Vacancy Rate Declines for Seniors' Housing in Ontario

TORONTO, ONTARIO--(Marketwire - July 5, 2011) - The overall vacancy rate for seniors' housing in Ontario edged lower for the first time in three years to 15 per cent, according to the 2011 Ontario Seniors' Housing Report released today by the Canada Mortgage and Housing Corporation (CMHC). Other highlights of the report are as follows:

• The vacancy rate for standard spaces declined to 15.7 per cent in 2011 from 16.4 per cent in 2010.
• Growth in total retirement home supply slowed to 6.6 per cent or 3,080 spaces. Growth continued to be concentrated in large unit types.
• The average monthly rent increased by four per cent to $3,000, helped by strong growth in the supply of relatively more expensive one bedroom suites.

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc0705graphe.jpg.

"This year's survey results revealed growth in the number of retirement home residents managed to outpace the continued strength in new supply, taking some pressure off of vacancy rates," said Ken Sumnall, CMHC's Ontario Manager, Housing Market Surveys. "Older residences are adapting to changing market conditions by undertaking renovations and converting smaller units into larger suites, where demand has been concentrated."

As Canada's national housing agency, CMHC draws on 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable homes. 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.