Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 22, 2009 08:00 ET

Canada Mortgage and Housing Corporation: Seniors' Housing in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 22, 2009) - Canada Mortgage and Housing Corporation released its 2009 Seniors' Housing Market Report today. According to the report, British Columbia's vacancy rates in February for independent living suites ranged from 4.2 per cent for a one-bedroom and den unit to 11.1 per cent for a bachelor unit.

"The current stock of seniors' housing is more than sufficient to meet market demand and the needs of those living in this type of housing," said Sarena Teakles, CMHC's Market Analyst. "Most complexes include meal services and are well-equipped with a variety of amenities such as 24-hour call bell services, fitness facilities, and transportation services."

Average rent levels for independent living suites varied by region. Rents were highest in the Vancouver Island region with an average of $2,629 per month and lowest in the Kootenay region at $1,811. The higher cost of land is one of the reasons for the higher rent levels in the Vancouver Island and Greater Vancouver / Fraser Valley regions.

"The past few years have seen the introduction of a slow but steady stream of new independent living seniors' suites to the market," noted Teakles. "These units have been well absorbed in most markets by the seniors' population despite the preference of most seniors to age in place." Less than ten per cent of the seniors' population resides in some form of seniors' housing.

CMHC's Seniors' Housing Market Report - British Columbia, is available for free at www.cmhc.ca/housingmarketinformation.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes - homes that will continue to create vibrant and healthy communities and cities across the country. For more information, visit www.cmhc.ca or call 1-800-668-2642.

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