Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 17, 2015 08:15 ET

Vacancies in Saskatchewan's Seniors' Residences Increase in 2015

SASKATOON, SASKATCHEWAN--(Marketwired - June 17, 2015) - According to Canada Mortgage and Housing Corporation's 2015 Seniors' Housing Report released today, the overall vacancy rate in retirement home spaces in Saskatchewan was 10.6 per cent in 2015, compared to 9.9 per cent in 2014. Between the province's two Census Metropolitan Areas (CMAs), Regina reported the lower overall vacancy rate for standard spaces at 6.8 per cent this year, up from 6.1 per cent a year ago. In Saskatoon, the vacancy rate was 9.6 per cent in 2015, compared to 8.6 per cent a year earlier. In the Rest of Saskatchewan, the vacancy rate increased to 14.1 per cent in 2015 from 13.7 per cent in 2014.

In Saskatchewan, the average monthly rent for a standard space was $2,667 in 2015 for all suite types, compared to $2,713 one year prior. Average rents in seniors' residences are impacted by the different meal plan and services choices made by residents and thus can vary from one year to the next. In 2015, the removal of some structures with higher rents from the survey due to various reasons contributed to the slight decline in the average rent for standard spaces in Saskatchewan. Of the province's two major centres, Regina reported the higher average monthly rent for standard spaces in 2015 at $3,223, compared to Saskatoon's average rent of $2,544 per month.

There were four new structures opened in 2013 that became eligible for the 2015 survey, adding spaces to the retirement universe. Despite this addition, the number of seniors' residences in 2015 declined to 167 from 168 in 2014. There were five residences from last year's survey that were excluded from the 2015 survey due to various reasons. In 2015, the number of retirement spaces increased to 6,478 from 6,404 spaces in 2014, housing a total of 6,426 residents compared to 6,373 people in the previous year.

CMHC's 2015 Seniors' Housing Survey targeted residences where the majority of residents are seniors that have access to additional services not offered in traditional rental structures, such as an on-site meal plan. Seniors' residents were offered a variety of different amenities depending on the residence. The most common amenity in Saskatchewan was a 24-hour bell service, which was provided in 84 per cent of structures. The second most common amenity was on-site nursing services, which were available in nearly 38 per cent of seniors' residences. Other popular amenities accessible to residents included on-site medical services, internet, exercise facilities, and transportation services.

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 www.cmhc.ca/housingmarketinformation.

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