Aging Well: News & Insights for Seniors and Caregivers
Canadian real estate development firm Groupe HD has launched a new business line focusing on the development of multiple senior living projects.
In the announcement, Groupe HD’s motivation for entering senior living in Canada stems from strong demand for senior living in “safe, high quality and well-adapted living environments” for older adults.
The new senior living development business will be backed by the company’s residential development and construction experts, having spent five years developing rental and condominium projects prior to the launch.
“With this new business line, we are broadening our scope to meet a pressing and very real need, while upholding the quality standards that already define our real estate projects,” said Thomas Dufour, co-president of Groupe HD.
The new development effort for Group HD will span five projects and 2,000 units that “are in the planning stages,” according to the release.
In recent years, senior living operators and real estate investment trusts (REIT) have focused on deepening their relationships in the Great White North. These transactions highlight growing competition among REITs and operators seeking high margin, modern Canadian assets.
Welltower (NYSE: WELL) has made large investments in Canada, having earlier this year announced a $4.6 billion CAD acquisition of Amica Senior Lifestyles for 38 “ultra-luxury” senior living communities in prominent Canadian metropolitan markets, along with seven properties under construction and nine development parcels.
Welltower also maintains an operating relationship with provider Cogir Senior Living, and the Quebec-based senior living provider manages 75 Canadian properties on behalf of the Toledo, Ohio–based REIT.
Chartwell Retirement this year acquired six Ontario communities spanning 1,024 units for $432 million CAD. This follows Chartwell’s 2023 joint venture unwind with Welltower.
Chicago-based REIT Ventas (NYSE: VTR) accelerated its growth north of the border, partnering with Le Groupe Maurice (LGM) with a $1.7 billion CAD investment in 2024 and readying LGM for further growth in Ontario outside of Quebec. The LGM model focuses on a lifestyle-oriented approach with strong occupancy growth and waitlists.
With favorable demographics with an aging population, Canadian senior living market conditions mirror U.S. senior living dynamics—driven by high acuity trends, lack of supply and Class A assets remaining a strong haven for new investment.
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