Seniors' Housing in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 17, 2015) - Canada Mortgage and Housing Corporation (CMHC) released its annual Seniors' Housing Report - British Columbia today. According to the 2015 CMHC Seniors' Housing Survey, the vacancy rate for independent living suites in British Columbia was 9.1 per cent in 2015 compared to 10.9 per cent in 2014.

"A growing population of seniors aged 75 and older tipped the vacancy rate lower again this year," said Aida Niavarani Zadeh, CMHC's Market Analyst. "The increase in the number of seniors living in independent living suites exceeded the growth in supply of new units," she added. Vacancy rates were lower across all four regions of British Columbia than they were one year ago.

The average monthly rent for independent living suites in British Columbia increased by more than two per cent to reach $2,868 in 2015. Average rents varied by region, reflecting the variety of included services and differences in land costs.

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.

Follow CMHC on Twitter @CMHC_ca.

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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