CMHC’s latest Seniors’ Housing Reports provide descriptions and analysis of the seniors’ housing markets of 7 Canadian regions. These regions are:
- British Columbia (B.C.)
- Atlantic Canada
Highlights for Ontario, Quebec and B.C.
- The vacancy rate for standard spaces remained unchanged, at 10.4%. The overall vacancy rate, meanwhile, dropped to a record low of 9.9% from 10.3% last year.
- Total supply grew by 3,500 spaces, the most since 2001.
- The average monthly rent for a standard space increased by 2.6%, to $3,618.
- The vacancy rate for standard spaces stood at 6.9% for 2018, compared to 6.2% a year ago.
- The vacancy rate for heavy care spaces went down to 4.2%.
- The average monthly rent for heavy care spaces remained stable, at $3,180.
- The overall vacancy rate for independent living spaces in seniors’ residences was 3.0% in 2018, compared to 4.5% in 2017. It should be noted that “independent living spaces” are equivalent to “standard spaces” in the rest of Canada.
- The number of total spaces increased by a modest 340 units. About half of the new spaces are located in the South Fraser area.
- Rising demand and operating costs caused monthly rents for independent living spaces to increase by 3.3% compared to the previous year.
Interesting data for Ontario
An interesting demographic trend in Ontario is that men are accounting for a growing proportion of seniors. Men’s average life expectancy is growing faster than that of women. As a result, men have represented a growing share of the over-75 and over-85 populations.