CMHC Reports on Seniors' Housing in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 5, 2011) - Canada Mortgage and Housing Corporation (CMHC) released its annual Seniors' Housing Report – British Columbiaⁱ today. According to the CMHC Seniors' Housing Survey, the average vacancy rate for independent living suites was 11.5 per cent in February 2011, up from 10.4 per cent one year earlier. This survey looked at 14,392 independent living suites, in addition to another 12,278 seniors' housing units consisting of heavy care units, respite beds, and subsidized units.

"Seniors' housing operators are anticipating an increase in demand for seniors' housing as the housing needs of people in the baby-boomer cohort shift to supportive living," noted Sarena Teakles, CMHC Market Analyst. "New seniors' complexes are being built throughout the province, however at the current time there is a higher than anticipated number of vacant units resulting in an higher overall vacancy rate."

Average rent levels for independent living suites varied by region. Rents were highest in the Lower Mainland region with an average of $2,754 per month, with similar rents in the Vancouver Island/Central Coast region at $2,751 per month. The higher cost of land and differences in the cost of services and amenities contribute to regional variation in rent levels.

"The past few years have seen the introduction of a number of new independent living suites to the seniors' housing market across the province," noted Teakles. "The report shows that there is a trend for more seniors to choose to live in seniors' housing complexes with different types and levels of services."

As Canada's national housing agency, CMHC draws on 65 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, 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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ⁱ CMHC's Seniors Housing Report includes information on private or non-profit residences where the majority of residents are 65 years of age or older and have access to additional services not offered in traditional rental structures. The survey excludes seniors' residences where all residents receive more than 1.5 hours of healthcare per day. In addition, only residences with at least 10 units were included in the survey.