2020 Seniors Housing Survey: Key Findings
Based on the Canada Mortgage and Housing Corporation (CMCH) Senior Housing Survey, 2020 report, we have compiled the valuable data concerning the retirement homes. The key findings include average rental rates, rental prices, and other valuable data that concern retirement homes.
The 2020 report showed some noteworthy regional trends. Ontario witnessed a drastic increase in vacancy rate (standard spaces) by 11% in the last 6 years. The data was collected earlier in February.
We have prepared a brief highlight of the major 7 Canadian provinces to help you find the perfect senior housing for your loved one or for yourself.
Average Senior Housing Cost in Canada
The cost of retirement homes in a community can vary majorly depending on the location, size of the accommodation, and other major factors. The monthly fee can be between the range $1,453 to $4,500 on an average.
In 2020, the senior-aged population living in Quebec has gone up by 18.4%, which is the highest capture rate in Canada.
In 2020, the average rent for senior housing in major provinces like Ontario, British Columbia, Alberta and Quebec have been reported at $3,865, $3364, $3270 and $1844 respectively.
The vacancy rate for the standard spaces in key provinces, Ontario, British Columbia and Quebec has risen by 11%, 5.1% and 6.9% respectively. Whereas in Manitoba and Saskatchewan the vacancy rates have dwindled to 2.7% and 15% respectively.
Senior housing Average Rents and Vacancy Rates in Canada
According to research, Canada’s senior population (over the age of 65) is expected to grow by 68% in the coming 20 years. Seniors citizens above the age of 75 and older are growing at a much faster rate between 2020 and 2037.
Ontario
Average Rent for Standard Spaces: $3,865
Vacancy Rate for Standard Spaces: 11.0%
Total Number of Units: 65,049
This year there has been the most significant spike in the ward/semi-private spaces. It was the first-ever increase for the past 6 years. Till 2019, the vacancy rates witnessed the most significant decline by 10.3%, which is lowest when compared to 10-year data. However, this year the demand has outgrown the availability. The cost of senior care has been recorded to be the highest in Ontario.
The assisted living option in Ottawa costs approximately $5,916. As you may have expected, the senior services are incredibly high in the Toronto GTA, where the lowest is $1,500 and can go all the way up to $6500 or more.
British Columbia
Average Rent for Standard Spaces: $3,364
Vacancy Rate for Standard Spaces: 5.1%
Similar to the previous year, in 2020, the vacancy rate for independent living spaces increased. It is 5.1% in 2020, whereas it was just 4.2 in 2019. The average senior housing cost in Canada for an independent space in 2020 has been recorded at $3,364, whereas in 2019, it was $3,275.
The Lower Mainland posted the highest rents priced at $3,722. The highly affordable spaces with an average rent of less than $1900 saw the lowest vacancy rate at 3.4%. And, 664 spaces were added across British Columbia in the year 2020.
Vancouver Island/Central Coast region has a great demand for vacant spaces. Out of 664 spaces added in BC, the majority have been added to the Central Coast/Vancouver Island.
Alberta
Average Rent for Standard Spaces: $3,270
Vacancy Rate for Standard Spaces: 15.1%
Total Number of Units: 14,582
The vacancy rate has increased majorly this year in Alberta, Calgary, and Edmonton. The Edmonton Census Metropolitan area saw the largest vacancy rate this year. The company’s vacancy rate went up from 9.7% in the year 2019 to 12.6% this year.
The vacancy rate of the standard spaces in senior housing increased to 15.1% from 13.8% in 2019. In Alberta, the vacancy rates have been the highest at 18.6%. Out of total 14, 852 senior housing spaces, 5670 are in Edmonton, and the rest of 5295 is in the Calgary Census Metropolitan area.
Quebec
Average Rent for Standard Spaces: $1,844
Vacancy Rate for Standard Spaces: 6.9%
In 2020, the demand for the standard space in the senior residence cost grew slightly faster than the supply.
The average senior residence cost in Quebec is recorded at $3409 for heavy care spaces and $1,844 for standard spaces. However, the vacancy space had reduced slightly to 6.9% from 7.2% in 2019. This year there are significant differences in the vacancy rates across various metropolitan areas, and the price dropped down from6 to 3 in Quebec CMA:
- Trois-Rivieres
- Montreal
- Sherbrooke
Atlantic
Average Rent for Standard Spaces: $2,858
Vacancy Rate for Standard Spaces: 10.6%
Total Number of Units: 10,031
The demand for the standard spaces houses for seniors in Atlantic Canada has increased drastically from 8.6% in 2019 to 10.6% this year. Some of the regions that witnessed a record high are New Brunswick, Labrador and Newfoundland.
Regions that witnessed a decline in the vacancy rate are Prince Edward Island, Nova Scotia. In Atlantic Canada, two-bedroom units witnessed the lowest vacancy rate, which is 4.0%. The senior residence cost is lower compared to the bigger living spaces. The vacancy rate for all bedroom types apart from semi-private rooms and wards has dropped.
Manitoba
Average Rent for Standard Spaces: $2,849
Vacancy Rate for Standard Spaces: 2.7%
Total Number of Units: 5043
There has been a 3% decrease in senior housing’s vacancy rate from 3% to 2.7% this year. The average housing rent has witnessed an increase from $2819 in 2019 to $2849 this year. In the provincial Manitoba, the average rent rate has been calculated to be the lowest at $2,881, whereas, in the rest of Manitoba, the price is lower at $2648.
Saskatchewan
Average Rent for Standard Spaces: $3,105
Vacancy Rate for Standard Spaces: 15.0%
The vacancy rate of standard spaces in the senior housing in Saskatchewan is 15.0%, and the overall cost of senior care has increased to $3,105 in 2020, from $3,034 in 2019. The demand for senior housing has increased majorly from $7068 in 2019 to $7680 in 2020.
Wrapping Up
From CMHC Results from the 2020 Seniors Housing Survey, we conclude that the cost of senior care has noticed an increase over one year, and in some regions, there has been a noticeable decrease. Some regions witnessed the demand for rooms in senior care facilities more than the availability.
Over the years to meet the needs of the older citizens of Canada, the government has taken significant actions to meet the demand of the senior citizens, maintain their active lifestyles, lead a mentally healthy life by staying with their community, and live well informed.