SENIORS' HOUSING REPORT Quebec
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Housing Market Information SENIORS’ HOUSING REPORT Quebec Canada Mortgage and Housing Corporation Table of Contents Date Released: 2015 1 Highlights 2 Map Highlights 3 The vacancy rate remained The vacancy rateVacancy for standard Rate (%) spaces for Standard was estimated Spaces at 7.3by Unitper cent Type stable in 2015 in February, compared to 7.5 per(province cent during of Quebec) the same period in 2014 and to 8.7 per cent in 2013. 3 The vacancy rate remained higher for rooms and The vacancy rate remains higher for rooms and bachelor units. bachelor units The average rent for standard spaces was $ 1,601 per month. 3 The average rent is higher for larger apartments The capture rate remained stable (18.5 per cent) compared to that 4 Market conditions eased estimated in 2014. slightly for heavy care market segment Figure 1 4 Looking forward Vacancy Rate (%) for Standard Spaces by Unit Type 8 Tables (province of Quebec) 30 25 2014 2015 20 15 SUBSCRIBE NOW! 10 Access CMHC’s Market Analysis Centre publications quickly and conveniently on the Order Desk at 5 www.cmhc.ca/housingmarketinformation. View, print, download or subscribe 0 to get market information e-mailed Private Rooms Semi-Private Bachelor One-Bedroom Two-Bedroom All Units to you on the day it is released. Rooms CMHC’s electronic suite of national standardized products is available for free. Source: CMHC Housing market intelligence you can count on Seniors’ Housing Report - Quebec - Date Released - 2015 Côet -Nord S: 4.8% T: 4.2% Nord-du- Québec S: ** T: ** Saguenay/ Lac-Saint-Jean S: 5.7% T: 5.1% Gaspésie/ Îles-de-la-Madeleine S: 6.3% T: 5.0% Gaspésie/ Bas-Saint- Îles-de-la-Madeleine Laurent S: 7% Saguenay CMA S: 8.8% T: 7.1% S:8.6% T: 7.7% T:7.8% bA iit bi- Témiscamingue Mauricie Capitale- S: 7.9% S: 7.6% Nationale T: 7.5% T: 7.3% S: 13.7% T: 12.7% Québec CMA S: 4.9% Laurentides T:4.7% S: 10.7% Trois- Chaudière- T: 8.6% Lanaudière Rivières CMA pA palaches Outaouais S: 5.3% S: 13.2% Centre- S: 6.2% S: 4.6% T: 5.0% T: 5.9% T: 4.8% T: 12.2% du-Québec S: 7.9% T: 8.5% Sherbrooke Esrt ie Montréal CMA Gatineau CMA CMA S: 9.7% S:6.7% S: 8.1% S: 7.7% T: 8.5% T:6.9% T:7.6% Monét régie T: 7.3% S: 9.2% T: 8.6% Quebec Vacancy Rate of Standard and Total (Universe) Spaces Province Total Total Number of Structures 0 50 100 200 km S: 7.3% S: Standard Spaces 2 - 11 31 - 55 143 or more T: 7.1% T: Total Spaces (Universe) 12 - 30 56 - 142 2 Canada Mortgage and Housing Corporation Vacancy rate (%) for Standard Spaces (Quebec CMAs) Seniors’ Housing Report - Quebec - Date Released - 2015 The vacancy rate Figure 2 remained stable in 2015 Vacancy rate (%) for Standard Spaces (Quebec CMAs) According to the latest survey conducted by Canada Mortgage 16 and Housing Corporation (CMHC), 14 the vacancy rate for standard spaces 12 remained relatively stable over the 10 past year. The rate was measured at 8 7.3 per cent in February, compared 2014 to 7.5 per cent at the same time in 6 2015 2014. The present rate is nonetheless 4 lower than that of two years ago 2 (8.7 per cent in 2013). 0 Gatineau CMA Montréal CMA Québec CMA Saguenay CMA Sherbrooke Trois-Rivières This stability of the seniors’ home CMA CMA market stems from marginal growth Source: CMHC in demand and supply. On the demand side, population The vacancy rate The average rent growth in the 75 year and over age remained higher for is higher for larger group was rather weak according rooms and bachelor units apartments to the latest statistics (3.3 per cent in 2104). This group constitutes The statistics pertaining to the The average rent for all standard the main client base for seniors’ survey universe show that the spaces rose from $1,556 in 2014 homes. Moreover, the share of market is equally divided into smaller to $1,601 in 2015. The average the population aged 75 years units (rooms and bachelor units), rent for private room spaces was and over living in a residence which make up just over 50 per cent estimated at $1,521. At just under (known as the capture rate) of the market, and apartment $1,300 per month, on average, remained virtually stable this units, which amount to just under bachelor units were again the year (18.5 per cent compared 50 per cent. As in past years, least expensive market segment. to 18.6 per cent in 2014). the vacancy rate remained higher For one-bedroom apartments, for rooms and Bachelor units the average rent came in at just As for supply of spaces, it increased (approximately 10 and 9 per cent over $1,600. For two-bedroom in similar proportion to demand. respectively) than for one- and apartments, the average rent The number of spaces was two-bedroom apartments (5.6 and approached the $2,100 mark. estimated at close to 112,000 4.2 per cent respectively). The vacancy Caution must be exercised when last February, an increase of rate increased in the smaller unit analyzing rents in the seniors’ 3.3 per cent compared to the segment, whereas in the case residence market, given the wide same period in 2014. of apartments, it dropped by array of services offered in the approximately one percentage various residences. As a result, these changes in point. The relative popularity of demand and supply kept relatively larger dwellings is not surprising stable the vacancy rate for standard insofar as clients previously lived spaces in seniors’ residences. in houses or apartments. Canada Mortgage and Housing Corporation 3 Seniors’ Housing Report - Quebec - Date Released - 2015 Market conditions eased Montréal CMA northern periphery and the western slightly for heavy care part of the south shore. The average In the Montréal Census Metropolitan rent for a standard place in the region market segment Area (CMA), the vacancy rate for was estimated at $1,671, a comparable standard spaces remained relatively For heavy care spaces, that is, amount to that observed in the stable, going from 7.0 per cent in spaces where the residents pay Montréal CMA. The average rent was 2014 to 6.7 per cent this year. an extra amount to receive higher in the northern suburbs than in The current rate is relatively lower 1.5 hours or more of care per day, the Centre-Nord and the south shore. than that observed in the recent past market conditions eased slightly With respect to the CMAs’ capture (8.3 per cent from 2009 to 2013). over the past year. In fact, the vacancy rate, it was 23.0 per cent, a level This result is explained by a similar rate for such spaces went up from higher than the provincial estimate context than described above. 5.0 per cent in 2014 to 5.7 per cent of 18.5 per cent. According to the 2015 survey results, this year. In the 2015 survey, 13,643 there exist major distinctions between heavy care spaces were enumerated, market segments: the vacancy rate Gatineau CMA representing almost 12 per cent of is significantly lower in the case of the universe of residence spaces in The tightening of seniors’ residence apartments (3.9 per cent for two- the province (up from 7 per cent last market in the Gatineau CMA, bedroom apartments and 5.2 per cent year). This increase reflects a rise in which began in 2010, continued this for one-bedroom apartments) than the number of people belonging to year. According to the survey the that of bachelor units and rooms, the older age groups. The average vacancy rate went from 9.4 per cent where the vacancy rate is around monthly rent for spaces of this type to 8.1 per cent in 2015 (it was over 10 per cent. Analysis of the geographical was $2,881 (compared to an average 21 per cent in 2010). This decrease sectors shows that the vacancy rate of $1,601 for standard spaces). is the result of stable supply and a is lower in the suburbs (between slight increase in the population aged 2.6 per cent and 6.8 per cent) than on 75 years and over. Tightening was Looking forward the Island of Montréal (8.5 per cent). observed in all market segments, After having stagnated during the As for the average rent for standard with the exception of bachelor units, course of the last several years, a space, it reached $1,675 at the time where the vacancy rate went from significant rebound in demand is of the survey. The average rent is 5.9 per cent to 7.3 per cent this expected shortly. In fact, according to lower on the Island, Laval and the year. From a geographical standpoint, the latest demographic projections, north shore than on the south shore the market tightening was especially growth in the population aged and Vaudreuil-Soulanges submarkets. noted in Gatineau East, where the rate 75 years and over will accelerate Meanwhile, the capture rate remained declined from 11.0 per cent in 2014 starting in 2016. Even if one allows stable at 17.3 per cent, a slightly lower to 8.1 per cent in 2015. The average for a hypothetical drop in the rate than the provincial average of rent in the region was estimated at capture rate, the magnitude of the 18.5 per cent.