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

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2012) - Canada Mortgage and Housing Corporation (CMHC) released its annual Seniors' Housing Report - British Columbia today. According to the 2012 CMHC Seniors' Housing Survey, the average vacancy rate for independent living suites was 12.6 per cent in 2012 compared to 11.5 per cent in 2011.

"Additions to the supply of independent living units in the Lower Mainland contributed to a slightly higher vacancy rate in 2012," noted CMHC Market Analyst Paul Fabri. "Operators of seniors' housing are building in anticipation of increased demand for both independent living and heavy care units as the population ages," explained Fabri.

Regionally, the Lower Mainland vacancy rate for independent living units rose to 13.7 per cent from 10.3 per cent in 2011. Elsewhere in British Columbia, vacancy rates remained about the same or moved lower in 2012 compared to a year earlier.

The average rent for independent living suites in British Columbia increased by just over three per cent to reach $2,672 in 2012. Average rent levels varied by region within British Columbia due to differences in the cost of land and the selection and cost of services.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. 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 informed decisions.

For more information, and to download CMHC's housing reports, please visit CMHC's website at www.cmhc.ca/housingmarketinformation or call 1-800-668-2642.

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