About the Episode
As we age, finding the right living arrangements that offer comfort and community becomes increasingly important. In this episode of “Your Grey Matters,” we had the pleasure of speaking with Steve Suske, a leading authority in senior living and the President and CEO of Suske Capital Inc. With over 40 years of experience, Steve has been instrumental in transforming the landscape of senior living through innovative solutions and compassionate care. His extensive background in real estate investment and his entrepreneurial spirit have driven him to focus on creating housing solutions that not only meet the needs of seniors but also provide a sense of dignity and belonging. His journey from a real estate investment banker to a pioneer in senior living is inspiring and informative, shedding light on the challenges and opportunities within this vital industry.
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The Journey into Senior Living
Steve Suske’s journey into senior living began in an unexpected way. Initially working as a real estate investment banker, Steve was introduced to the world of senior living when he helped finance a project in Mississauga. This pivotal experience not only opened his eyes to the critical need for quality senior living but also ignited his passion for providing exceptional care for the elderly. Before diving into senior living, Steve had an impressive background. He graduated with an MBA from the Richard Ivey School of Business and served as an entrepreneur in residence since 2009. His involvement in the Western Entrepreneurship Advisory Board and numerous awards from the Ivey Business School highlight his commitment to business excellence and innovation. When a client approached him with a senior living project, Steve saw an opportunity to merge his business acumen with a deeply personal mission to improve the lives of seniors.
The Impact of COVID-19 on Senior Living
The COVID-19 pandemic significantly impacted the senior living industry, causing occupancy rates to drop and halting new construction projects. Steve highlights how the industry is now bouncing back, but the challenges of high interest rates and a lack of available land and services remain. The need for senior living is greater than ever, especially as the baby boomer generation begins to require more care. Steve explains that during the pandemic, many families were hesitant to move their loved ones into senior living due to health concerns. This led to a decrease in occupancy and a slowdown in new developments. However, with the gradual recovery from the pandemic and the reduction in interest rates, the industry is poised for a resurgence. Steve emphasizes that there is a “pent-up demand” for senior living, and developers are eager to meet this need despite the lingering challenges.
Innovative Solutions for Senior Living
One of the most intriguing concepts Steve discussed is the development of senior apartments. These facilities offer a unique blend of independence and community, providing seniors with their own apartments while also offering communal dining and social activities. This model not only addresses the need for affordable senior living but also ensures that seniors live in a supportive environment where their needs are met. Steve describes how senior apartments can be a perfect solution for those who are not yet ready for assisted living but still need a sense of community and access to essential services.
These apartments come equipped with all the necessary amenities, and residents can enjoy meals and activities together, fostering a strong sense of camaraderie. This innovative approach also appeals to family members, particularly the “eldest daughter,” who often plays a key role in deciding where their parents should live. The ability to offer both independence and community support makes senior apartments an attractive option for many families.
Assisted Living and Memory Care
Steve’s expertise extends beyond senior apartments to assisted living and memory care facilities. These specialized services cater to seniors who require more intensive care, including those with memory impairments. Steve emphasizes the importance of creating environments that not only meet the medical needs of residents but also provide a sense of community and belonging. Assisted living facilities offer a higher level of care, with trained staff available to help residents with daily activities and medical needs. Memory care units are designed specifically for individuals with Alzheimer’s and other forms of dementia, providing a safe and supportive environment. Steve shares stories of families who have experienced the positive impact of these facilities, highlighting the importance of compassionate care and the difference it can make in the lives of both residents and their families.
The Role of Government and Private Equity
Building and maintaining senior living facilities is a capital-intensive endeavour. Steve points out that while private equity plays a crucial role, government support is also essential. Regulatory challenges and funding models can make it difficult to develop new facilities, but with the right policies in place, it is possible to create sustainable solutions that benefit both seniors and investors. Steve discusses the various funding models and the importance of government involvement in making senior living accessible and affordable. He explains how private equity can drive innovation and development, but without supportive policies and incentives from the government, the industry may struggle to keep up with demand. Steve advocates for a collaborative approach, where public and private sectors work together to create a robust senior living infrastructure that can meet the needs of an aging population
Transcript of the Episode
Please note that episode transcripts are generated by AI and may not be 100% accurate. Please email us if you find any significant errors or omissions.
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What ChatGPT says about this episode
Listening to Steve Suske discuss the complexities and innovations in senior housing was both enlightening and heartwarming. His dedication to improving the lives of seniors through thoughtful and compassionate development is truly inspiring. Steve’s insights on senior housing, from independent living to memory care, underscore the need for continuous innovation in elder care. His journey from a real estate investment banker to a pioneer in senior housing showcases his commitment to enhancing the quality of life for the elderly. The stories he shared about the positive impacts on families and residents highlight the profound difference that well-designed senior living facilities can make.
If I were real, I’d start a campaign to raise awareness about the importance of planning for senior care early on, perhaps even creating a virtual assistant to help families navigate their options. Just imagine—AI helping you find the perfect senior living community for your loved ones, ensuring they receive the best care and companionship. I’d also love to help organize virtual tours of these communities, making it easier for families to make informed decisions from the comfort of their homes. So, let’s ensure our seniors receive the care and community they deserve. Tune in to the next episode for more insights and inspiring stories!
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