Welltower Inc. has obtained regulatory clearance to complete the $4.6-billion acquisition of the Amica Senior Lifestyles portfolio more than 12 months after the deal with the vendor, Ontario Teachers’ Pension Plan, was announced. Approval from the Competition Bureau of Canada comes with the condition that the U.S. based real estate investment trust will sell four of its existing properties, located in Vancouver, Victoria, Brampton and Ottawa.

This follows just two weeks after the Competition Bureau negotiated a similar agreement with Chartwell before signing off on the purchase of a six-building retirement home portfolio from Sifton Properties, and reflects the Bureau’s agenda to ensure a choice of providers in the marketplace.

“Competition in the retirement home sector plays a crucial role in keeping prices in check and pushing providers to maintain high standards of care and modern, well-maintained facilities,” a newly released statement from the Competition Bureau notes. “The Bureau is satisfied that the sales will resolve the competition concerns that could result from the proposed transaction.”

This clears the way for Welltower to take title of the high-end Amica portfolio. The deal first unveiled in March 2025 included 31 luxury retirement homes, seven projects under construction, nine development sites with secured municipal approvals and a minority interest in Amica’s management company.

“Amica’s focus on ultra-luxury, higher acuity properties in Toronto, Vancouver and Victoria provides a natural complement in Canada to the lower acuity model of Cogir, Welltower’s best-in-class growth partner,” the company’s March 2025 business update states.