Sask. seniors’ vacancy rate rises

REGINA — The overall vacancy rate in standard retirement home spaces in Saskatchewan was 9.9 per cent in 2014, compared to 8.8 per cent in 2013, according to the Canada Mortgage and Housing Corp. (CMHC) 2014 seniors’ housing report released Thursday.

The vacancy rate for standard spaces was higher in Saskatoon at 8.6 per cent, up from 7.4 per cent in 2013. By comparison, Regina recorded a lower vacancy rate at 6.1 per cent, down from 6.7 per cent in the previous year.

In the rest of Saskatchewan, the vacancy rate increased to 13.7 per cent in 2014 from 11.8 per cent in 2013, CMHC said.

Across the province, the overall monthly average rent for a standard retirement space in 2014 was $2,713, up from $2,505 in the previous year. The addition of newly constructed units contributed to the overall gain in rents, particularly in Saskatoon where the total number of spaces increased more than 12 per cent in 2014 from the previous year.

The average monthly rent in Saskatoon increased to $2,691 this year from $2,340 in 2013. In Regina, the average monthly rent was $3,260, compared to $3,011 one year prior. Meanwhile, the average monthly rent in the rest of the province in 2014 was $2,357, compared to $2,282 a year earlier.

Nine new structures became eligible for the 2014 survey, bringing the total number of seniors’ residences in Saskatchewan up to 168 units from 159 one year earlier. The survey also identified 6,404 retirement spaces, up from 5,835 spaces in 2013.

CMHC’s survey targeted residences where most residents are seniors with access to additional services not offered in traditional rental structures, such as an on-site meal plan, housekeeping, and laundry services.