Vacancy Rates Mixed in Retirement Homes in Atlantic Canada in 2013

HALIFAX, NOVA SCOTIA--(Marketwired - June 27, 2013) - The vacancy rate for standard spaces¹ in retirement homes in Atlantic Canada was 11.2 per cent in the spring of 2013, according to Canada Mortgage and Housing Corporation's (CMHC) Seniors Housing Report, Atlantic edition released today. The current vacancy rate is down from 14.3 per cent a year earlier.
"Vacancy rates for standard spaces in seniors' housing residences declined in three of the four Atlantic Provinces this year," said Alex MacDonald, Regional Economist with CMHC's Atlantic Business Centre. "The vacancy rate in Newfoundland and Labrador remained higher than the rest of the region due to a higher concentration of non-standard spaces in the surveyed universe," added MacDonald.

The overall average rent for a standard retirement home space was $2,137 in Atlantic Canada in 2013. Prince Edward Island and Nova Scotia recorded above average rents of $2,433 and $2,394, respectively. Standard spaces in Newfoundland and Labrador and New Brunswick recorded rents below the regional average at $2,098 and $1,807, 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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¹ 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.

Additional data is available upon request

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