Vacancy Rate Continues to Decline for Seniors' Housing in Ontario

TORONTO, ONTARIO--(Marketwire - June 26, 2012) - The overall vacancy rate for seniors' housing in Ontario declined for the second consecutive year to 13.8 per cent, down from 15.0 per cent in 2011, according to the 2012 Ontario Seniors' Housing Report released today by the Canada Mortgage and Housing Corporation's (CMHC). Other highlights of the report are as follows:

• Total seniors' housing supply grew at a slower rate of 3.5 per cent in 2012 to 51,300 spaces.
• The proportion of seniors aged 75 and over living in seniors' housing rose to 5.2 per cent, up from 5.1 per cent in 2011.
• The vacancy rate declined the most in Ottawa and the GTA.
• Fixed sample rents grew by 1.6 per cent. The average monthly rent was $3,066.

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc0626gre.jpg.

"New seniors' housing continues to attract new residents in Ontario. More seniors, especially couples, opted for the newer and larger spaces with a higher level of amenities," said Penny Wu, CMHC's Senior Market Analyst. "A moderation of growth in new supply also helped bring down the vacancy rate," added Wu.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of 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 CMHC Housing Market Information.

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