Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 19, 2014 08:15 ET

Vacancies Increase in Saskatchewan's Seniors' Residences in 2014

SASKATOON, SASKATCHEWAN--(Marketwired - June 19, 2014) - According to Canada Mortgage and Housing Corporation's (CMHC) 2014 Seniors' Housing Report released today, the overall vacancy rate in standard retirement home spaces in Saskatchewan was 9.9 per cent in 2014 compared to 8.8 per cent in 2013. Between the province's two Census Metropolitan Areas (CMAs), the vacancy rate for standard spaces was higher in the Saskatoon CMA at 8.6 per cent, up from 7.4 per cent in 2013. By comparison, the Regina CMA recorded a lower vacancy rate at 6.1 per cent, down from 6.7 per cent in the previous year. In the Rest of Saskatchewan, the vacancy rate increased to 13.7 per cent in 2014 from 11.8 per cent in 2013.

Across the province, the overall monthly average rent for a standard retirement space in 2014 was $2,713, up from $2,505 in the previous year. The addition of newly constructed units to the universe contributed to the overall gain in rents, particularly in Saskatoon where the total number of spaces increased more than 12 per cent in 2014 from the previous year. The average monthly rent in Saskatoon increased to $2,691 this year from $2,340 in 2013. In Regina, the average monthly rent was $3,260, compared to $3,011 one year prior. Meanwhile, the average monthly rent in the Rest of Saskatchewan in 2014 was $2,357, compared to $2,282 a year earlier.

There were nine new structures that became eligible for the 2014 survey, bringing the total number of seniors' residences in Saskatchewan up to 168 units from 159 one year earlier. The survey also identified 6,404 retirement spaces, up from 5,835 spaces in 2013.

CMHC's 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 onsite meal plan, housekeeping, and laundry services. Seniors' residents were offered a variety of different amenities depending on the residence. The most common amenity in Saskatchewan was 24-hour bell service, which was provided in 84 per cent of structures. Other popular amenities included on-site medical services, a registered nurse on site, exercise facilities, internet, and transportation services.

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 www.cmhc.ca/housingmarketinformation.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request

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Contact Information

  • Market Analysis Contact
    Goodson Mwale, Senior Market Analyst
    (306) 975-4897
    gmwale@cmhc.ca

    Media Contact
    Charles Daniel Mainville, Senior Communications Consultant
    (403) 515-2915
    cdmainvi@cmhc.ca