Rental Housing Out Of Reach For Many Seniors

Rental Housing Out Of Reach For Many Seniors

A survey released Wednesday by Canada Mortgage and Housing Corporation shows a 1.6 percent rise in the vacancy rate of seniors’ rental housing in 2010, bringing the total vacancy rate to 10.8 percent. 

Seniors’ residences are most expensive in Ontario, where, according to CMHC, more than 60 percent of accommodations cost more than $2,500 per month. Ontario also has the highest vacancy rate, while housing advocatesinterviewed in a CBC report say that some seniors in Ontario wait up to eight years for affordable housing.

The survey suggests that the rising cost of housing for the elderly is more than most on fixed-incomes can afford. For those of us with parents that do not have the security of owning homes with considerable equity, have minimal pension earnings or are experiencing financial circumstances that have eroded their savings, this report is sobering.  

While retirement might seem a long way off for young people, planning for retirement is so very important; paying off mortgage debt while you are still in your prime income earning years is crucial. Determine your future mortgage payments with CENTUM Mortage Calculators.

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