Retirement village operators claim that a proposed change in regulations governing the sector will put smaller facilities out of business.

The Ministry of Housing and Urban Development aims to make it mandatory for retirement villages to buy back units from the residents within a year after they vacate them.

Retirement Village Residents Association president Brian Peat says a clearly defined timeframe will be beneficial to residents- or their estates.

"We want to see a defined period, whether it's 28 days or 3 months or 6 months- we want a defined period so that residents or their estates know that they will get their money back."

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Retirement village operators claim that a proposed change in regulations governing the sector will put smaller facilities out of business.
The Ministry of Housing and Urban Development aims to make it mandatory for retirement villages to buy back units from the residents within a year after they vacate them.
Retirement Village Residents Association president Brian Peat says a clearly defined timeframe will be beneficial to residents- or their estates.
"We want to see a defined period, whether it's 28 days or 3 months or 6 months- we want a defined period so that residents or their estates know that they will get their money back."
LISTEN ABOVE

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