MONTRÉAL, QUÉBEC--(Marketwired - June 15, 2016) - According to the latest survey of seniors' housing conducted by Canada Mortgage and Housing Corporation (CMHC), the vacancy rate for standard spaces recorded another small decrease from last year. The rate was measured at 6.8 per cent in February, compared to 7.3 per cent at the same time in 2015. The present rate is two percentage points lower than that recorded in the 2013 survey (8.7 per cent).
"The downward trend in the Quebec retirement home vacancy rate reflects the progressive acceleration of population aging in our province," explains Kevin Hughes, Regional Economist at CMHC for Quebec. "Going forward, population growth in the 75 year and over age group will accelerate, and likely lead to increased demand in the coming years," adds Kevin Hughes.
Survey Highlights
- As in past years, the vacancy rate remained higher for rooms and Bachelor units (approximately 9.3 and 8.8 per cent respectively) than for one- and two-bedroom apartments (5.2 and 4.0 per cent respectively).
- The average rent for all standard spaces rose from $1,601 in 2015 to $1,626 in 2016. The average rent for private room spaces was estimated at $1,518. At $1,342 per month, on average, bachelor units were again the least expensive market segment.
- Generally, the vacancy rate decreased across all rental rate ranges.
- With the exception of the Sherbrooke Census Metropolitan Areas (CMA), all of the province's major markets recorded vacancy rate decreases. Again this year, the Québec CMA presented the tightest seniors' market in the province (4.4 per cent).
- The capture rate (the percentage of the population aged 75 years and over that resides in a retirement home) remained relatively stable at 18.4 per cent.
"Even if the popularity of retirement homes were to decrease, the intensification of population aging is such that a notable increase in demand would still be expected," adds Kevin Hughes.
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| Kevin J. Hughes |
| Regional Economist, (Province of Quebec) |
| Market Analysis Centre |
| Canada Mortgage and Housing Corporation |
Contact Information:
(514) 283-7972
cleger@cmhc.ca