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Boomers have benefited from housing prices in the past, and now another housing trend is impacting them. Like young Canadians, boomers who want to rent are finding it an expensive proposition.
Writing for the Globe and Mail, Rob Carrick reports on new data from the bond-rating agency DBRS that says “Canada’s seniors face a severe housing shortage that results from a growing demographic of baby boomers turning 65, a low vacancy rate and soaring rental costs.”
The agency says that while more housing for seniors is constructed every year, it’s not enough to cope with the surging growth of the aging cohort.
“The rate of increase in Canada’s population of seniors from 2006 to 2016 averaged 21.7 per cent, more than double the rate at which the supply of housing increased. Meanwhile, rents are high and rising. The average rent for seniors homes owned by companies rated by DBRS is around $3,552 per month, which is more than double the $1,206 national average rental cost,” writes Carrick.
More: Demand for senior housing makes for an attractive investment.

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