Steve Randall
Other
Construction in one property sector is about to surge, according to developer Luc Maurice.
The Quebec builder says that he expects the building of homes for seniors to see large increases in the coming years and to be valued at around $3 billion per year.
Maurice’s comments come as the Canada Mortgage and Housing Corporation reveals that vacancy rates for seniors’ housing have fallen again in the last year; down from 8.7 per cent to 8.1 per cent.
When viewed in context of a growing population of Canadian retirees the need is clear. Most of the provinces have below average vacancy rates for ‘standard’ spaces, where residents pay market rate rents and receive limited daily care.
Manitoba is particularly tight, at 4.6 per cent, while Ontario has a healthier 12.1 per cent. Saskatchewan and British Columbia also have above-average rates.
Maurice is not alone in predicting that there will be an increase in construction for seniors housing; Ontario Retirement Communities Association CEO Laurie Johnston told The Huffington Post that it expects “a slow growing boom” and CMHC economist Bob Duggan says there will be more demand but “whether it will be a boom or not, it’s hard to say.”
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