Vacancy Rate in Seniors' Housing Residences Higher in 2011

HALIFAX, NOVA SCOTIA--(Marketwire - July 5, 2011) - The vacancy rate for standard spaces in retirement homes in Atlantic Canada was 15.2 per cent in the early part of 2011, according to Canada Mortgage and Housing Corporation's (CMHC) Seniors Housing Report, Atlantic edition released today. The current vacancy rate is up from 10.7 per cent, a year earlier.

"The only province to report a year-over-year decline in the overall vacancy rate for standard spaces was Nova Scotia, where the vacancy rate declined to 8.2 per cent from 15 per cent last year," said Alex MacDonald, regional economist with CMHC's Atlantic Business Centre. A "standard space" is a space that is occupied by a resident who receives a standard level of care of less than 1.5 hours per day. Newfoundland and Labrador had the highest provincial vacancy rate at 37.6 per cent while New Brunswick recorded the lowest provincial vacancy rate at 7.8 per cent. "An increase in supply with little change in demand resulted in a significant increase in the vacancy rate for semi-private and ward units in Newfoundland and Labrador," added MacDonald.

The overall average rent for a standard retirement home space was $1,921 in Atlantic Canada in 2011. Nova Scotia and Prince Edward Island recorded above average rents of $2,251 and $2,142, respectively. Standard spaces in New Brunswick and Newfoundland and Labrador recorded rents below the regional average at $1,593 and $1,967, respectively.

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.

For more information, visit www.cmhc.ca or call 1 800 668-2642.

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