What a graying Ontario means for property managers

Ontario’s population is getting older – fast.

A 2024 report from the Dalla Lana School of Public Health projects that the province’s population aged 65+ will grow from 2.6 million in 2020 to 4.2 million by 2040. That’s an increase of more than 60%.

Zoom out, and Canada as a whole is on track to join “super-aged” countries like Germany and Japan, where around one in five people are over 65.

What does that mean for property managers?

Traditionally, older homeowners tend to downsize, meaning they sell the family home and purchase something smaller.

But today there’s a wrinkle. Inventory of affordable, right-sized homes hasn’t kept pace with demand. If downsizers can’t find suitable properties to buy, they may decide to rent, either by choice or by necessity.

At the same time, there’s a strong and growing preference among older adults to age in place. For some, that will mean staying put in a home they already own. But for others, renting may offer a more flexible, lower-maintenance path to the same goal.

That’s a different kind of tenant relationship, and it comes with different expectations.

Older tenants often prioritize:

• Accessibility (e.g. step-free entryways, elevators, wider doorways)

• Safety and security

• Proximity to healthcare and essential services

This silver tsunami won’t hit the rental market overnight, but it is coming, and property managers who prepare their rental properties and marketing early will be better placed to meet it.