Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 23, 2010 10:15 ET

Vacancies Move Higher in Saskatchewan Seniors' Housing Residences in 2010

REGINA, SASKATCHEWAN--(Marketwire - June 23, 2010) - According to Canada Mortgage and Housing Corporation's 2010 Seniors' Housing Report released today, the average vacancy rate for standard retirement home units in Saskatchewan increased from 3.4 per cent in April 2009 to 6.2 per cent this year. In the Regina Census Metropolitan Area (CMA), the average vacancy rate for standard spaces was 3.4 per cent, up from 2.7 per cent in April 2009. Meanwhile in Saskatoon, the average vacancy rate declined 0.4 percentage points, going from 4.1 per cent in April 2009 to 3.7 per cent this year. The highest vacancy rates in the province were observed in the areas outside of the two major centres, where the average vacancy rate for standard spaces advanced 7.5 percentage points, rising from 3.2 per cent in April 2009 to 10.7 per cent in April 2010. The rise in vacancies outside of the two CMAs can, in part, be attributed to an increase in supply, as the universe of standard spaces increased since 2009.

The overall average monthly rent for a standard unit in Saskatchewan was determined to be $2,179, up from $2,131 in April 2009. At $2,774 monthly, the highest average rent for standard spaces was recorded in the Regina CMA, up from $2,368 in the previous year. Meanwhile, Saskatoon's average monthly rent declined by $75, going from $2,063 in April 2009 to $1,988 in April 2010. In areas outside the two metros, a $44 reduction in average rents was observed, as average monthly rents moderated from $2,002 in April 2009, down to $1,958 this year. Rather than a shift in market conditions, the reduction in Saskatoon's average rent was largely due to the composition of units, as fewer two- bedroom+ units were surveyed this year than in 2009.

CMHC's survey revealed a wide variation in the range of services available within senior's facilities across the province. The most-frequently reported amenity in retirement homes across Saskatchewan was 24-hour bell service, with 74 per cent of facilities across the province providing this service. Meanwhile, on-site medical services were offered in 39 per cent of all facilities surveyed, while 30 per cent of structures provided exercise facilities.

The survey covered a total universe of 4,685 retirement spaces, of which 3,447 units or 74 per cent were standard spaces. The Regina CMA had 1,043 retirement spaces, of which 878 units were identified as standard spaces. Meanwhile, the Saskatoon CMA had 2,273 retirement spaces with 1,313 units identified as standard spaces. Together, both centres account for 71 per cent of this year's universe of retirement spaces and 64 per cent of all standard spaces surveyed within the province.

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. 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 vital decisions. For more information, visit www.cmhc.ca or call 1-800-668-2642.

Contact Information

  • Canada Mortgage and Housing Corporation, Saskatoon Office
    Michael Fabiyi, Senior Market Analyst
    Phone: Regina 306-780-5889
    Saskatoon 306-975-4897
    mfabiyi@cmhc.ca