Seniors' Housing in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 27, 2013) - Canada Mortgage and Housing Corporation (CMHC) released its annual Seniors' Housing Report - British Columbia today. According to the 2013 CMHC Seniors' Housing Survey, the vacancy rate for independent living suites in British Columbia was 11.4 per cent in 2013 compared to 12.6 per cent in 2012.

"The vacancy rate declined as a result of an increase in demand," said Paul Fabri, CMHC's Senior Market Analyst. "The total number of residents, especially those aged 75 and above, living in seniors' housing rose during the past year," he added.

Among the four British Columbia regions surveyed, the Okanagan/Thompson/Shuswap was the only region that recorded a vacancy rate higher than a year ago.

The average monthly rent for independent living suites in British Columbia increased by nearly three per cent to reach $2,747 in 2013. Average rent levels varied by region within British Columbia due to differences in the cost of land and the selection and cost of services offered.

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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