|By Marketwired .||
|June 19, 2014 08:15 AM EDT||
OTTAWA, ONTARIO -- (Marketwired) -- 06/19/14 -- The vacancy rate for standard spaces(1), which dominate seniors' residences in Canada, decreased slightly over the past year, reaching 9.7 per cent in 2014, compared to 10.3 per cent in 2013, according to the Seniors' Housing Report - Canada Highlights edition released by Canada Mortgage and Housing Corporation.
The average vacancy rate for all standard and non-standard spaces also decreased, to 8.7 per cent in 2014 from 9.2 per cent in 2013. "While the total number of spaces for seniors increased in 2014, this was slightly outpaced by an increase in the total number of residents," said Bruno Duhamel, Manager, Housing and Economic Analysis. "This led to a slight decrease in the overall vacancy rate in 2014."
Vacancy rates varied across the country, from a high of 22.6 per cent in Newfoundland and Labrador to a low of 4.6 per cent in Manitoba. The vacancy rates for standard spaces in Ontario (13.9 per cent), British Columbia (10.9 per cent) and Saskatchewan (9.9 per cent) were above the national average. The rates in Quebec (7.5 per cent), Alberta (8.5 per cent), New Brunswick (8.7 per cent), Prince Edward Island (9.0 per cent) and Nova Scotia (9.1 per cent) were below the national average.
Across the country, the average rent for bachelor units and private rooms, where at least one meal is included in the rent, rose by 2.4 per cent, to $2,043 per month in 2014, compared to $1,995 in 2013. The highest average rent was recorded in Prince Edward Island ($2,782), and the lowest, in Quebec ($1,497).
According to the Survey, 218,650 seniors lived in the 2,799 residences surveyed. Across the country, there were 219,052 spaces in these residences, with the majority (76.5 per cent) being standard spaces.
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.
(1) A standard space is one that is occupied by a resident paying market rent and who receives care of 1.5 hours or less per day. A non-standard space is one in which the residents are receiving at least 1.5 hours of care per day, spaces being used for respite and non-market spaces.
Follow CMHC on Twitter @CMHC_ca.
This release is also available at CMHC.ca/Newsroom
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