Retirement Home Vacancy Rate Declines in Atlantic Canada in 2015

HALIFAX, NOVA SCOTIA--(Marketwired - June 17, 2015) - The vacancy rate for standard spaces¹ for retirement homes in Atlantic Canada was 9.3 per cent in the spring of 2015, according to Canada Mortgage and Housing Corporation's (CMHC) Seniors' Housing Report, Atlantic edition released today. The current vacancy rate is down from 11.0 per cent as reported last year.

"Vacancy rates for standard spaces in the Atlantic Region continued their downward trend in 2015," said Alex MacDonald, Regional Economist with CMHC's Atlantic Business Centre. "This year, vacancies for spaces offering a standard level of care fell to 9.3 per cent. The decline is largely attributed to an uptick in demand that stems from the increasing and evolving needs of the regions' aging population base," added MacDonald.

The overall average rent for a standard retirement home space was $2,269 in Atlantic Canada in 2015. Rents were highest in Nova Scotia at $2,891 this year. In Newfoundland and Labrador and Prince Edward Island, standard space rents stood at $2,312 and $2,021, respectively. In New Brunswick, rents were lowest at $1,750.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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.

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¹A "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.

Additional data is available upon request.

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