Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 27, 2013 08:15 ET

Vacancy Rate Continues to Decline for Seniors' Housing in Ontario

TORONTO, ONTARIO--(Marketwired - June 27, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC) Seniors' Housing Report for Ontario the overall vacancy rate for standard spaces decreased from 14.4 per cent in 2012 to 13.4 per cent in 2013. Total seniors' housing supply increased moderately this year to 51,800 spaces. A similar proportion of the population aged 75 and over lived in seniors' housing compared to last year, while average monthly rent grew by 4.5 per cent.

"The overall vacancy rate decreased this year as demand for seniors' housing in Ontario grew more than supply. Most of the additional demand went to newer seniors' homes, as they tend to improve on the amenities offered by older homes. The largest increase in occupied spaces occurred in the GTA, where construction of new seniors' homes has been most active," said Anthony Passarelli, CMHC Market Analyst.

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 CMHC Housing Market Information.

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