Seniors' Housing Survey - 10.9% Vacancy Rate

Seniors’ Housing in British Columbia

VANCOUVER – June 19, 2014 – Canada Mortgage and Housing Corporation (CMHC) released its annual Seniors’ Housing Report – British Columbia today.

According to the 2014 CMHC Seniors’ Housing Survey, the vacancy rate for independent living suites in British Columbia was 10.9 per cent in 2013 compared to 11.4 per cent in 2013. “A stronger resale market and a growing population of seniors aged 75 and older tipped the vacancy rate lower again this year,” said Sarena Teakles, CMHC’s Market Analyst. “The increase in the number of seniors’ living in independent living suites exceeded the supply of new units,” she added.

Vacancy rates were lower across all four regions of British Columbia than they were one year ago. The Lower Mainland region reported the smallest year-over-year change in vacancy rates, while the Other BC region reported the largest change. Other BC is composed of the Kootenays and North- Central BC areas.

The average monthly rent for independent living suites in British Columbia increased by more than two per cent to reach $2,811 in 2014. Average rent levels varied by region, reflecting the variety of included services and differences in the cost of land. As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality. environmentally sustainable and affordable housing solutions.

CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.