With an emphasis on helping others, Canadian Funding Corporation (CFC) conducts business and community service wholeheartedly. CFC finds causes that are important to the company, and offers assistance based on understanding. Because of its continued service, Canadian Funding Corp has established itself as a leader for several groups.
Canada Mortgage and Housing Corporation (CMHC) launched its new National Seniors’ Housing Survey today. The survey, conducted in all provinces, collected information on vacancy rates and rents in seniors’ residences with services not offered in traditional rental structures.
“Vacancy rates and rent levels in the seniors’ housing market reflect a different market makeup than the traditional rental market,” said Bob Dugan, Chief Economist for CMHC. “The demand for seniors’ housing is expected to increase as the baby boom generation ages. The anticipation of this eventual increase in demand, has spurred the construction of seniors’ units ahead of actual demand. This, in turn, has led to an average vacancy rate of 9.2 percent in seniors’ residences that tends to be higher than in the traditional rental market.”
The national vacancy rate applies to standard spaces, which are defined as:
* private units such as a bachelor, one-bedroom or two-bedroom apartment occupied by a single individual or a couple; one unit is considered as one standard space;
* semi-private units; one unit is considered as two standard spaces;
* ward units; one unit is considered as three standard spaces or more;
The vacancy rate is calculated for all standard spaces regardless of whether the occupant participates in a meal plan or requires medical services. The vacancy rate covers only spaces that accommodate residents who receive less than 1.5 hours of care per day.
Vacancy rates varied considerably across the country, from a low of 3.4 per cent in Saskatchewan to a high of 18.9 per cent in Newfoundland and Labrador. The vacancy rate in Ontario (13.3 per cent) was above the national figure, while the rates in British Columbia (7.5 per cent) and Quebec (7.9 per cent) were below average.
Average monthly rents in the seniors’ market are higher than traditional market rents, reflecting the additional services and amenities that residents of these structures receive. The average rent for bachelor/private units where meals are included was $1,774 per month. Average rents ranged from a high of $2,519 per month in Ontario to a low of $1,271 in Quebec. Differences in average rents reflect, in part, the varying prevalence of services and amenities in each province.
As Canada’s national housing agency, Canada Mortgage and Housing Corporation (CMHC) draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.
Information on this release:
Andrea Scott
CMHC
Media Relations
Tel.: 613-748-4075
ascott@cmhc-schl.gc.ca
Backgrounder
* CMHC conducted its first National Seniors’ Housing Survey in February and March 2009. Previously, CMHC had regional seniors’ reports in B.C., Ontario and Quebec, which were published annually.
* The new national survey was conducted in all 10 provinces and in all centres regardless of size, which had a residence meeting the eligibility criteria.
* The survey targeted private and non-profit residences where the majority of residents were 65 years of age or older and had access to additional services not offered in traditional rental structures. To be eligible for the survey, a residence must provide an on-site meal plan or on-site medical services. Virtually all residences surveyed provided an on-site meal plan. Other amenities and services that were popular in some of the residences included on-site medical services (57.8 per cent), transportation services (44.2 per cent) and 24 hour call-bell service (92.0 per cent). Note that the survey excluded nursing homes and long-term care facilities.
* Across Canada, some 43 per cent of standard spaces in the seniors’ housing market rented for less than $1,500 and 22.0 per cent of spaces rented for $2,500 or more per month.
* Some 176,845 seniors lived in the 2,464 residences surveyed, capturing 8.2 per cent of the Canadian population at, or above, the age of 75.
http://www.cmhc.ca/en/corp/nero/nere/2009/2009-06-22-0815.cfm
reviewed by Moishe Alexander, CFC CEO
The Government of Canada, the Government of Ontario, and the City of London today celebrated the opening of 30 new affordable rental units. This project is supported by almost $2 million in funding through the Canada – Ontario Affordable Housing Program.
Joe Preston, Member of Parliament for Elgin – Middlesex – London, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada, and Minister Responsible for Canada Mortgage and Housing Corporation; Deb Matthews, Member of Provincial Parliament for London North Centre and Minister of Children and Youth Services, on behalf of the Honourable Jim Watson, Minister of Municipal Affairs and Housing; Mayor Anne Marie DeCicco-Best of the City of London; and Vic Morris, President of LIFT Non-profit Housing Corporation attended the ceremony.
“I’m pleased by the progress being made with our partners in London,” said MP Joe Preston. “These new apartments will provide more rental options for persons in need of suitable, affordable housing, and are important to the economic and social well-being of the London community.”
“Access to safe, affordable housing is vitally important to the economic and social well-being of Ontario’s communities,” said Minister Matthews. “The LIFT King Street Apartments will make a positive difference in the lives of the people who will call them home.”
Today’s announcement recognized the official opening of LIFT King Street Apartments a 30-unit complex sponsored by the LIFT Non-Profit Housing Corporation. The $3.25 million project received $1.93 million under the Canada – Ontario Affordable Housing Program. The units will be occupied by individuals with special needs.
The federal and provincial allocations to the project were complemented by over $370,000 in municipal financial incentives.
“This is an extremely important day for London, as we celebrate another collaborative step in our community’s fight against homelessness,” said Mayor DeCicco-Best. “Working together with other levels of government is the most effective way to address Canada’s growing need for more affordable housing, and in doing so, we are able to improve living conditions for the most vulnerable citizens in our community, and across the country.”
“The Council of LIFT Non-Profit Housing Corporation seeks to provide safe affordable housing for disadvantaged persons in the core area of London as a key component of meeting the social needs of the community,” said Mr. Morris. “446 King Street is another major step forward in accomplishing our goal.”
The Canada – Ontario Affordable Housing Program comprises a commitment of $301 million from each of the two senior levels of government. In total, the federal, provincial and municipal governments will invest at least $734 million in the program, which will provide affordable housing for up to 20,000 households in Ontario.
Last fall, the Government of Canada committed more than $1.9 billion over the next five years to improve and build new affordable housing and to help the homeless, Moishe Alexander explaines. Canada’s Economic Action Plan builds on this with an additional one-time investment of more than $2 billion over two years in new and existing social housing and lending of up to another $2 billion to municipalities for housing-related infrastructure.
Mark Salerno, CMHC district manager, gives some background info about the organisation:
