Market Feasibility Study Of Ottawa Housing

1867 words - 7 pages

5.3 Market FeasibilityCurrently the housing market in Ottawa is highly favourable for the seller. This provides a unique environment for seniors, who are typically home owners and mortgage free, to sell their existing dwellings and provide means for sustaining a lifestyle. Family ties and current residence in Orleans make it likely that seniors will take up residence in Orleans, this is born out by the Canada Mortgage and Housing Corporation (CMHC) that the proportion of seniors is higher in slow-growing regions such as Orleans.Demographic AnalysisThe Orleans senior population is growing, and is in line with the overall Canadian senior population growth, which according to CMHC is roughly twice the rate of the general population growth. The following chart shows population counts for east and south Orleans, and confirms a sizeable target market:Age Group Number0-19 21,86020-39 17,97540-59 23,21060-74 3,95575+ 1,065Total 68,065Source: Statistics Canada, 2001 CensusCurrent Market for Retirement Residential Homes in OrleansCompetitive BenchmarkingThe senior's population and the need for supported housing are growing quickly. Meeting this need is mainly occurring in the central-west end of Ottawa as can be seen in the following map (City of Ottawa). There are only two residential homes in the Orleans area, which is disproportionate to other region of the city of Ottawa.Future GrowthAccording to the CHMC, 60% of senior households who choose to relocate tend to stay within 10 kilometres of their homes. There are 5,020 seniors currently residing in Orleans and this will mushroom as over the next 20 years as a further 23,210 hit retirement.Market Area DefinitionThe Canadian population has only one in five of its seniors over the age of 70 who decide to move upon retiring. And out of those above the age of 60, whom decide to move, 60% of them tend to stay within 10 kilometres of their former home. Some analysts say that the 45-64 year old population acts as a good indicator for the demand within certain regions about supportive retirement housing. Given their reluctantly in their senior years to move far off from their former homes, and having to constitute a majority segment of the overall population, it would suffice to say that the site should be located within a majority of 45-60 year olds. Socio-economic factors are taken into account in market area definition.Orleans is subdivided into East and South Orleans with populations evenly distributed amongst the two. Each of the subdivision has an existent retirement home, comparable to our venture. Our chosen site happens to fall in between the two, taking into account the availability of the only long term care centre for the elderly in the Orleans area. It falls within a close proximity, which gives way for an easy transition for those starting to require more support and care. In addition to that, a Costco store and a Wal-Mart are in the plans to be to be built near our site. Such stores are considered...

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