Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 17, 2015 08:15 ET

Vacancy Rate Drops for Seniors' Housing in Ontario

TORONTO, ONTARIO--(Marketwired - June 17, 2015) - Canada Mortgage and Housing Corporation (CMHC) released its 2015 Seniors' Housing Report for Ontario today. The overall vacancy rate for standard spaces declined to 12.1 per cent in 2015 from 13.9 per cent in 2014. Total seniors' housing supply grew by one per cent to 53,680 spaces. The preference for seniors' housing living remained unchanged at about 5.2 out of 100 persons aged 75 and over living in seniors' residences. The average monthly rent edged up by one per cent.

"Slower growth in supply than demand brought down the vacancy rate this year. This was most apparent for suites, whose vacancy rate decreased the most among the various space segments. More residences were accommodating seniors' changing needs as they age, providing more levels of care services. Older homes in the Greater Toronto Area and Ottawa were able to charge similar rents and maintain similar occupancy rates as newer homes thanks to their superior locations and continuing renovations," said Jean-Sébastien Michel, CMHC's Principal, Market Analysis.

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.

Follow CMHC on Twitter @CMHC_ca

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Contact Information

  • Media Contact:
    Angelina Ritacco, Public Affairs Advisor
    416-218-3320
    aritacco@cmhc.ca