300 

65‐74 75‐84 85+ 

PMA Calgary CMA PMA Calgary CMA PMA Calgary CMA 

2006 ‐ 2010 2.5% 3.4% 1.3% 2.6% 8.4% 5.7% 

2010 ‐ 2015 4.9% 8.2% ‐0.3% 2.3% 3.4% 6.5% 

2015 ‐ 2020 5.0% 8.6% 2.2% 3.4% 1.7% 4.0% 

According to the 2006 Census, the PMA had 11,111 seniors between the ages of 65 to 75 years old. Currently it is 

estimated that there are 11,947 seniors’ within the same age group, which is an increase of 2.5% per year from the 

2006 Census. The rate of growth for the next five‐year period is projected to be 4.9% and between 2015 and 2020 

the rate of growth is projected to be 5.0% per year. 

For the population segment 75 to 84 years old the population has increased from 7,664 persons in 2006 to 7,969 

persons today, a change of 1.3% per year. The rate of growth will continue at ‐0.3% between 2010 and 2015 and 

2.2% between 2015 and 2020. 

There are 2,999 seniors 85 years of age and older in the PMA which is an increase from 2,398 in 2006. Growth in 

the seniors’ population 85+ was 8.4% per year between 2006 and 2010, and is projected to continue to increase at 

a rate of 3.4% between 2010 and 2015 and 1.7% between 2015 and 2020.




31




Income 

The average household income in the PMA is 107,188, 10% greater than the Calgary CMA average. 

Average Household Income [2006] 

$120,000 

$100,000 

$80,000 

$60,000 

$40,000 

$20,000 

$0 

$107,188 

$95,948 

PMA Calgary CMA




According to PRIZMC2 affluence segmentation, the percentage of the population in the various affluence classes 

are 6.6% very wealthy, 16.8% wealthy, 17.3% upscale, 15.7% upper‐middle, 21.3% middle, 11.0% lower‐middle, 

8.3% downscale, and 3.0% low affluence. PRIZMC2 is a segmentation system developed by Environics Analytics to 

help identify and describe characteristics of neighbourhoods. One such segmentation is by affluence class. 

Affluence segmentation provides an indication of the relative wealth and prosperity in the population. 

PRIZMC2 Affluence Groups 

30.0% 

20.0% 

10.0% 

0.0% 

Very Wealthy 

6.6% 

Wealthy 

16.8% 17.3% 15.7% 

Upscale 

Upper‐Middle 

Middle 

21.3% 

Lower‐Middle 

11.0% 

Downscale 

8.3% 

3.0% 

Low 

33




Seniors’ Income 

The average seniors’ individual income for those 65‐74 years old is $ 61,581, 29% greater than the average seniors’ 

income in the Calgary CMA. For seniors 75+ years of age, average income is $52,376, or 33% greater than the 

average seniors’ income in the Calgary CMA. 

Seniors Individual Income [2005] 

$70,000 

$60,000 

$50,000 

$40,000 

$30,000 

$20,000 

$10,000 

$0 

$61,581 

$43,910 

$52,376 

Seniors 65‐74 Seniors 75+ 


$35,194




The majority of seniors’ incomes fall below $25,000 per year which is typical of most areas. For the age group 65‐ 

74 years, 43% are below and for those 75 years of age and older, 48% are below. 

Seniors Individual Income 


65‐74 75+ 65‐74 75+ 

less than $25,000 43% 48% 52% 60% 

$25,000 ‐ $35,000 17% 17% 15% 16% 

$35,000 ‐ $50,000 16% 14% 14% 12% 

$50,000 and above 25% 21% 18% 13% 

Summary tables below show the main sources of seniors’ income for the age group 65‐74 years old and 75+ years 

of age. Virtually all seniors (65+ years) receive some form of government transfers [Old Age Security, Canadian 

Pension Plan, Guaranteed Income Supplements or Spouse’s Allowance Payment]. 

Additionally, 63% of seniors’ 64‐75 and 71% of seniors 75+ years have private pensions with an annual income of 

$18,810 and $21,644 respectively. 

For the age group 65‐74, 65% have investment income reflecting an average of $14,625 per annum. For the age 

group 75+ years of age, 74% have investment income at an average of $15,143. 

The forth main source of seniors’ income is RRSP income. In the PMA, 13% of the seniors’ population 65‐74 years 

and 14% of the 75+ years of age has RRSP income. The average is $8,218 for those 65‐74 years and $8,095 for 

those 75+ years. Lastly, 39% (65‐74) and 38% (75+) of seniors have other sources of income and the average 

annual amounts equal $7,775 and $8,039 respectively. 

Main Sources of Income (65‐74) 


% receiving Average $ % receiving Average $ 

Government Transfer Payments 98% $12,264 98% $12,191 

Private Pensions 63% $18,810 56% $17,138 

Investment Income 65% $14,625 56% $9,537 

RRSP Income 13% $8,218 13% $7,588 

Other Income 39% $7,775 32% $6,849 

Main Sources of Income (75+) 


% receiving Average $ % receiving Average $ 

Government Transfer Payments 100% $13,346 100% $13,566 

Private Pensions 71% $21,644 62% $16,908 

Investment Income 74% $15,143 66% $9,093 

RRSP Income 14% $8,095 11% $6,218 

Other Income 38% $8,039 29% $5,622 

35




Immigration & Ethnic Diversity 

Immigrants in the PMA represent 19% of the total population. About 22% of the population is classified as first 

generation Canadians. First generation person are defined as those born outside of Canada. An additional 22% 

are classified as second generation, which are those with at least one parent born outside Canada. Finally, 56% are 

classified as third generation or more which are persons with both parents born in Canada. 

Immigrant/Non‐Immigrant Population 

Total 

Immigrants 

19% 

Non‐ 

Immigrant 

Population 

81% 

Generation Status 

3rd 

generation 

56% 

1st 

generation 

22% 

2nd 

generation 

22%




The top regional ethnicities in the PMA are: European and North American. The PMA has a higher percentage of 

European regional ethnicity when compared to the Calgary CMA. 

Regional Ethnicity 


European 74.7% 67% 

North American 16.5% 17% 

Asian, Oceanic 6.5% 13% 

Latin, Central and South America 0.7% 1% 

African 0.7% 1% 

Arab 0.5% 1% 

Caribeean 0.4% 1% 

37




Visible minorities represent 11.3% of the population within the PMA. The top visible minorities are: Chinese (3.4%) 

and South Asian (1.8%). The PMA has a lower percentage of visible minority population than Calgary CMA. 

Mobility 

Visible Minority Population 


Not a visible minority 88.7% 77.8% 

Total visible minority pop 11.3% 22.2% 

Chinese 3.4% 6.2% 

South Asian 1.8% 5.4% 

Black 1.1% 2.0% 

Filipino 1.6% 2.4% 

Latin American 0.9% 1.3% 

Southeast Asian 0.4% 1.5% 

Arab 0.4% 1.1% 

West Asian 0.3% 0.6% 

Korean 0.4% 0.6% 

Japanese 0.5% 0.4% 

Visible Minority n.i.e 0.1% 0.2% 

Mulitple visible minority 0.3% 0.6% 

Mobility is a measure of the number of people who lived at the same address on the day of the census as they did 

one year prior. Non‐movers are those that have not moved and movers are those who have moved within the past 

year based on the census date. In the PMA, 19% of the population are movers. This percentage is lower than the 

Calgary CMA average. 

Mobility statistics can be used to examine attraction or draw to a PMA and help predict locations of population 

growth based on inflow. 


Non‐ 

Movers 

81% 

Movers 

19% 

Non‐ 

Movers 

80% 

Movers 

20%




Those residents that did move can be classified into four groups: non‐migrant, intra‐provincial, interprovincial and 

external migrants. Non‐migrant movers are those who have moved within the same city/town. Intra‐provincial 

movers are those that have moved to a new location within the same province. Inter‐provincial movers are those 

that have moved from another province and finally external migrants are those that have moved to Canada from 

another country. 

Of the residents in the PMA there was a higher disposition for them to be Non‐Migrant Interprovincial movers. 


Non‐Migrant 

69% 

Seniors’ Mobility 

External 

7% 

Intraprovincial 

8% 

Interprovincial 

16% 

Non‐Migrant 

68% 

External 

8% 


10% 


14% 

It is also possible to examine mobility in the seniors’ population 75+. The pie charts below compare mobility of the 

seniors’ population in the PMA to the seniors’ population in the Calgary CMA. Overall seniors’ mobility in the PMA 

is less than in the Calgary CMA. 

PMA Calgary CMA Calgary CMA 

Non‐ 

Movers 

80% 

Movers 

20% 

Non‐Movers 

74% 

Movers 

26% 

39




Of the senior movers, the highest percentage is Non‐Migrant. There are a higher percentage of Non‐Migrant 

movers in the PMA when compared to the Calgary CMA. 


Non‐Migrant 

75% 

Education & Labour 

External 

2% 


9% 


14% 

Non‐ 

Migrant 

70% 

External 

4% 


11% 


15% 

A greater percentage of the seniors’ population 65+ years in the PMA have a college or university education when 

compared to the Calgary CMA. Higher level of education is typically a good indicator for retirement home living. 

40% 

30% 

20% 

10% 

0% 

Education [Seniors 65+] 

No certificate, diploma or 

degree 

High school certificate or 

equivalent 

Apprenticeship or trades 

certificate or diploma 

Occupations of residents in the PMA have been summarized below. 

College, CEGEP or other 

non‐university certificate or 

diploma 


University certificate 

diploma or degree




Occupations 

Sales and service 22% 

Business, finance and administrative 21% 

Management 13% 

Trades, transport and equipment operators and related occupations 12% 

Natural and applied sciences and related occupations 11% 

Social science, education, government service and religion 8% 

Health occupations 5% 

Art, culture, recreation and sport 4% 

Occupations unique to processing, manufacturing and utilities 2% 

Occupations unique to primary industries 2% 

The highest percentage of people in the PMA have jobs in sales and service, business, finance and administrative, 

and management fields. 

The table below indicates the hours of unpaid care or assistance provided by individuals aged 15 years or older to 

seniors in the PMA [hours per week]. 

Dwellings, Families & Living Arrangements 

Unpaid Care to Seniors 


No hours 85% 85% 

Less than 5 hours 10% 9% 

5 to 9 hours 3% 3% 

10 to 19 hours 1% 1% 

20 hours 1% 1% 

Within the PMA, 68% of the dwellings are owned and 32% are rented. Comparing these percentages to the 

Calgary CMA, a higher percentage are owners in the City. Of these owners, the predominant housing type is 

single‐detached dwelling. 


Owned 

68% 

Rented 

32% 

Owned 

74% 

Rented 

26% 

41




Dwelling Types 

Apt [5 storeys] 

25% 

Single‐detached 

52% 

Within the PMA the largest percentage of household maintainers are between the ages of 45 to 54 years old and 

this percentage is less than the Calgary CMA average. A household maintainer is defined as the person(s) in the 

household who pay the majority of the cost associated with the dwelling (i.e. rent or mortgage, taxes and 

electricity). The age distribution of household maintainers is equally skewed towards younger age groups. 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

Age of Household Maintainers 

under 25 years 25 to 34 years 35 to 44 years 45 to 54 years 55 to 64 years 65 to 74 years 75 years and over 

Individuals are classified by Statistics Canada into one of the following three family types: 

� Couple Families – Couples living together 

� Lone Parent Families – A lone parents with at least one dependent child 

� Non‐Family Persons – Single or widowed individuals 

PMA 

Calgary CMA 

The following pie charts outline the percentages of the three seniors’ population cohorts within each family type.




[65‐74] 

[75‐84] 

[85+] 

Couples 

74% 


Non‐family 

persons 

24% 

Couples 

56% 

Non‐family 

persons 

40% 

Non‐family 

persons 

66% 

Couples 

30% 

Lone parent 

2% 

Lone 

parent 

4% 

Lone parent 

4% 

[65‐74] 

[75‐84] 

[85+] 

Couples 

71% 

Non‐family 

persons 

26% 

Couples 

54% 

Non‐ 

family 

persons 

42% 

Non‐family 

persons 

67% 

Couples 

28% 

Lone parent 

3% 

Lone 

parent 

4% 

Lone parent 

5% 

Among non‐family persons 65+ in the PMA, 84% live alone, 8% live with relatives and 6% are living with non‐ 

relatives. The percentage of seniors (65+) living alone in the PMA is slightly greater than in the Calgary CMA. 

43





Non‐Relatives 

6% 

Relatives 

8% 

Summary 

The PMA strengths are: 

Alone 

86% 

� Above average household and seniors’ income 

Living Alone 

77% 

Relatives 

17% 

� PRIZMC2 affluence distribution skewed towards wealthy & upscale and upscale 

� Above average levels of higher education for seniors 65+ 

� A home‐owners’ market 

� Low proportion of visible minority groups 

� 56% of all immigrants are 3 rd generation 

� A greater percentage of seniors living alone than in the Calgary CMA 

The PMA weaknesses are: 

� Below average growth in total and seniors’ population 

Non‐Relatives 

6%




PRIZMC2 LIFESTYLE CLUSTER ANALYSIS 

PRIZMC2 segmentation includes a lifestyle clustering segmentation that groups and describes 

neighbourhood clusters across Canada into 66 mutually exclusive clusters. Each cluster is 

demographically and behaviourally distinct and offers a wealth of information such a personal lifestyle 

preferences, buying patterns, and motivations. The top five overall PRIZMC2 clusters in the PMA are: Suburban 

Gentry, Mr. & Ms. Manager, Grads & Pads, Suburban Rows, and Nearly Empty Nests which encompass 42.0% of 

the PMA population indicating a low to moderate clustering pattern. 

Top Five PRIZMC2 Clusters % of Total 

Suburban Gentry 10.0% 

Mr. & Ms. Manager 8.8% 

Grads & Pads 8.1% 

Suburban Rows 7.7% 

Nearly Empty Nests 7.4% 

Total % 42.0% 

Following is a brief description of the people that make up the top 5 clusters: 

Suburban Gentry Wealthy, middle‐aged suburban families 

The Suburban Gentry segment is a magnet for Canada’s up‐and‐coming business class: a prosperous suburban world of 

dual‐income couples who have university degrees and large families, typically with teens or university‐aged children. 

Given its high percentage of managers, scientists, artists and government workers, there’s a decided professional tone to 

this cluster. Suburban Gentry residents rank near the top for owning computer software, taking business trips and 

acquiring a small business loan. These consumers are big spenders who like to belong to golf clubs, gamble at casinos, go 

to the theatre and attend pro basketball, tennis and soccer matches. Fitness conscious, they’re much more likely than 

average Canadians to jog, take aerobics classes, and play racquet sports and basketball. Many take pride in their healthy 

lifestyle, telling researchers, “I feel guilty when I eat ‘junk food.’” 

Mr. & Ms. Manager Upscale, dual‐income exurban households 

Mr. & Ms. Manager is home to Canada’s working couples living in the exurban sprawl beyond the nation’s largest cities. 

The residents of these communities tend to be prosperous executives who like their toys: boats, computers, home theatre 

systems and impressive collections of sporting equipment. These families and couples enjoy outdoor activities like golf, 

skiing, power boating and canoeing. They don’t mind driving their kids to the zoo, national park or a hockey game as long 

as they get time to take in a variety of exhibitions, from crafts and gardening to boats and investments. And though Mr. & 

Ms. Manager residents typically commute by car to nearby cities, they enjoy their exurban settings, preferring to go 

camping over seeing an opera, and driving a pickup truck rather than owning a sport 

sedan. 

Grads & Pads Young, lower‐middle‐class urban singles 

The nation’s most liberal lifestyle, Grads & Pads is a collection of young, ethnically diverse city dwellers living near 

universities. Its residents are a progressive mix of well‐educated singles, students and recent grads, white‐collar 

professionals and service workers—all living in apartments a short commute to work by public transit or walking. Their 

incomes aren’t high, but these young adults just entering the workforce enjoy the freedom of spending their first 

paycheques solely on themselves. With three‐quarters of the adults unattached, Grads & Pads residents are nightowls 

who frequent bars, nightclubs, restaurants, rock concerts, art galleries and ballet performances. They like to stay active by 

skiing, scuba diving, doing aerobics and working out at health clubs. They’re also political activists who work for social 

causes, write to public officials and volunteer for political parties and politicians who support their liberal views. 

45




Suburban Rows Younger, thriving immigrant families 

Scattered across the provinces, Suburban Rows is composed of younger, middle‐class immigrant families living in 

suburban and urban row houses. More than a quarter of cluster residents are classified visible minorities: 6 percent black, 6 

percent South Asian and the rest a mix of Chinese and other nationalities. Despite many having university and college 

educations, these newcomers mostly work in service sector jobs, earn average incomes and have low‐key lifestyles. They 

have high rates for playing soccer, jogging, swimming and skateboarding. And a big date is taking the kids to a carnival, 

video arcade or music festival. They rarely go shopping unless it’s to an outlet mall, but they do manage to acquire the 

latest technology, including computers and MP3 players. Admitting that they rarely go to boutiques, gourmet 

supermarkets or fancy restaurants, the parents of these growing families say that they don’t need a lot of money to enjoy 

life. 

Nearly Empty Nests Older suburban couples and families 

Nearly Empty Nests is a haven for married couples over 55 years old whose older children either still live at home or have 

already flown the coop. Concentrated in several dozen towns, small cities and second‐tier metros of English Canada, these 

residents on the cusp of retirement have achieved midscale incomes from years of working at white‐collar and service 

sector jobs. With discretionary income from their emptying households, they engage in a wide range of leisure pursuits. 

They have high rates for going to casinos, dinner theatres and film festivals, and it’s difficult to find a show they don’t 

frequent—whether for boats, pets or travel. For exercise, they enjoy golf, curling, gardening and aerobics. They have 

enough money to travel the world, but they make sure their investments are sufficiently funded for the future. Many are 

price‐sensitive consumers with a fondness for second‐hand stores, loyalty programs and warehouse clubs. 

Top Five PRIZM Clusters




PrizmC2 Clusters 

For further analysis we have analyzed both senior and influence clusters in the PMA. Senior clusters are those 

clusters that have above average number of seniors 75 years of age and older. Influencer clusters are clusters 

which have an above average percentage of persons 45 to 64 years old. 

Seniors clusters comprise 10.3% of the total market area population and influencer clusters represent 25.6% of 

the total market area population. We therefore classify the market as an influencers market. 

Seniors Clusters 

Following are the clusters considered to be seniors and the percentage of the population in those categories. 

Top Three PRIZMC2 Senior Clusters % of Total 

Nearly Empty Nests 7.4% 

Grey Pride 2.7% 

Simple Pleasures 0.2% 

Total % 10.3% 

Residents of Nearly Empty Nests are Reprioritizing Work as they head toward retirement, and these older 

Canadians feel little Financial Concern Regarding the Future. They are reflecting more and more on the Legacy they 

will leave behind for their heirs. Making an Effort for Health, they try to keep themselves fit by eating well and 

getting plenty of exercise. At the same time, Canadian Identity is important for Nearly Empty Nests residents— 

but national pride does not carry racial baggage for these folks. They are comfortable with ethno‐cultural mixing, 

scoring high on Cultural Fusion and Social Learning. Perhaps feeling more vulnerable as they age, residents of 

Nearly Empty Nests are sensitive to crime and aggression in society, scoring high on Fear of Violence. But as they 

adjust to newly childless lives, they are keeping up their Community Involvement. 

Having gained perspective since entering retirement, Grey Pride residents want to interact with their world as 

they contemplate their Legacy. These Canadians, who are proud not only of their age but also their Canadian 

Identity, like exploring the diversity around them (Cultural Fusion) and learning from people different from 

themselves (Social Learning). They think Ethnic Intolerance at any age is unacceptable. They are also concerned 

about their generation’s ecological legacy, registering high Global Ecological Awareness and pursuing Ethical 

Consumerism whenever possible. While they may be adventurous socially, they are cautious in their financial 

outlook; they score above average on Financial Concern Regarding the Future, wondering whether their retirement 

savings will hold out. However, they believe that poverty and inequality are inevitable in society (Social 

Darwinism), and with a low sense of New Social Responsibility, few make meaningful efforts to help those in need. 

Members of Grey Pride have a low Need for Status Recognition, caring little for the approval of others. However, 

when shopping, these consumers prefer pleasing styles and designs (Importance of Aesthetics) and brands that 

have stood the test of time (Brand Genuineness). 

47




Simple Pleasures residents are conservative, involved members of communities concentrated in small, 

homogeneous towns and cities. They feel a strong sense of Regional Identity as well as patriotism (Canadian 

Identity), but this identification does not extend any further: Simple Pleasures residents say they do not feel a 

sense of Belonging to the Global Village. The small communities in which they live provide a refuge from what they 

see as the social ills afflicting society in general and big cities in particular. Weak on Flexible Definition of Family 

and Sexual Permissiveness, these Canadians are alarmed by the erosion of the nuclear family‐based social and 

moral world in which they were raised. Strong on Religiosity, Simple Pleasures residents find meaning and order 

through traditional channels. Many feel powerless to influence the direction of their lives (high Fatalism). Their 

Technological Anxiety hints further at their sense of being out of step with progressive society. And as consumers, 

their low Need for Status Recognition means that they focus on getting the best value from their purchases while 

avoiding things they don’t really need (Discriminating Consumerism).




Influencer Clusters 

Following are the clusters considered to be influencers and the percentage of the population in those categories. 

Top Three PRIZMC2 Influencer Clusters % of Total 

Suburban Gentry 10.0% 

Mr. & Ms. Manager 8.8% 

Urbane Villagers 6.7% 

TOTAL 25.6% 

Suburban Gentry residents have achieved affluence through diligent effort, but their low score on the value 

Fulfillment Through Work suggests that these Canadians view work as a job, not a passion. Even though this 

segment features above‐average levels of small business ownership, Suburban Gentry residents have low 

Confidence in Small Business and high Confidence in Big Business—perhaps indicating a hope that their small 

operations will make it big one day. These Canadians believe it is up to them to build their own futures (Control of 

Destiny), and their concern for the Legacy they will leave behind also spurs them to succeed. Suburban Gentry 

residents harbour few prejudices about characteristics like race, age and gender: they score high on Cultural 

Fusion, Equal Relationship with Youth and Equality of the Sexes. This cluster also has a green streak, with high 

scores on Global Ecological Awareness. Although these consumers are careful in how they spend their money 

(Discriminating Consumerism), they enjoy products with distinctive design (Importance of Aesthetics). 

Mr. & Ms. Manager is a cluster of people who are financially comfortable and down‐to‐earth. Weak on Need for 

Status Recognition, these Canadians are not desperate to show others that they’ve made it. They are also weak on 

Concern for Appearance, suggesting they are not overly preoccupied with how they look. Yet their strong 

Importance of Aesthetics shows that they appreciate distinctive design in the areas that matter to them most 

(Consumptivity). With high scores on Primacy of the Family, these Canadians would rather be home with their kids 

than shopping for glitzy goods. Strong on Meaning of Life and Religiosity, this cluster seeks spiritual satisfaction 

through relatively traditional channels but is not entirely traditional in its outlook. Since many households in this 

segment contain two working parents, it is not surprising that Mr. & Ms. Manager residents are strong on Equality 

of the Sexes: at home, it’s all hands on deck (with men doing as much tidying and taxi duty as women), and at 

work, both partners have a stake in Ms. Manager earning appropriate compensation. Clearly, this cluster’s 

pragmatism extends from their clothes and spending habits to their attitudes on social issues. 

Members of Urbane Villagers are at ease in the world. Scoring high on Adaptability to Complexity and Adaptive 

Navigation, these Canadians are not afraid of change: they relish it. They are open to—not threatened by—the 

world beyond Canada, registering high scores on Belonging to the Global Village. They also score high on the value 

Cultural Fusion, suggesting that they see the mixing of people from different backgrounds as enriching, not 

damaging. Consistent with their openness to change, Urbane Villagers residents do not feel bound by their own 

past or background. They are unenthusiastic about exploring the history of their family or ethnic group (scoring 

low on Search for Roots) and feel no great sense of identification with the region where they live. Rather than 

being defined by their family heritage, Urbane Villagers, with high scores on Control of Destiny, feel that they as 

individuals determine their fate. Despite their affluence, Urbane Villagers households are prudent with their 

money, scoring above average on Saving on Principle (a value which is borne out in their high savings rates). For 

Urbane Villagers residents, the ability to embrace change rests on a foundation of financial security. 

49



October 28, 2010




Long Term Care 

MARKET SUPPLY ANALYSIS 

There are two [2] Long Term Care [LTC] properties with a total of 305 beds in the PMA. The population 75+ is 

currently estimated at 10,968 which equates to a beds/population ratio of 28 beds/1,000 persons. As reference, 

government health departments across Canada typically aim to provide a LTC ratio of 100 beds/1,000 seniors 75+. 

Existing Retirement Homes 

Long Term Care 

Property Name Beds 

Beverly Centre ‐ Glenmore 212 

Mount Royal Care Centre 93 

Total 305 

There are currently seven (7) retirement residences with a total of 1,063 units in the PMA. The market capture rate 

represents the percentage of seniors in the PMA that are currently residing in a retirement residence. Given 

current occupancy levels and second occupants in the market, it is estimated that 9.2% of the seniors’ population 

over 75 years are currently captured in the existing supply. The PMA capture rate is above the Province of Alberta 

capture rate. 

Proposed Seniors Housing Properties 

Retirement Residences 

Property Name Units 

Manor Village at Garrison Woods 136 

Trinity Lodge Retirement Community 214 

Chateau Renoir 150 

Fountains of Mission 96 

StayWell Manor Village at Garrison Woods 170 

Lake Bonavista Village 197 

Roulea Manor 100 

Total 1,063 

Our analysis of new seniors’ housing developments in the PMA is separated into two categories, proposed and 

potential developments. We define proposed projects as those projects where a site plan has been submitted. 

Potential projects are those that are going through subdivision or zoning and yet to have zoning approval or a site 

plan submitted. We include proposed projects in our analysis as these projects should come to fruition. Potential 

developments are not included in our demand analysis as these developments are still in the initial stage and have 

no finalized plans. 

Within the PMA, we are not aware of any proposed or potential retirement residence developments. 

51




Retirement Residences in the PMA 

The following tables summarize and evaluate retirement residence supply in the PMA. Factors of evaluation 

include location, rental rates, service offering, physical plant, unit mix and reputation. This evaluation leads to a 

market weighting which represents the competitors’ relative strength or “competitiveness” in the market. 

Existing Supply in PMA 

Studio One Bedroom 

Two Bedroom 

Residence Monthly Rent Unit Size Monthly Rent Unit Size Monthly Rent Unit Size 

Manor Village at Garrison Woods ‐ ‐ $3,175 816‐864 $4,195 ‐ $4,595 1030‐1279 

Trinity Lodge Retirement Community $2,075 ‐ $3,265 265‐560 $2,965 ‐ $3,750 520‐650 ‐ ‐ 

Chateau Renoir $2,495 ‐ $3,425 353‐484 $3,150 ‐ $4,905 527‐651 $3,825 ‐ $5,610 745‐1054 

Fountains of Mission $2,029 ‐ $2,933 457‐497 $3,215 ‐ $4,037 664‐710 $4,145 808 

StayWell Manor Village at Garrison Woods ‐ ‐ $3,560 587 $4,595 ‐ $6,255 977 

Lake Bonavista Village $2,650 335‐565 $3,190 ‐ $3,700 498‐751 $4,469 ‐ $5,100 634‐1164




As anticipated, existing supply in the PMA would not be competitive with Milliken’s proposed AL/ALZ 

development. They are all independent service living [ISL] platforms, some with AL services and “light” ALZ care. 

For the most part, AL is provided through homecare which is supplied by an approved provider in the home. The 

other source of care is through Designated Assisted Living [DAL] and Extended DAL [EDAL]. Based on our 

research of the Calgary market, the subject property will be the first of its kind. 

The only other provider of a freestanding, high end AL/ALZ model in Canada is Sunrise Senior Living. They 

operate 9 mansions in Ontario [8 in the GTA], 3 in BC and 3 in Quebec. Of noted significance, prior to taking their 

Canadian REIT private in 2006, Sunrise was actively pursuing sites in Calgary to develop a mansion style AL/ALZ 

residence. The properties are now owned by Ventas REIT [US based] who is not a developer of homes. 

Competitive Models 

For the purpose of analysis, we have reviewed and analysed rental rates at two Sunrise residences, one in Ontario 

and the other in BC. It is our understanding from the Executive Directors that pricing varies somewhat by location 

within those provincial markets but is generally representative of their overall pricing structure. Notwithstanding, 

the price points in BC are generally higher, particularly on the ALZ floor. 

The following table summarizes the base rental rates [before additional care levels]. 

Studio 

Assisted Living [AL] 

Denver/Seymour Two Room 

Private Shared Private Shared Private 

Thorne Mill $4,867 $3,772 $6,175 $4,198 $6,692 

Vaughan, ON 

Lynn Valley 

North Van, BC 

$5,232 $3,833 $6,266 $4,258 $6,692 

Memory Care [ALZ] 

Studio 

Denver/Seymour Two Room 

Private Shared Private Shared Private 

Thorne Mill $6,053 $4,593 $6,874 $5,323 $7,330 

Vaughan, ON 

Lynn Valley $6,935 $4,684 $7,330 $5,790 $7,950 

North Van, BC 

As noted above, these rates represent the base package without additional care. The base fee in ALZ is higher 

because it includes medication management fees, about 30 minutes of care per day and additional personalized 

programming support. For each additional hour of care, the fee is $30 per day in Ontario and $34 per day in BC, 

equating to between approximately $900 and $1,000 per month. The amount of additional care provided is not 

limited, although there are limits to the type of end care required. 

53




In addition to our rent review, discussion was held with the former operations manager for Sunrise and Executive 

Directors at several Sunrise residences in Ontario and BC. It is evident from our conversations that the demand for 

high end AL and ALZ accommodations is strong and is supported by the high occupancy levels at the established 

Sunrise homes. Of note, both of the buildings surveyed for this report are fully occupied. Moreover, the North 

Vancouver home has a long waiting list while the Vaughan building leased up in only 3 years [241 suites]. 

In addition to Sunrise, we have research AL rates at two other upscale retirement residences in high end 

neighbourhoods in BC. While permit [and have] residents with onset dementia, they are not staffed or equipped 

for later stages. Notwithstanding, the rental rates are indicative of this quality of private pay accommodation. 

Based on our investigations and analysis of similar quality AL and AL/ALZ properties in major markets across 

Canada, it is our opinion that the average rates proposed by the developer are reasonable and achievable in this 

location, assuming the quality of construction and service offering are comparable to these competitors. 

Staffing 

Assisted Living 

Studio One Bedroom 

Year Built Size Rent Size Rent 

Amica 2006 375 ‐ 470 $4900 ‐ $5000 525 ‐ 695 $6,200 

West Van, BC 

Hollyburn House 

West Van, BC 

1986 260 ‐ 405 $4,500 ‐ $6,000 n/a n/a 

In addition to the rental rate analysis, we have been provided with the developers initial estimates of FTE’s [Full 

Time Equivalents] for the various departments and asked to verify the assumptions. As already noted, the 

freestanding, private pay AL/ALZ model is not common in the Canadian market so industry benchmarks don’t 

exist. Accordingly, we have relied on data from a US publication called 2009 Overview of Assisted Living which 

was a collaborative research project by several national industry related associations. 

The following chart summarizes the total mean and median number of FTEs for AL properties in the US. The 

figures do not distinguish between AL and AL/ALZ care. However, both types are included. 

FTE by Property Type 

2009 Overview of Assisted Living 

Type Mean Median 

IL / AL 22.9 18.5 

AL / ALZ 21.5 19.0 

AL / ALZ 41.4 38.5




The follow chart breaks down the FTEs by department. 

Although the residential care department is not broken down in the US stats and some categories differ, it is quite 

evident that the developer’s totals are generally consistent with industry averages. 

Operating Margins 

2009 Overview of SL 

Department Milliken Mean Median 

Administrative 4.00 3.20 3.00 

Dietary 4.60 7.20 4.50 

Housekeeping 2.25 2.80 2.00 

Activities 2.00 2.10 1.50 

Maintenance 1.00 1.30 1.00 

Marketing 

Professional Staff 

2.40 1.30 1.00 

RN 1.00 1.40 1.00 

LPN 3.30 2.60 2.00 

Therapists 2.00 2.00 

Social Worker 

Resident Care 

0.80 1.00 

AL Coordinator 1.00 

ALZ Coordinator 1.00 

Care Manager AL 7.90 

Care Manager ALZ 11.30 22.80 20.00 

Other 1.40 1.00 

41.75 41.40 38.50 

With respect to overall operating margins, we again turn to statistics readily available in the US regarding AL and 

ALZ properties. The 2010 State of Seniors Housing publishes operating margins for combined AL/ALZ properties 

and breaks it down by number of size [number of units] and age. 

Expense Ratios 

State of Seniors Housing 2010 

Lower Quartile Median Upper Quartile 

> 40 beds 68.3% 67.3% 61.5% 

2 < 10 years 69.2% 67.8% 61.8% 

The reader is advised that ratios will vary depending upon size, service provision and level of acuity. 

Notwithstanding, the indicated benchmark ratios for size and age are consistent, with the median at 

approximately 67.5%. In our experience, the lower ratios are typical of newer and larger buildings similar to the 

Milliken proposal. Of noted significance, the optimal size for a standalone AL/ALZ residence today is generally 

between 80 and 100 beds. 

55




Again, in reference to the Canadian context, we can look to the Sunrise model for guidance. In our experience 

appraising their Canadian assets over the years, we have consistently found that overall expense ratios range 

between approximately 60% and 65% at stabilized occupancy. This benchmark range was confirmed in recent 

discussions with Sunrise senior management. 

“Weighting” the PMA Supply 

In order to determine competitive supply in a given market, it is necessary to identify to what degree these 

properties would compete with a new state‐of‐the‐art development (comparable to an upscale Miliken 

Development offering) in the PMA. To that end, we apply the supply weighting method which is largely based on 

proximity, quality and, most importantly, pricing structure. 

Based on our research and analysis, there is no existing supply in the PMA that would compete with the subject 

service offering at the upper end price point. 

The following chart summarizes our analysis of the supply. 

Existing Supply Year Built Units Weighting Net Units 

Manor Village at Garrison Woods 2002 136 0% 0 

Trinity Lodge Retirement Community 1974 214 0% 0 

Chateau Renoir 1988 150 0% 0 

Fountains of Mission 2002 96 0% 0 

StayWell Manor Village at Garrison Woods 2004 170 0% 0 

Lake Bonavista Village 2001 197 0% 0 

Total 963 0% 0 

Proposed Supply 

Subject Property 73 100% 73 

Total weighted units 73 

Demand Analysis 

Our demand analysis begins with the seniors’ population 75+ in the PMA. The average age of retirement residents 

in the Canadian market is in the mid 80’s, however there are still a number of residents who are in their 70’s and to 

sometimes even younger. Given the more independent nature of the proposed development we have included 

the population 75 years of age and older. From the initial seniors’ population we use a number of market qualifiers 

to eliminate certain portions of the population. These qualifiers are: long term care, family type, need and income. 

Assumptions used in the demand analysis include: 

� 10% of the seniors’ population 75+ in LTC 

� 20% demand from seniors’ couples 

� Income qualification based on incomes > $84,000 per annum 

� Minimum dwelling value in the market area of $750,000 

In the PMA the current seniors’ population 75+ is estimated to be 10,968 persons.




Impact of Long Term Care 

The need for long‐term care beds has been observed in major markets across Canada and the US at 

approximately 100 beds per thousand seniors (75 years old or older). Therefore, we have subtracted 10% of the 

seniors’ population (75+) from the total seniors’ population to capture those who would reside or be eligible for 

funded long term care, resulting in a seniors’ population of 9,871. 

Qualification by Family Type 

Based on our research and findings for retirement homes across North America, it is our opinion that the market 

for couples in retirement homes is limited. Generally, the percentage of couples is higher for the more 

independent projects and considerably lower for assisted living homes. In view of the type of accommodation 

provided by the subject facility, we have included 20% of couple families and 100% of singles or non‐family 

persons as follows: 

Family Types 

Couples and Others Singles 

75 ‐ 84 years 4,307 60% 2,865 40% 

85+ years 934 35% 1,765 65% 

Subtotal 5,242 persons 4,630 

Demand Rate for Retirement Units 20% 100% 

Subtotal Demand 75 ‐ 84 years 

3,296 

Subtotal Demand 85+ years 

1,858 

Total Demand by Family Type 

5,154 

Accordingly, there are 5,154 seniors who are family type qualified. 

Qualification by Income 

We have based our income qualification on incomes of greater than $84,000 per annum, reflecting an average 

room rate charge of $7,000 per month. Although the average rent per unit will be less, the intention is to capture 

residents that make up the very upper end of the AL market. 

A study completed in 1999 by the Assisted Living Federation of America [ALFA] indicated that seniors typically 

spend up to 75% of their income on rent at a retirement residence. Furthermore, a study called “National Survey of 

Assisted Living Residents: Who is the Customer?” indicated that 64% of residents will actually spend 100% or more 

of their income. Logically, this suggests that they are either eroding their capital base or are receiving assistance 

from a family member. Based on these studies, we have bracketed our fee to income ratio at 90%. The 90% ratio 

contends that 35% of seniors are spending 75% of there income on retirement rent and 65% are spending 100% of 

income on rent. 

Assuming fee to income ratios of 90%, the annual income required to reside in the subject property increases to 

$93,333 per annum. 

57




It is acknowledged that approximately 75% of seniors are home‐owners and are typically mortgage‐free. Based on 

an analysis of recent statistics from the Calgary Real Estate Board, we have estimated that the minimum value of 

a dwelling in the PMA for this clientele is $750,000. Assuming this minimum amount is converted to cash and 

invested at an overall annual return 5.0%, it would yield additional income of $37,500 per annum. Alternatively, 

we assume that most seniors have other assets such as stock and/or bonds that could be converted to interest‐ 

bearing assets. It is also important to note that there is no reliable data on the actual wealth of seniors in any given 

area. Hence the value of their home is generally accepted as a proxy of their wealth. 

Accounting for the proceeds from the sale of their house, the net income required is reduced to $55,833. A 

summary of the income qualification calculations is as follows: 

There are 771 seniors who are family type and income qualified. 

Qualification by Need 

Monthly Fee $7,000 

Annual Fee $84,000 

Fee to Income Ratio 90% 

Required Annual Income $93,333 

Average House Value $750,000 

Interest Income on Investments [sale of home] $37,500 

Net Income Required $55,833 

% of Seniors with qualifying income 75+ 15.0% 

Subtotal Demand 75 ‐ 84 years 493 

Subtotal Demand 85+ years 278 

Income Qualified Demand 771 

In order to estimate the market demand for the subject property, we have relied on US data from the National 

Long Term Care Survey [2004/2005] prepared by the National Institute on Aging [NIA] in conjunction with Duke 

University’s Center for Demographic Studies, the US Bureau of the Census, the Department of Health and Human 

Services [Office of the Assistant Secretary for Planning and Evaluation] and the Research Triangle Institute [RTI]. 

This study represents research from 1982 to 2004/2005 and estimates the demand for instrumental activities of 

daily living [IADL including cooking and cleaning] and activities of daily living [ADL including bathing, grooming, 

dressing, etc] for retirement and assisted living communities. 

Although Canadian frailty data for seniors exists, we have elected to utilize the American data because it has been 

extensively researched and reflects the seniors who currently reside in independent and assisted living facilities in 

the US and incorporates their IADLs and ADLs limitations. While the Canadian data generally indicates that 

seniors with frailties range from 20% to 45% of the 75+ year old population, the US data distinguishes between 

the 65 to 74, 75 to 84 year olds and 85+ year olds and applies different rates of need to each age cohort. As the 

average age of a typical retirement resident is in excess of 80 years, this separation of need ratios by age is critical 

and without which the estimated market demand may be dramatically overstated.




For an AL/ALZ model, research determined the demand to be approximately 25% for the 75 to 84 year age cohort 

and 50% for the 85 years old and older cohort. The qualification by need may be summarized as follows: 

Based on our modelling, the potential market demand for an AL/ALZ retirement residence is 262 units, 

representing 2.4% of the seniors’ population over 75 years of age. 

New Supply by Price Range 

Of noted significance, the proposal calls for average rents of $5,000 per month for AL and $7,000 per month for 

ALZ. We have based our analysis on the upper rent range for certainty since affordability is a key factor in the 

analysis and worth erring on the high side. Nevertheless, the following table captures family type, income and 

need qualified demand at price points starting at $5,000 per month. 

Based on an analysis of incomes at various price ranges, it appears that support is fairly evenly spread along the 

rental range. More importantly, it clearly demonstrates that affordability will not be a factor in the upper price 

ranges [above $7,000 per month]. 

Demand Coverage Ratio 

Cohort % of Pop Demand 

75 ‐ 84 years 25.0% 123 

85+ years 50.0% 139 

Total Demand by Need 262 

Total Demand Percentage 

Rental Range Demand in Range of Total 

$5,000 ‐ $6,000 791 309 39% 

$6,001 ‐ $7,000 482 220 28% 

$7,001 + 262 262 33% 

Totals 791 100% 

The Demand Coverage Ratio [DCR] is an important indicator in determining whether or not a market exists 

because it measures the relationship between demand and supply in the PMA. It is calculated by dividing qualified 

demand by net supply. Net supply considers the number of market weighted units as well as the percentage of 

the residences that will be captured from within the PMA. This accounts for residents that move into the 

retirement homes from outside the area. In our experience, and based on the ALFA studies in the USA, retirement 

homes are expected to capture between 50% and 75% of their residents from the defined PMA. The remaining 

30% to 50% relocate from areas outside the PMA. Often these seniors are relocating to be close to adult children 

and/or their families (influencers). 

In our opinion and experience, the capture rate for a high end AL/ALZ residence would be at the upper range, 

meaning 75% of the residents will come from the defined PMA. 

59




For a market to be in equilibrium, it should have a DCR of at least 2.0 for an AL/ALZ offering. Stated another way, 

there must be at least two income/need qualified seniors 75+ in a PMA for every retirement home suite to be in 

equilibrium. Therefore, a development opportunity exists where the DCR remains above 2.0 after the inclusion of 

the proposed property into the DCR equation. In our experience, this 2:1 ratio is a reliable guideline in the vast 

majority of cases, although not without exceptions. 

Supply & Demand 

The PMA contains a total of 963 retirement units in six (6) private pay residences and currently captures 

approximately 8.8% of the seniors’ population. Based on our analysis of the existing supply, we estimate that 

none of these units would be competitive to the proposed residence by Milliken Developments. 

To estimate market demand, our model measured family types, income levels and frailty in the seniors’ 

population. Based on our modelling and analysis, it is our opinion that the potential demand in the PMA for the 

subject property is for approximately 262 units. 

DCR Conclusion 

The demand coverage ratio measures the relationship between market demand and competitive supply in the 

PMA. We contend that a market is in equilibrium [market demand = competitive supply] when the DCR is 

approximately 2.0. In other words, a market is considered in equilibrium when there are two [age/income/need] 

qualified seniors for every one unit of supply. 

As determined in our rental analysis, there is no “competitive supply” in the PMA at the targeted price point 

[$7,000 per month] or service platform. Therefore, total supply in the PMA will be the proposed 73 units. As noted 

earlier, our model presumes that only 75% of the total demand originates from the PMA. Therefore, the net 

supply in the PMA is 55 units (73x 750%). 

Therefore, with the proposed subject units, the DCR would equate to 4.8 indicating that the market could absorb 

the new supply. Based on our population forecast (Environics Analytics), the DCR will rise to 5.2 by 2015 barring 

another change to the supply. 

Conclusions 

Year 2010 2013 2015 

Seniors (75+) Population 10,968 11,205 11,370 

Qualified Demand 262 276 285 

Net Supply in PMA 55 55 55 

Demand Coverage Ratio 4.8 5.0 5.2 

Based on investigations and analysis carried out, we concluded that the proposed freestanding, high end, 

boutique‐style seniors’ residence with an AL and ALZ service platform is feasible at the proposed location in 

southwest Calgary. Our feasibility analysis confirmed that the rental rates are sustainable and reasonable in 

comparison with other similar operations in the country.




We, the undersigned appraisers, hereby certify that: 

CERTIFICATION 

1. To the best of our knowledge and belief, statements of fact contained in this report, the analysis, 

opinions and conclusions expressed herein are true and correct. 

2. The analysis, opinions and conclusions presented are limited by the general and specific assumptions and 

limiting conditions contained in this report. 

3. We have no past, present or contemplated interest in the issue that is the subject of this report, nor 

personal interest or bias with respect to the parties involved. 

4. Compensation was not contingent upon developing or reporting predetermined results from the 

analyses, opinions, or conclusions in this report. 

5. My analyses, opinions, and conclusion have been made in accordance with the requirements of the 

Canadian Uniform Standards of Professional Appraisal Practice of the Appraisal Institute of Canada. 

6. We have the knowledge and experience to compete the assignment competently. 

7. The use of this report is subject to the requirements of the Appraisal Institute of Canada relating to 

review by their duly authorized representatives. 

8. Stephen Hiscox and Milan Pejcic prepared the descriptive data sections of this report. No other person 

provided professional assistance with this report. 

9. As of the date of this report, the author has completed the requirements of the Continuing Professional 

Development program of the Appraisal Institute. 

Stephen Hiscox, AACI, P.App 

Senior Director 

61




Employment 

QUALIFICATIONS 

STEPHEN E. HISCOX, AACI, PApp 

1985 ‐ 1992 ReMax Central Realty Inc. ‐ Appraisal Division ‐ Appraiser 

1992 ‐ 1996 Howard Hiscox & Associates Inc. ‐ Appraiser 

1996 Accredited Appraiser Canadian Institute (AACI) 

1996 ‐ 2004 Howard Hiscox & Associates Inc. ‐ Senior Appraiser 

2004 – 2006 HealthTrust Canada ULC – Senior Partner 

2006 ‐ 2008 TD Securities – VP and Director 

2008 ‐ Present Altus Group Ltd – Senior Director 

Since joining the Appraisal Institute in 1985, Mr. Hiscox has prepared appraisals on a full range of residential and 

commercial properties including single family dwellings, condominiums, rental apartment buildings, mixed‐use 

buildings, office buildings, retail structures and golf courses. These appraisals have been prepared purchase and 

sale, mortgage financing, litigation, estate settlement lease arbitration and other functions. After completing all 

the education requirements for accreditation with the Appraisal Institute, together with 10 years practical 

experience in appraising real estate, Mr. Hiscox obtained his AACI designation in May of 1996. 

The focus of his work since 1997 years has been senior housing and health care facilities. The specialized service 

niche was created to satisfy the ever‐increasing demand for reliable and well‐documented seniors’ housing 

appraisals. To date he has directly or indirectly participated in the appraisal of approximately 600 retirement and 

nursing home facilities. Assignments have been completed in most provinces in Canada, including British 

Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia and Newfoundland. 

In 2006, Stephen joined TD Securities to help develop the seniors housing brokerage with John O’Bryan. During 

his two years with TD, Stephen participated in the sale of over $2 billion of seniors housing assets giving him an 

insight into transactions from both purchasers and vendors perspectives. Stephen has recently returned to the 

consulting business, joining Altus Group Ltd, in October 2008. 

He has given several presentations on the Seniors Housing industry to major Canadian banks and Canada 

Mortgage and Housing and conducted seminars for the Ontario Residential Care Association (ORCA) and Ontario 

Chapter of the Appraisal Institute of Canada. 

Corporate/Institutional Clients Served [Partial List] 

Revera Chartwell Seniors Housing REIT Maestro 

TD Bank CIBC BMO 

Royal Bank HSBC Scotia Capital 

Amica Mature Lifestyles Sunrise Senior Living All Seniors Care 

Leisureworld Holiday Retirement Corporation Ontario Teachers Pension Plan 

Retirement Life Communities Origin Retirement Communities Baybridge Seniors Housing 

Specialty Care Kingsway Arms Management CMHC 

BMO Reichmann Seniors Housing Devco DCMS Realty Group 

Carlisle Capital Structures Diversicare Management Extendicare REIT

Altus Feasibility Study (pdf) - Maison Senior Living

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