Senior Real Estate Specialist

What is a SRES®(Seniors Real Estate Specialist)?

According to a recent Business Council of British Columbia report, currently there are 31 people aged 65 years and up for every 100 working aged person (25-64). By 2025 this ratio rises to 41 and to 48 by 2035. In other words, within two decades there will essentially be one “retirement-aged” person in B.C. for every two “working-aged” person. With the shifting demographics defining a new Canadian landscape of the future, the real estate world is looking forward with a special designation designed to meet the growing needs of seniors. 

SRES ReportIn March of 2007 the National Association of Realtors created a new designation specifically tailored towards a growing demographic—home buyers and sellers ages 50 and up. Originally started by the Senior Advantage Real Estate Council in 1997, it now offers seniors a place where they can find a designated specialist who is experienced in handling their needs as a client.

Realtors with the SRES® designation are educated, well-versed and accredited in all of the areas currently effecting the 50-plus population: housing, finance, retirement income, etc. They are experts when it comes to counselling strategies to help clients and customers plan ahead for major life transitions, which can include things as:

  • Key differences in housing options, from age-restricted communities to age-in-place design to assisted living
  • Applications of the Housing for Older Persons Act (HOPA)
  • Ins and outs of reverse mortgages
  • How to use pensions, 401k accounts, and IRAs in real estate transactions
  • Ways in which Medicare, Medicaid, and Social Security affect real estate decisions of clients and customers who are 50+
  • How to recognize and protect their clients from mortgage finance and loan schemes and scams that target 50+ borrowers
  • Handling the emotional needs of clients, as well as families of clients

Why is a SRES important today?

Shifting demographics means Canada’s population as a whole is aging. Statistics Canada outlined the growing number of seniors in its last census in 2011. Since then, these Baby Boomers have grown exponentially in numbers, and are now entering retirement and going through major life transitions. Part of this involves real estate, the sale of a longstanding property, downsizing, transfer of ownership and many other challenges and opportunities.

According to B.C. Stats’ 2013 population estimates, Parksville’s median age is 58.2, while Qualicum Beach’s median age is 63.9, making the latter notorious for being the oldest community in Canada. Having a Realtor is one thing, but having a Realtor who specializes in the needs of seniors is invaluable in today’s lightning fast real estate world. You want someone you can trust, and you want someone you know is looking out for your needs, the best interests of you and your family, all the while equipped with the right tools and skills to make sure you make the right decision. For more information, call us at  250-248-5600 or send an email.