It seems that Canada’s senior housing market is in synch with the US according to data recently released in Canada Mortgage and Housing Corporation’s (CMHC) Seniors Housing Report. The survey showed that the vacancy rate rose slightly to 10.7% for the early part of 2010 in comparison to 10.2% for the same time period in 2009.
The overall average rent for a standard retirement home space was $2,232 in Atlantic Canada in 2010. Nova Scotia and New Brunswick recorded above regional average rents of $2,412 and $2,275, respectively. Standard spaces in Newfoundland and Labrador and Prince Edward Island recorded rents below the regional average at $2,042 and $2,181, respectively.
"Standard spaces in bachelor and two-bedroom units continued to be most in demand as evidenced by the relatively lower vacancy rates," said Tim Andrews, market analyst with CMHC’s Atlantic Business Centre. "Newfoundland and Labrador had the highest provincial vacancy rate at 18.1 per cent while New Brunswick recorded the lowest provincial vacancy rate at 6.2 per cent," added Andrews.