CMHC: Vacancy Rate in Seniors' Housing Residences at 10.6 Per Cent

OTTAWA, ONTARIO--(Marketwire - June 26, 2012) - The vacancy rate for standard spaces(1) for seniors across the country was 10.6 per cent this spring, relatively unchanged from 10.7 per cent in 2011, according to Canada Mortgage and Housing Corporation's Seniors' Housing Report, Canada Highlights edition.

"While the total number of spaces for seniors increased in 2012, the number of standard spaces actually declined over the same period," said Mathieu Laberge, Deputy Chief Economist at CMHC. "Combined with an increase in the total number of residents, this led to a relative stability in the overall vacancy rate, from 9.7 per cent in 2011 to 9.5 per cent in 2012."

Vacancy rates varied across the country, from a high of 38.7 per cent in Newfoundland and Labrador to a low of 4.8 per cent in Manitoba. The vacancy rates for standard spaces in Ontario (14.4 per cent), British Columbia (12.6) and Alberta (11.3 per cent) were above the national average. The rates in Saskatchewan (6.7 per cent), Nova Scotia (6.9 per cent), New Brunswick (7.7 per cent), Prince Edward Island (8.2 per cent) and Quebec (8.4 per cent), were below the national average.

The average rent for bachelor units and private rooms, where at least one meal is included in the rent, was $1,966 per month in 2012, up from $1,903 in 2011. Quebec posted the lowest average rent at $1,410, while Ontario posted the highest average rent at $2,699.

According to the survey, 202,091 seniors lived in the 2,586 residences surveyed. Across the country, 204,496 spaces were on the market, of which the vast majority (81.8 per cent) were standard spaces.

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.

The full text of this press release is available on the internet at http://www.cmhc-schl.gc.ca

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(1) A standard space is one that is occupied by a resident paying market rent and who does not receive 1.5 or more hours of care per day. A non-standard space is one in which the residents are receiving at least 1.5 hours of care per day, spaces being used for respite and non-market spaces.