Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 17, 2005 15:06 ET

Canada Mortgage and Housing Corporation: Seniors' Housing a Growth Market

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 17, 2005) - Canada Mortgage and Housing Corporation (CMHC) is releasing the results of its annual Seniors' Housing Market Survey this week. This year, the survey was expanded to include all centres in B.C. with a population of 10,000+ residents. The survey included 170 congregate residences (independent living units with housekeeping, laundry, and common meal services) and 264 care facilities across B.C.

- The Metro Vancouver congregate vacancy rate was 1.9 per cent, down from 4.7 per cent last year.

- The congregate vacancy rate for Vancouver Island remained virtually unchanged at 1.0 per cent (2004, 0.9%).

- The Okanagan congregate vacancy rate dropped for the fifth straight year from 4.0 per cent in 2004, to 3.1 per cent this year.

"Congregate housing continues to expand and evolve, enabling seniors to remain independent through a wide range of tenure options and services. For example, congregate residences are now being licensed to provide assisted living services, which were previously available only in residential care facilities," said Robyn Adamache, CMHC market analyst. "Expect this growth trend to continue over the next 10-15 years," added Adamache. "As baby boomers move through their retirement years."

The overall vacancy rate for private pay care homes in Metro Vancouver was 4 per cent this year, down from 7 per cent in 2004. Vacancy rates in private pay care facilities held steady in Metro Victoria compared to 2004, with a total vacancy rate of 8.9 per cent compared with 8.6 per cent in 2004. Vacancies in private pay care homes in the Okanagan remained near zero for most areas in 2005.

CMHC has conducted the Seniors' Housing Market Survey on an annual basis for Metropolitan Vancouver, Vancouver Island and the Okanagan since 1998. The survey includes data collected from private/non-profit and government funded independent living residences and care facilities. The report provides information on vacancy rates, rental rates, the total number of units, and units in the development planning and approval stages, as well as those under construction.

CMHC is Canada's housing agency. The BC Regional Business Centre produces a variety of reports highlighting trends in the new and resale housing markets as well as the rental market.

Contact Information

  • Canada Mortgage and Housing Corporation
    Robyn Adamache
    Market Analyst
    (604) 737-4008
    Canada Mortgage and Housing Corporation
    Peggy Prill
    Market Analyst - Victoria / Vancouver Island Contact
    Cell: (250) 360-7322
    Canada Mortgage and Housing Corporation
    Paul Fabri
    Market Analyst - BC Southern Interior Contact
    (250) 712-4334