According to the Canada Mortgage and Housing Corp.'s (CMHC) annual Seniors' Housing Report - British Columbia released today, the average vacancy rate for independent living suites was 12.6% in 2012 compared with 11.5% in 2011.
CMHC market analyst Paul Fabri said, "Additions to the supply of independent living units in the Lower Mainland contributed to a slightly higher vacancy rate in 2012.
"Operators of seniors' housing are building in anticipation of increased demand for both independent living and heavy care units as the population ages."
Regionally, the Lower Mainland vacancy rate for independent living units rose to 13.7% from 10.3% in 2011.
Elsewhere in B.C., vacancy rates remained about the same or moved lower in 2012 compared with a year earlier.
The average rent for independent living suites in B.C. increased by just over 3% to reach $2,672 in 2012.
Average rent levels varied by region within B.C. due to differences in the cost of land and the selection and cost of services.
