Vacancy Rates in Retirement Homes Vary Across Atlantic Canada in 2014

HALIFAX, NOVA SCOTIA--(Marketwired - June 19, 2014) - The vacancy rate for standard spaces¹ in retirement homes in Atlantic Canada was 11.0 per cent in the spring of 2014, according to Canada Mortgage and Housing Corporation's (CMHC) Seniors' Housing Report, Atlantic edition released today. The current vacancy rate is down from 11.2 per cent a year earlier.

"Vacancy rates for standard spaces in seniors' housing residences increased in three of the four Atlantic Provinces this year," said Alex MacDonald, Regional Economist with CMHC's Atlantic Business Centre. "The only province to report a decline in vacancies in 2014 was Newfoundland and Labrador. Despite the decline, the vacancy rate in Newfoundland and Labrador remained higher than the rest of the region partially due to a relatively strong preference to age in place," added MacDonald.

The overall average rent for a standard retirement home space was $2,415 in Atlantic Canada in 2014. Prince Edward Island and Nova Scotia recorded above average rents of $2,785 and $2,557, respectively. Standard spaces in Newfoundland and Labrador and New Brunswick recorded rents below the regional average at $2,130 and $2,337, respectively.

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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¹A "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.

Additional data is available upon request.

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