Senior Accommodation

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June 24, 2010

photo by Mango Escobar

Canada Mortgage and Housing Corporation have released the results of a survey regarding seniors’ residencies. According to these results, the vacancy rate amongst such residencies is now at 10.8 percent, which means a 1.6 percent rise since 2009.

Out of all the provinces, Ontario has the highest vacancy rate at 16.4 percent. The reason for this could be partially contributed to the high rental prices in the province. The average rental price for senior accommodation throughout Canada is $1,857 per month. In Ontario, it is higher, about $2,585. Only about 3.3 percent of offered places in our province cost less than $1,500 per month, while approximately 61.5 percent of places see monthly rents exceeding $2,500.

Not nice, really. I do not like the information coming from Ontario at all. Many senior people simply do not have a chance to earn money anymore and with such rents, they may have to borrow to survive. This is not the way it should be.