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Vacancy Rate in Seniors' Housing Residences at 10.7 per cent

OTTAWA, Ontario, July 05, 2011 — The vacancy rate for standard spaces1 in seniors’ residences remained relatively stable at 10.7 per cent in 2011, compared to 10.8 per cent in 2010, according to Canada Mortgage and Housing Corporation Seniors’ Housing Report, Canada Highlights edition.

“Vacancy rates and rent levels in the seniors’ housing market are typically higher than those in the traditional rental market,” said Bob Dugan, Chief Economist for CMHC. “Services and amenities provided in seniors’ residences are key contributors to this.”

Vacancy rates varied across the country, from a high of 37.6 per cent in Newfoundland and Labrador to a low of 4.1 per cent in Saskatchewan. The vacancy rates for standard spaces in Ontario (15.7 per cent), Alberta (12.8 per cent) and British Columbia (11.5 per cent) were above the national average. The vacancy rates in Manitoba (7.1 per cent), New Brunswick (7.8 per cent), Québec (8.1 per cent), Nova Scotia (8.2 per cent) and Prince Edward Island (9.1 per cent), were below the national average.

The average rent for bachelor units and private rooms, where at least one meal is included in the rent, was $1,909 per month in 2011, up from $1,857 in 2010. Québec posted the lowest average rent at $1,397 in 2011, while Ontario posted the highest average rent at $2,677.

According to the survey, 195,262 seniors lived in the 2,571 residences surveyed. Across the country, 198,739 spaces were on the market, of which the vast majority (87 per cent) were standard spaces.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

News source: Canada Mortgage and Housing Corporation (CMHC)

 

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