Decrease In Seniors’ Accommodation Vacancy Rate

In British Columbia, Quebec and Ontario, seniors’ accommodation is becoming worse and even harder to find in the previous year. According to CMHC, the rate for vacancy in the area has gone down in three of the provinces soberly, where the markets shows to be noticeable.

Regional Economist for Quebec, Kevin Hughes said; “The progressive decrease of the vacancy rate in private retirement homes reflects sustained demand. But while 18 per cent of Quebecers aged 75 years and older live in a retirement home, the others opt for alternative forms of housing. It will be critical for us to understand the residential trajectory of baby-boomers as it will be a determining factor for the future of the housing sector and for society as a whole.”

The vacancy rate for standard spaces or as it is commonly known, independent living was at its lowest in Ontario by 10.4 per cent since 2009 and BC as well, where demand shows to be predominantly strong being lower than 4.5 per cent. Vacancy rate for Quebec was 6.2 per cent.