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Home Real Estate

Real estate developers target health care workers as key buyers in local markets

October 3, 2024
in Real Estate
Reading Time: 4 mins read
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Real estate developers target health care workers as key buyers in local markets
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“Just minutes away from local schools, shopping centres and recreation facilities … ”

As one of the most commonly used phrases by realtors when describing their properties for sale, one doesn’t actually see “close proximity to hospitals” nearly as often as its more popular counterparts. But for real estate builders and developers with upcoming health care facility projects, it soon became apparent that local health care workers would be making up a sizable segment of their future home buyers.

Health care workers: Quite interested in living close to work

Barrett Sprowson, vice president of sales and project marketing at Peterson Real Estate based in Vancouver, shared his thoughts on this. One of the developer’s current projects, Ashleigh, is located in the Oakridge area of Vancouver — traditionally known as a “medical” neighbourhood in the city.

“We didn’t particularly think about health care workers specifically as a segment early on,” says Sprowson.

But with a concentration of medical facilities nearby, as well as BC Children’s Hospital and BC Women’s Hospital & Health Centre, the idea of living close to where they work appears to be of great interest to those in the health care sector.

“Now we have lots of people coming into our presentation centre who are in the medical field in some form: doctors, dentists, registered nurses, physiotherapists,” he adds.

Higher price points out of reach for many in the profession

But with a wide disparity in income within the health care sector — a doctor can make up to $335,000 per year in British Columbia while a medical office assistant can make as little as $17.40 an hour — Sprowson is aware that the price points in this popular neighbourhood might not be attainable for everyone.

“It is a slightly higher price point,” he acknowledges. “So it has a slightly skinnier appeal in those terms.”

‘Building for humans’ despite affordability challenges

Celina Villarroel Whiting works as a practicing kinesiologist and facilities health care worker in Vancouver. However, she and her husband have chosen to live further away from her work in nearby Burnaby, with cost being the biggest factor.

“I think if we had the choice, I would have preferred to be closer to work,” shares Whiting. “In my department specifically, everyone is commuting from somewhere else.”

But despite these challenges in affordability, Peterson still aims for the principle of “building for humans” in its homes. For example, when considering the suite mix of the Ashleigh project, the team considered how they could design the space to fit as diverse a population as possible.

“We want to fit the widest range of humans possible,” continues Sprowson. “(Considering) what we’ve seen in the past, we think ‘Maybe we need this percentage of one, two or three-bedroom homes in our suite mix,’ or ‘What kind of amenities would support the type of lifestyle that people might want to have?’” These are the types of questions his team addresses.

Nearby hospital a major decision factor

Arvind Grewal is the CEO of Meritus Group, a real estate developer primarily focused on the ever-growing Fraser Valley region in B.C. One of its future residential projects is close to Mission Memorial Hospital. When they made an offer on the property in 2021, the hospital was a major factor in their decision.

“We were lucky enough that it was a big chunk of land that we could build our desired community within close proximity to all of that,” shares Grewal.

Mix of complementary commercial tenants to existing hospital & infrastructure a ‘key priority’

Meritus Group had previously donated over $500,000 to the hospital for a new CT scanner back in 2022. Grewal hopes to continue building on this relationship as the company looks ahead to planning and building its future project. The current surrounding area is primarily made up of single detached homes, but the first two phases of the project will comprise multi-family residential units with commercial space below. Having a mix of commercial tenants that complement the existing hospital and infrastructure is a key priority for Grewal and his team.

“For a developer, it’s very significant whether a physician or a pharmacist comes into those commercial spaces,” he says. “But I think that’s something where we need to step in and have more of a careful approach into who we bring into those tenanted spaces.”

Homes can be healthy too, with plenty of light, air & access to nature

For health care workers, often surrounded by clinical spaces, Sprowsen believes that homes for these professionals can be healthy as well — albeit in a different way. Unique landscaping items, such as edible plants, garden plants and tree retention, have been incorporated into the Ashleigh project.

Growing up in Malawi, southeastern Africa, Sprowson’s mother was a horticulturist: “She…



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Tags: buyerscareDevelopersestatehealthKeyLocalMarketsrealTargetWorkers
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