Senior’s Housing Report Released by CMHC

Real Estate Home sales

Real Estate Home salesSeniors’ Housing Vacancy Rate in Ontario Reaches Its Lowest Level

TORONTO – Canada Mortgage and Housing Corporation released its Seniors’ Housing Report for Ontario today.

Report Highlights

  • The overall vacancy rate for seniors’ residences dropped from 11.5 per cent last year to 10.7 per cent in 2016, the lowest level since 2001.
  • The growth in demand outpaced supply as total residents grew by 6.5 per cent while supply increased by 4.9 per cent to 56,300 spaces.
  • The average rent for a standard space increased by 6.7 per cent to $3,499.

According to the 2016 Survey, 54,280 seniors lived in the 694 residences in Ontario. Slightly more than half of the total spaces were bachelor units, a fraction that has been decreasing in recent years as seniors have been increasingly opting for the more spacious suites. The average rent for a bachelor space in Ontario was $2,978, while the highest rate was in the Greater Toronto Area at $3,484.

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

“Seniors’ preference for retirement home living continued to grow as the market provided residences with more features targeting the lifestyle of today’s seniors,” remarked Jean-Sébastien Michel, CMHC’s Principal in Market Analysis. “Meanwhile, rising household wealth enabled more seniors to choose upscale residences, resulting in faster declines in the vacancy rates of larger and more highly priced spaces.”

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