In Ontario, seniors’ housing has increased by two per cent in 2014, to 53,099 spaces, says the Canada Mortgage and Housing Corporation. According to the CMHC Seniors’ Housing Report for Ontario, the overall vacancy rate increased from 13.4 per cent in 2013 to 13.9 per cent this year.

“The overall vacancy rate increased this year as the supply of seniors’ housing in Ontario grew more than demand,” says Erica McLerie, CMHC Senior Market Analyst. “Although demand increased for newer seniors’ residences, supply increased faster resulting in a higher vacancy rate for these newer residences. Demand declined in older residences. Newer residences tend to be larger and consequently able to offer a greater range of amenities than older residences. Moreover, the majority of spaces in newer residences are one and two bedroom suites, the only types of units for which demand increased this year.”

The average monthly rent for seniors’ housing in Ontario increased by one per cent.

Nationally, the average vacancy rate for seniors’ housing decreased slightly, year-over-year, to 9.7 per cent, down from 10.3 per cent in 2013.