Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 23, 2010 08:30 ET

Vacancy Rate in Senior's Housing Residences Higher in 2010

HALIFAX, NOVA SCOTIA--(Marketwire - June 23, 2010) - The vacancy rate for standard spaces in the 136 residences surveyed in Atlantic Canada in CMHC's National Seniors' Housing Survey was 10.7 per cent in the winter of 2010, according to Canada Mortgage and Housing Corporation's (CMHC) Seniors Housing Report, Atlantic edition released today. The current vacancy rate is up slightly from 10.2 per cent, a year earlier.

"Standard spaces in bachelor and two-bedroom units continued to be most in demand as evidenced by the relatively lower vacancy rates," said Tim Andrews, market analyst with CMHC's Atlantic Business Centre. A "standard space" is a space that is occupied by a resident who receives a standard level of care of less than 1.5 hours per day. "Newfoundland and Labrador had the highest provincial vacancy rate at 18.1 per cent while New Brunswick recorded the lowest provincial vacancy rate at 6.2 per cent," added Andrews.

The overall average rent for a standard retirement home space was $2,232 in Atlantic Canada in 2010. Nova Scotia and New Brunswick recorded above regional average rents of $2,412 and $2,275, respectively. Standard spaces in Newfoundland and Labrador and Prince Edward Island recorded rents below the regional average at $2,042 and $2,181, respectively. 

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.

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