{"id":9453,"date":"2018-06-20T10:10:23","date_gmt":"2018-06-20T17:10:23","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9453"},"modified":"2018-06-12T15:27:54","modified_gmt":"2018-06-12T22:27:54","slug":"aging-demographics-could-cause-a-surge-of-demand-in-the-canadian-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/aging-demographics-could-cause-a-surge-of-demand-in-the-canadian-housing-market\/","title":{"rendered":"Aging Demographics Could Cause A Surge of Demand in The Canadian Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">As boomers begin to retire, the vacancy rate for seniors-friendly homes is lower than ever before, as Canadians look for places to downsize.<\/p>\n<p style=\"text-align: justify;\">The vacancy rate for seniors\u2019 residences fell in Ontario and BC over the last year, according to a new report from the Canada Mortgage and Housing Corporation (CMHC).<\/p>\n<p style=\"text-align: justify;\">It dropped from 10.3% in 2017 to 9.9% in Ontario, while the total supply of available housing grew by just 3,500 units.<\/p>\n<p style=\"text-align: justify;\">\u201cEven with the &#8230;.. increase in supply this year, the vacancy rate trended lower as demand outpaced supply,\u201d writes CMHC Ontario senior market analyst Penny Wu, in a statement. \u201cThe accelerating growth in the older population\u2026especially among seniors aged 85 and older, continued to drive demand for seniors housing.\u201d<\/p>\n<p style=\"text-align: justify;\">The story was even more dire in BC, where the vacancy rate was 3% in 2018, compared with 4.5% in 2017.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, the number of total units increased by just 340 over the previous year, with approximately half of the new spaces located in the South Fraser area.<\/p>\n<p style=\"text-align: justify;\">\u201cBritish Columbia\u2019s vacancy rate &#8230;.. declined again in 2018,\u201d writes CMHC British Columbia senior market analyst Keith Steward, in a statement. \u201cA growing seniors\u2019 population continues to drive demand for seniors\u2019 housing. Price increases in the resale market over the past few years in many regions has supported some seniors\u2019 ability to move.\u201d<\/p>\n<p style=\"text-align: justify;\">Demand for senior\u2019s housing in BC is only going to grow in the coming years, according to CMHC, which sites aging demographics as a major factor.<\/p>\n<p style=\"text-align: justify;\">\u201cCumulative year over year house price increases across much of BC will support seniors\u2019 ability to pay for [new units,]\u201d reads the report.<\/p>\n<p style=\"text-align: justify;\">The report echoes findings from ratings agency DBRS Ltd, released earlier this month.<\/p>\n<p style=\"text-align: justify;\">Rent for seniors\u2019 housing is currently growing at a rate of 4.7% per year, according to DBRS. What\u2019s more, by 2026 more than 2.4 million Canadians aged 65 and up will be looking to move into seniors\u2019 housing. That number is expected to rise to 3.3 million by 2046.<\/p>\n<p style=\"text-align: justify;\">Canada\u2019s senior population grew 21.7% between 2006 and 2016, more than double the rate of senior housing supply, according to DBRS. Some provinces are moving to address the increase, while others still have a ways to go. BC and Alberta offer subsidies for seniors housing, while Ontario does not.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/06\/demographic-cause-surge-demand-canadian-housing-market-next-years.html\" target=\"_blank\" rel=\"noopener\">This Demographic Could Cause A Surge of Demand in The Canadian Housing Market in The Next Few Years<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As boomers begin to retire, the vacancy rate for seniors-friendly homes is lower than ever before, as Canadians look for places to downsize. The vacancy rate for seniors\u2019 residences fell &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/aging-demographics-could-cause-a-surge-of-demand-in-the-canadian-housing-market\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-9453","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Aging Demographics Could Cause A Surge of Demand in The Canadian Housing Market &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/aging-demographics-could-cause-a-surge-of-demand-in-the-canadian-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Aging Demographics Could Cause A Surge of Demand in The Canadian Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As boomers begin to retire, the vacancy rate for seniors-friendly homes is lower than ever before, as Canadians look for places to downsize. 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