18 October 2024
Potential Silvera residents now have an easy way to find out how much it will cost them to live in a Silvera community.
A new rent calculator on silvera.ca helps individuals seeking seniors’ housing to find out which Silvera properties suit their needs and their budgets.
“Essentially, we’re making it simple and transparent for the customer to understand the cost of living with us,” says Pam Urban, Senior Manager, Sales & Leasing. “In this time of high inflation and sky rocketing rents, we understand it’s important to know what your cost of living will be, right down to the penny.”
Rent varies by individual
Much of Silvera’s housing is non-market rental housing or rent geared-to-income (RGI), which means an individual pays 30 per cent of their gross monthly income for rent, as reported on their Notice of Assessment from the Canada Revenue Agency. Therefore, all rents are set individually, varying from person to person.
“A lot of our inquiries are obviously about the cost to live here,” says Pam. “The rent calculator gives people data so they can more easily make decisions about what they can afford. We want people to know if they take the time to apply, we have the appropriate housing that will fit their budget.”
Potential residents can get an estimate by entering their income, their age, if they are a single person or a couple, and if they need pet friendly or accessible (barrier free) housing, to assess whether Silvera can meet their needs both financially and physically.
The calculator also outlines ancillary costs such as cable, internet, landline phone services and parking.
Recommended communities are also shown by quadrant of the city in the calculator, because Silvera understands that staying close to support networks of friends and family is important to maintain independence and quality of life.
“Once a potential resident enters their information, the calculator provides a list of the communities that will fit within their income range,” says Pam. “We hope this new tool will help seniors better understand what their options are for independent and supportive living in Calgary.”
A variety of living options
Silvera offers independent living communities that are priced at one of three options:
- Non-Market Rental Housing (Rent Geared to Income, often called RGI): Rental accommodations only. Rent is calculated as 30 per cent of the total gross monthly income but an income limit applies for these seniors’ apartments with kitchens. Applicants must have household income below the Core Need Income Threshold (CNIT) limits of $48,000 (Studio), $58,000 (1-Bedroom), $67,500 (2-Bedroom))
- Below-Market Rental Housing: Rental accommodations only. Rent is calculated or indexed at a fixed percentage below the Canadian Mortgage and Housing Corporation’s Calgary median or average market price (Core Need Income Threshold limit applies.)
- Market Rental Housing: Rent based on market rates (no income limit)
Silvera’s supportive living communities are offered in two pricing categories:
- Subsidized Rental Housing with Full Services: Rental housing with full services of daily meals, weekly housekeeping and life, learning and leisure programs. Rent is calculated the same as for Non-Market Rental Housing at 30% of gross monthly income, but then a service package is also applied (adjusted to individual income, to ensure a minimum guaranteed residual amount of $370 / month – after paying rent and service package). (No income limit, but families cannot help with rent and service package fees)
- Market Rental Housing with Full Services: Rent based on market rates (no income limit, however families can help with rent and fees)
Some individuals may use the calculator and no options appear, usually this is because they fall below the recommended amount to live in some of the communities.
“If this is the case for you, please contact our team for personalized service,” says Pam.
The Government of Alberta and City of Calgary have programs in place to help seniors in all financial and health situations. The Silvera team will help direct you to the appropriate resources or other providers, if for any reason, we can not provide the appropriate housing to meet your needs.
