In latest findings published, the Canada mortgage and Housing Corporation (CMHC) stated that tenancy in seniors’ residence experienced a slight rise in British Columbia, Ontario and Quebec the three most valued senior’s home market in the country.
The Canada Mortgage and Housing Corporation’s regional home findings showed metrics for kinds of spaces: standard and non – standard spaces.
“Standard spaces equally referred to an independent living, are those occupied by a resident market rent and who doesn’t receive one and a half hour or even more a day. A non – standard space is one whereby the resident gets a minimum of one and a half hour of care or attention a day, a breathing space and non-market spaces,” as explained by CMHC.
Vacancies among standard spaces in Quebec fell to 6.2% in 2017 as compared to last year. Within the same period, non-standard space vacancy moved down from 5.5% to 5.0%. The average rent for standard space was at $1.687 monthly and heavy care space was $3.200.
The increasing fall of the rate of vacancy in personal retirement homes reflects sustained demand. But as 18% of the Quebec’s inhabitants from the age of 75 year and above live in a retirement home, and the others go in for other kinds of housing.
Ontario on its part saw vacancies for standard space moved down to 10.4% this year and 10.3% for vacancies for all spaces. The average rent for standard space increased to $3.526.
The total of vacancies in Ontario got to the lowest level since 2001 as seniors’ home demand overshadowed supply. The rate of vacancy in more than half of markets in Ontario reduced in 2017. Many areas portrayed evidence of pent – up demand because of greater growth in demand than growth in supply, as stated by Jean Sebastian Michel, CMHC principal, market analysis (Ontario).
Meanwhile, total vacancy rate for independent living space in B.C seniors’ residences dropped by almost 2% year after year to 4.5% this year.
Keith Stewart, CMHC market analyst said “As increasing demand and operating cost have raised monthly rents, huge price rises in the resale market in the previous years have motivated some senior ability to move in independent living and heavy care space.”