British Columbia’s senior vacancy rate currently sits at 4.2%.
That’s well below the national average of 7.4% according to the Canada Mortgage Housing Corporation.
Market Analyst, Richard Sam believes a jump in BC’s senior’s population is to blame.
“A big driver is the population growth among seniors and our survey looks at age 75 and above because it seems more conducive. In terms of what we are seeing, we are seeing more demand because there is more growth in the upper-age population.”
The lowest senior vacancy rate in Canada belongs to Manitoba at 2.7% while Newfoundland and Labrador claimed the highest rate at 12.7%.
The vacancy rate in Northern BC is lower than the provincial average at 3.8% but is part of a catch hall which includes parts of the Kootenays.
Rent for bachelor units and private rooms in our region are also well below the BC average coming in at $2178 compared to $2955.
Seniors currently make up 8% of BC’s total population.