Retirement Home Rent Prices on Ontario Soar

Millennials aren’t the only cohort feeling the rental squeeze.  The Toronto Star reports that an average rent for a one-bedroom space in Toronto retirement residences now costs more than $4,700/month.  This kind of rent of course comes with security, medical attention, and common areas for socializing etc., but it is very expensive for individuals already dealing with high medical bills and possibly no pension. With demand rising, vacancy in Ontario old-age homes reached an all time low in Ontario old-age homes reached their lowest point since 2001 at 10.4%, according to the Canada Mortgage and Housing Corporation’s latest seniors’ housing report.  Regions such as Niagara, Windsor and Kingston have become destinations for Toronto’s elderly as areas such as Etobicoke, Scarborough, Whitby and Oshawa are too expensive.  Read more here. 

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