Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 26, 2012 08:15 ET

CMHC: Vacancy Rate in Seniors' Housing Residences Mixed in 2012

HALIFAX, NOVA SCOTIA--(Marketwire - June 26, 2012) - The vacancy rate for standard spaces1 in retirement homes in Atlantic Canada was 14.3 per cent in the spring of 2012, according to Canada Mortgage and Housing Corporation's (CMHC) Seniors Housing Report, Atlantic edition released today. The current vacancy rate is down from 15.2 per cent a year earlier.

"The three maritime provinces recorded lower vacancy rates in 2012 compared to 2011 ranging from 6.9 to 8.2 per cent," said Alex MacDonald, regional economist with CMHC's Atlantic Business Centre. "The vacancy rate in Newfoundland and Labrador remained higher than the rest of the region in 2012 due to a higher concentration of non-standard spaces in the surveyed universe," added MacDonald.

The overall average rent for a standard retirement home space was $2,120 in Atlantic Canada in 2012. Prince Edward Island and Nova Scotia recorded above average rents of $2,500 and $2,355, respectively. Standard spaces in Newfoundland and Labrador and New Brunswick recorded rents below the regional average at $2,005 and $1,810, respectively.

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, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

1 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.

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