Vacancy Rate for Seniors' Housing Declines for the Fourth Consecutive Year in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 15, 2016) - Canada Mortgage and Housing Corporation (CMHC) released its annual Seniors' Housing Report - British Columbia today. According to the 2016 CMHC Seniors' Housing Survey, the vacancy rate for independent living spaces in British Columbia was 6.3 per cent in 2016 compared to 9.1 per cent in 2015.

Report Highlights

• 2016 was the fourth consecutive year that the vacancy rate for independent living spaces declined in British Columbia, attributed mainly to population growth among people aged 75 and up.
• The lowest vacancy rate for independent living spaces-3.6 per cent--was recorded in the "Other BC" region (comprised mostly of areas in Northern BC and the Kootenays).
• The Okanagan/Thompson/Shuswap region recorded the highest rent increase over 2015 levels in British Columbia at 4.2 per cent. The Lower Mainland recorded the highest rent level at $3,239 per month.
• Total independent living spaces in CMHC's Seniors Survey grew moderately in British Columbia to 30,605 spaces in 2016 from 30,194 in 2015. Independent living spaces increased by over one-thousand units and heavy care spaces¹ declined by 431 units.

Canada Mortgage and Housing Corporation conducts the Seniors' Housing Survey annually in February and March. The Seniors' Housing Survey is a census and not a sample survey; therefore, to be included in the survey all seniors' residences in British Columbia must meet the following criteria: have been in operation for one year, have at least 5 units or spaces, offer an on-site meal plan, not mandate high levels of health care, pay a monthly rent and have at least 50 per cent of its residents 65 years of age or older.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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QUOTE

"The Seniors Housing Report found that the vacancy rate for independent living spaces in British Columbia declined for the fourth year in a row. The main driver for this is the growing seniors population and in some areas, a strong resale market that has made it easier for seniors to sell their homes and move into facilities that better suit their needs"

(Richard Sam)

(Market Analyst)

Canada Mortgage and Housing Corporation

1	A space where the resident is paying an extra amount to receive high-level care (1.5 hours or more of care per day). Examples of conditions that could require high-level care include Alzheimer's, dementia and reduced mobility (CMHC Seniors' Housing Report - British Columbia).