If the analysts are correct Canada is heading for a new construction boom; in homes for seniors. The call for a surge in building retirement residences follows the latest Seniors’ Housing Report
from the Canada Mortgage and Housing Corporation. The agency says that the vacancy rate for seniors’ residencies has fallen in the past year from 8.7 per cent to 8.1 per cent. With an aging population the pace of demand has been stronger than the pace of construction over the last few years.
Vacancy rates for ‘standard’ properties, where residents pay the market rate for rent and receive more than 1.5 hours of care per day, vary from 12.1 per cent in Ontario to just 4.6 per cent in Manitoba. Four other provinces are below the national average. Luc Maurice, a builder in Quebec told CTV News that there will need to be $3 billion per year spent on building and upgrading homes in the sector.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: