Faced with a choice between significant construction costs or selling to housing developers, many for-profit nursing home owners in Toronto are opting for the latter
The problem stems from two colliding forces: Toronto’s red-hot real estate market and a looming deadline for outdated homes to comply with design standards requiring single- or double-occupancy rooms. Faced with a choice between significant construction costs or selling their properties to housing developers, many nursing-home owners are opting for the latter, a Globe and Mail investigation has found.
Elder-care advocates anticipate that more homes will close their doors, underscoring the risks of private, for-profit ownership in Ontario’s long-term care sector. They expect the owners of some outdated homes will ask the government to simply terminate their licences when they expire. Toronto urgently needs new beds. Even as the government embarks on the most ambitious expansion of long-term care in a generation, it is playing catch-up: Almost 18,000 people are waiting for one of the 9,000 spots at facilities in the former Toronto Central and Central LHINs, areas that include the city centre and sections of North Toronto, Etobicoke and York Region. But rising real estate and construction costs, along with municipal zoning delays, have stalled many projects.
Any facilities set to close “will not shut their doors until every resident has transferred to a new home that meets their care needs,” Mr. Roseman said. The former owner of the two homes is concealed behind numbered companies and limited-liability partnerships. Michael Fraser, the chief financial officer of All Seniors Care Living Centres, a national chain of retirement homes, is the sole director of the numbered companies for both homes as well as the general partnerships that sold them.
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