Modular homes cited as senior housing solution
November 27, 2017
Award-winning Village at Bay Moorings.
Modular home communities provide a viable solution for affordable seniors housing, proponents say, by removing the land value component.
After winning an international award this year for its seniors-oriented Village at Bay Moorings, Parkbridge Lifestyle Communities explained the community meets the needs of a “newer generation of retirees” by offering everything from walking trails to a recreation centre with pool, along with maintenance—stylish, affordable homes for 200 aging baby boomers.
“The Village at Bay Moorings is one of our newer developments where our team has created a picturesque community for baby boomers who are looking to remain involved in an active and lively community,” said Lachlan MacLean, vice-president, property operations at Parkbridge.
In such modular home communities, residents own their home but lease the land beneath it. This reduces housing costs by about 30 per cent compared to a traditional freehold house. New technology and factory building is creating modular homes in a wide variety of designs.
A challenge to modular home parks is that new Canada Housing and Mortgage Corp. regulations on mortgage insurance can make it difficult to finance the chattel loans the buyers require.