Senior residences average rent costs in Canada
July 31, 2019
By Kevin Hughes, Senior Specialist Economics, Canada Mortgage and Housing Corporation
One day, you or a loved one may decide the best housing option is a seniors’ residence. To help you make an informed decision, CMHC released its yearly assessment of vacancy rates (availability of space in seniors’ residences) and average rents through the 2019 Seniors’ Housing Reports.
CMHC’s 2019 Seniors’ Housing Reports provide descriptions and analysis of the seniors’ housing markets in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec and Atlantic Canada. The survey focuses on dwellings for autonomous seniors as well as those requiring heavy care.
The vacancy rate in seniors’ residences increased over the past year in British Columbia, Saskatchewan, Québec and Nova Scotia, while decreasing in Alberta, Manitoba, Ontario, New Brunswick, Prince Edward Island and Newfoundland.
As for the average rents, they varied across Canada but increased since 2018 overall. Only Nova Scotia and Alberta saw decreases in the average rent for standard spaces.
Given the aging of the population, seniors’ housing is an important issue for Canada’s population. According to Statistics Canada census data, in 2016, 16.9% of Canadians were aged 65 years or older. This percentage is expected to increase to 20% by 2024. This projected rise will have inevitable consequences for both the supply and demand throughout the next decade in Canada.
For more information on seniors housing and to help meet your or your loved ones’ future needs as you age, visit CMHC’s senior housing webpage. Asking the right questions and understanding the different housing options will help ensure a smoother transition during this stage of life.
Report a problem or mistake on this page
- Date modified: