Canada Seniors Housing Occupancy Heads For 95% As Investment Tops $8B
Canada’s seniors housing recovery is running into a supply problem just as investor interest in the sector surges.
National occupancy reached about 94% in the second quarter and is expected to hit 95% by year-end, according to a new Cushman & Wakefield report. That would put occupancy near a record and extend a rebound of 17 percentage points from the sector’s pandemic-era low in 2021.
Operators are gaining pricing power along the way. Average rents increased between 4% and 7% over the past year, with Cushman reporting that growth has accelerated as available suites become harder to find.
Investors have responded. More than $8B of Canadian seniors housing and care properties has traded so far in 2026, already eclipsing the previous annual record of $4.9B set in 2007.
That tightening is already showing up in transactions. Sienna Senior Living last week agreed to pay $170.7M for Stonemont On the Park, a 305-suite Ottawa residence at 1068 Cummings Ave. that opened in 2024 and is already about 99% occupied. The $560K-per-suite acquisition extends an expansion push that has added about $1.2B of assets since 2025.
But the development pipeline is moving in the opposite direction.
Construction starts are expected to fall below 2025 levels and reach their lowest point in more than a decade, as lengthy site acquisition, approval and construction timelines push projects into 2027 and beyond.
“Occupancy is approaching record levels, rent growth is accelerating and investment activity has reached unprecedented levels,” said Sean McCrorie, Cushman & Wakefield’s vice-chair and seniors housing and healthcare practice leader.
Cushman expects demand to continue building as Canada’s 75-plus population grows, increasing pressure for new seniors housing at a time when development remains difficult to bring to market.
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Rick Recckio
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Essex Property Trust, Inc.
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Josh A
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Bob Tuteur
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Andrew Schildcrout