Seniors Housing Market Enters Growth Stage

Seniors Housing Market Enters Growth Stage
News| September 25, 2025| Monte Stewart
Canada + Apartment Buildings

Canada’s seniors housing sector has moved beyond its post-pandemic recovery phase and entered a period of sustained growth, according to Cushman & Wakefield’s latest Seniors Housing Operator Performance report.

Across 17 surveyed markets, occupancy rose by 3.5 percentage points over the past year, reaching 91.5% in Q2 2025, nearly matching pre-pandemic levels of 92%. Positive net absorption has been recorded in 16 of 17 markets since 2021, with Durham holding steady.

“The supply-demand dynamics underpinning the Canadian seniors housing market remain highly compelling,” said Sean McCrorie, Vice Chair and Practice Leader, Seniors Housing and Healthcare practice group. “Demographic tailwinds are intensifying as the number of Canadians aged 75 and older accelerates, creating a structural wave of demand that will persist for the next two decades. At the same time, new development activity has retreated to cyclical lows, constrained by elevated construction costs and more challenging lending conditions.”

National average rents increased between 3% and 6% year-over-year in 2025. Cushman & Wakefield expects above-trend rent growth to continue, supported by declining vacancy rates and limited new supply.

Labour availability remains a critical challenge.

“With demand for care services continuing to grow alongside Canada’s aging population, the availability of care-sector related workers is increasingly important,” said Heather Payne, Senior Vice President, Seniors Housing and Healthcare. She noted that adapting workforce strategies to market conditions will be vital for operators.

Despite labour pressures and cost constraints, Cushman & Wakefield expects 2025 to be a record year for seniors housing dealmaking in Canada.

“This widening gap between supply and demand is expected to put additional pressure on available inventory,” McCrorie said. “But for seniors housing, the implications are clear: a tightening leasing environment, stronger pricing power and sustained operating-performance gains for well-positioned operators.”

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