THUNDER BAY – REAL ESTATE – A hot housing market in Thunder Bay along with a tight rental market are facts of life in the city. One area, Ontario wide has been the issue of senior’s housing.
According to Canada Mortgage and Housing Corporation’s (CMHC) Seniors’ Housing Report for Ontario released today, the overall vacancy rate for standard spaces increased from 13.4 per cent in 2013 to 13.9 per cent in 2014.
Total seniors’ housing supply increased two per cent this year to 53,099 spaces. There was no change in the proportion of the population aged 75 and over who lived in seniors’ housing compared to last year, while average monthly rent grew by one per cent.
“The overall vacancy rate increased this year as the supply of seniors’ housing in Ontario grew more than demand. Although demand increased for newer seniors’ residences, supply increased faster resulting in a higher vacancy rate for these newer residences. Demand declined in older residences. Newer residences tend to be larger and consequently able to offer a greater range of amenities than older residences. Moreover, the majority of spaces in newer residences are one and two bedroom suites, the only types of units for which demand increased this year,” said Erica McLerie, CMHC Senior Market Analyst.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.