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— Specialty · Seniors Housing & Long-Term Care

Independent living, retirement, and LTC portfolios underwritten as operating businesses.

A seniors housing transaction is the sale of an operating business with a real estate wrapper. The real estate is necessary but not sufficient. We underwrite the operating economics — occupancy, staffing, regulatory rating, and care-mix — before we open the rent roll.

— Practice Thesis

How we work in seniors housing & long-term care.

Canadian seniors housing is in a structural shift. The wave of baby-boomer demand that demographic models projected for the late 2020s is arriving. Supply has not kept pace. Operating margins are recovering from the pandemic disruption. Cap rates compressed in 2024 and are now showing signs of further compression on quality operating portfolios.

Our practice runs across the three Canadian seniors housing categories: independent living (typically rent-only, light service), assisted living and retirement (rent plus care, regulated provincially), and long-term care (heavily regulated, provincially funded, separate underwriting framework). The three categories trade at different cap rates and require different buyer pools — which means assembling the right mandate to the right capital.

We are particularly active in the family-office-to-institutional handoff: regional operator families who built portfolios of 200-1,500 beds over twenty to forty years and are now considering succession. These transactions are sensitive, often confidential, and require the broker to understand both the seller family's legacy concerns and the institutional buyer's underwriting framework.

— Market Intelligence

The numbers that actually matter.

— Canadian Seniors Housing Beds
335,000+
All categories, 2025
— Avg. Independent Living Occupancy
89.4%
Major markets, Q1 2026
— Typical LTC Cap Rate
7.0-8.5%
Provincially funded portfolios
— Projected Bed Shortfall (2030)
40,000+
Ontario alone
— Currently Marketing

Active mandates in this practice.

No active mandates in this practice at the moment. Discreet inquiries always welcome.
— Common Questions

What clients ask us.

Do you work both for-profit and not-for-profit seniors housing?
Yes, but the transaction frameworks differ. For-profit transactions are straightforward asset or share sales. Not-for-profit transactions typically involve a parent organization, governance approval processes, and often charitable status considerations. We have run both.
How does long-term care underwriting differ?
LTC in Canada is provincially funded with regulated revenue per bed-day. The underwriting is fundamentally a regulated utility model — predictable revenue with operating-cost exposure. The variability is in regulatory compliance, capital improvement requirements, and physical plant age. Cap rates reflect this stability.
What about the operator transition during a sale?
This is the most sensitive part of a seniors housing transaction. Residents and families depend on operational continuity. We structure transactions around operator transition timelines that protect residents — which usually means buyer assumes operations with key staff retention through a defined period, or with a transition services agreement when the buyer brings their own operating platform.
Do you work small portfolios?
Our typical engagement is 100 beds and up. Below that, the buyer pool narrows considerably and the transaction economics often work better through regional brokers with operator-specific relationships.
What's your view on the demographics?
The demand wave is real and is underway. The question is not whether demand will support new development — it will — but whether new development can be financed at construction costs that produce institutional returns. That is the constraint, and it is what makes existing portfolios particularly valuable right now.
Discreet by default

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