Senior vacancy rate increases
By
|
22/06/2010 10:00:00 AM
|
0
comments
The vacancy rate in seniors' residences rose 1.6 per cent over the past year and is currently sitting at 10.8 per cent.
According to the CMHC's Senior Housing Report, vacancy and rent levels in the seniors' housing market are higher than those in other rental markets.
"Seniors' residences provide a wide variety of amenities and services to their tenants. These services and amenities contribute to rents that are higher than in the traditional rental market. These higher rents, coupled with more frequent turn-over, result in higher vacancy rates," said CMHC chief economist Bob Dugan.
The lowest vacancy rates were recorded in Saskatchewan and New Brunswick (6.2 per cent). Newfoundland and Labrador both posted the highest rates at 18.1 per cent while Ontario, Nova Scotia and Alberta rates were all above the national average.
The average rent for bachelor units, with at least one meal included in the rent, was about $1,800 per month. Quebec's average rent was $500 less than the average and the cheapest in Canada. Ontario posted the highest average at $2,585.