Through the Developers’ Lens: Challenges Faced by Developers in Building Projects Targeted to Older Canadians
Getting any housing project off the ground and seeing it to fruition is a complex and risky endeavor, and most projects targeted to seniors also encounter additional challenges.This session will explore the complex nature of this business and examine many of the common challenges including;
- Obtaining financing for projects; what are the common pitfalls and potential solutions?
- Navigating the planning process and the length of time it can take in some municipalities; would greater collaboration between planners and developers shorten timelines?
- Competition for land with condo developers, who can afford to pay more, can a way still be found for developers to build projects geared to older adults in major cities?
- The development charges imposed by municipalities can negatively affect profitability and affordability »» Is there a solution?
- Building codes and regulations; There is at times a contradiction between code requirements and developer requirements, and there are no codes yet for assisted housing and memory care facilities
- Finding the right neighbourhood, correctly anticipating demand and building for cultural diversity