Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 22, 2009 23:59 ET

Vacancy Rates in Seniors' Housing Residences at 10.2 per cent

HALIFAX, June 22 - The vacancy rate for standard spaces in the 119
residences surveyed in Atlantic Canada in CMHC's new National Seniors' Housing
Survey was 10.2 per cent, according to Canada Mortgage and Housing
Corporation's (CMHC) Seniors Housing Report, Atlantic edition.

"Generally speaking, the major urban centres recorded vacancy rates below
or well below the overall provincial averages for standard spaces" said
Charlie Aucoin, 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 18.9 per cent and Nova
Scotia recorded the lowest provincial vacancy rate at 7.3 per cent," added
Aucoin.

The overall average rent for a standard retirement home space was $2,064
in Atlantic Canada in 2009. Two provinces reported above average rents with
Nova Scotia and Prince Edward Island recording the highest average rents of
$2,332 and $2,183, respectively. Spaces in New Brunswick and Newfoundland and
Labrador recorded rents below the regional average at $1,972 and $1,955
respectively.

As Canada's national housing agency, Canada Mortgage and Housing
Corporation (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.

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