A good time to look for a retirement home?

Canadian Seniors' Residences: average vacancy rate of 9.2%

The Canada Mortgage and Housing Corporation conducted a recent survey revealing an average vacancy rate of 9.2% in seniors' residences across Canada. The survey polled 2464 Canadian seniors' residences to gather vacancy rates, rental costs, and the types of housing available to older adults throughout the country.

Bob Dugan, the Canada Mortgage and Housing Corporation's chief economist says that the anticipation of a spike in the demand for seniors' housing because of our aging population, has spawned the new construction of many new residences which in turn, has led to a much higher average vacancy rate in the interim.

The 2464 residences surveyed inhabited 176,845 seniors, and of this number, 81% of them lived alone. Most rental prices per month were inclusive of all meals and the average national rental price for a bachelor unit was $1774 per month. Prices varied from residence to residence given the difference in services and amenities offered at each location from a high in Ontario of $2519 per month, to a low in Quebec of $1271 per month.
Not to much surprise, the survey found that rental rates were significantly higher in Canadian seniors' residences offering heavy care - as opposed to those housing units with a more independent style of living and less intensive care.

Source: seniorservicedirectory



Saverio Manzo