Looking for adult living? For a long time, Calgary has offered many options for adult living in many age different categories. There are plenty of examples with an age restriction such as 18+, 40+, 45+, 55+, etc. However, it is important to know that changes in age restricted buildings are on the horizon.
New law in age discrimination of condo living
By the year 2033, only the 55+ age restriction will still be allowed. This means that owners of all age restricted buildings, except for the 55+, need to adhere to a new bylaw.
This new provincial law regarding age discrimination came into effect on January 1, 2018.
The government gave condo corporations a 15-year window to make this change. Essentially, this 15-year window gives the owners of these age restricted buildings that are now 40+ the opportunity to transition to 55+. This was done to minimize the loss for those who deliberately chose a building with a particular age restriction at some point.
Read the bylaws
Although 15 years seems like a long time, we all know how “time flies”. If you currently are seeking adult living, it is more important than ever to exercise extra due diligence. The bylaws of a condo corporation clearly state their age restriction. It is important to learn about the decision of the corporation regarding this new law, even though it still seems “light years” away. Contacting the board about this is most prudent.
Besides, it is also important to read the bylaws on how the corporation has stated the rules around this 55+ age restriction. Does at least one person need to be of that age? Or do both occupants need to be 55+? This is important if there is an age difference between partners, or, for example, a 75 year old mother and her 50 year old daughter who are looking to move in.
Changing the bylaws
Changing bylaws is a process that takes time. Condominium corporations need to decide, mostly those with the age restriction of 40+, to choose 55+ or have no age restriction at all. The change in the bylaws must go by special resolution and needs filing at Land Titles Office to validate it.
Mortgages for 55+
It is important to know that mortgage rules are slightly different for condo corporations that are age restricted. CMHC, the mortgage insurance company, usually does not insure age restricted buildings. This means that it is more difficult to obtain a mortgage for those who do need mortgage insurance. Besides CMHC, there are several other mortgage insurance companies that may or may not insure age restricted buildings. Therefore, it is very important to discuss this with your mortgage broker, at an early stage.
Selling a condo with age restrictions
Selling a unit with an age restriction may or may not be more difficult. In essence, any age restriction limits the pool of buyers. Obviously, 18+ extends to a bigger buyers’ pool than the 55+. Much will also depend on regular factors such as location, price, type of property and how the condo corporation is managed.
Implication of the new age discrimination law
In general, this is good news for families and younger people. The condo corporations in the pool of 18+, 30+, 40+, etc will most likely remove their age restriction, rather than choosing the 55+ route. For those, the pool of options to find a condo will become larger. Also, it is good news for those 55 years and older. Those condo corporations with an age restriction of 50+ will most likely choose the 55+ route. Eventually, those buyers seeking condos with 45+ restrictions, who are looking for quieter living, need to exercise extra due diligence and make sure they know what the decision will be once 2033 arrives.
Find adult living in Calgary (50+ and 55+)
Those looking for adult living in Calgary quickly realize that the options for condos for 55+ (and until 2033 50+) are limited. Each quadrant in Calgary offers a handful of condo complexes with 50+ and 55+ age restrictions. To make the search for real estate easier for 50+ and 55+ group seeking adult living we offer the selection of 50+ and 55+ living in Calgary for sale. This page is updated hourly.
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We are Tanja van de Kamp and Ariette van Pelt, working as a team, both buying and selling homes in Calgary. Calgary has been our home since 2004, and real estate our full-time profession since 2009. Tanja was a lawyer in The Netherlands for 12 years, and learned how to negotiate strategically, and to work in the best interests of her clients. Thanks to our honest and transparent approach to real estate and towards our clients, we have built our business.
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