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Toronto-based operator buys five Ottawa retirement homes as activity in sector heats up

March 31, 2026

An executive from a retirement living company that recently bought five properties in Ottawa says the acquisitions are part of increased activity in the sector being fuelled by an aging population.

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An executive from a retirement living company that recently bought five properties in Ottawa says the acquisitions are part of increased activity in the sector being fuelled by an aging population. Ashi Mathur, chief investment officer at Spring Living Retirement Communities, told OBJ last week that seniors living operators are increasingly looking to invest in cities such as Ottawa, and that his company has made the nation’s capital a cornerstone of its strategy. “We want to be in primary and secondary markets and Ottawa meets that criteria,” Mathur said. “We want to be in markets where there’s a strong population that will feed into our homes and become our residents. We want to be in a market that has a growing population.” Last month, the Toronto-based company acquired five properties in and around Ottawa, bringing its total number of local properties up to 10. The recently acquired properties include: Westwood Retirement Community on Carling Avenue; Grace Hill Retirement Community and Heritage Orleans Retirement Community in Orleans; Kanata Ridge Retirement Community in Kanata; and Maple Ridge Retirement Community in Carleton Place. According to Mathur, the company’s presence in the capital now accounts for more than one-third of its portfolio. Transactions like these in the seniors living space are on the rise throughout the country, according to real estate services firm Cushman and Wakefield. In a report released in February, the firm said the seniors housing market is poised to see a record-setting number of deals, which will allow it to outperform other commercial real estate sectors in 2026. The report said that a significant amount of investment capital flowed into the market last year. With supply constrained as the population ages, the firm is expecting a greater number of private investments in the coming year. “There is significant momentum from both Canadian and U.S. investors looking to capitalize on the seniors housing and long-term care sectors,” Sean McCrorie, vice-chair and practice leader for seniors housing at the firm, said in a press release. “With new entrants joining established firms in deploying capital, we expect to see even greater liquidity and deal flow across this active market. As a result, the sector is poised for record-setting transaction volume in 2026.” According to Statistics Canada, the proportion of the population aged 65 or over will continue to grow at an accelerated pace over the next 10 years. By 2030, one in five Canadians will be 65 or older. Paired with a gradual increase in life expectancy, the demand for seniors living facilities is likely to grow. Mathur said that will open new opportunities for operators and developers. “It’s supply and demand,” he said. “Canada will need at least 200,000 more retirement suites across the country. When you forecast the next 10 years, the supply that’s coming is set to be a fraction of what the demand is.” On one side of the equation, he said there will be a need for the construction of retirement homes to add supply to the market. Mathur said these Class A homes offer modern, high-end accommodations, often catering to a demographic with deeper pockets. New builds on their own, however, won’t be enough to meet rising needs. Mathur said new development activity is hampered by economic and logistical challenges. “The cost of development has gone up significantly and the timelines for completed development are also quite long,” he said. “You can build brand new, and people are, but the cost is high to generate a decent return on your investment.” The report from Cushman and Wakefield said that new development activity in the retirement space has been at an all-time low, but the trend is likely to change in 2026 as market conditions improve and demand continues to grow. “Fuelled by the sheer scale of opportunity that lies ahead, we expect a new development cycle will kick off later this year,” said Heather Payne, the firm’s vice-president of seniors housing and health care in the release. “We estimate the market requires nearly 200,000 new rental units over the next decade to remain balanced. As development lead times mean the impact won't be immediate, there will be a prolonged period of strengthened market fundamentals driving rent growth and occupancy for existing residences.” While new development activity lags, companies like Spring Living are focused on acquisitions and revitalization efforts. According to Mathur, the company focuses on aging Class B properties — existing, purpose-built retirement homes — that are typically operating well below full occupancy. “(The focus) is on value-added, investing heavily into the renovations of the homes,” he said. Mathur added that he’s seen more buying and selling activity in recent years. “When we think about the B class, there’s absolutely competition,” he said. “It could be from local operators, and the competition is very active.” Mathur said Ottawa has advantages that will draw the interest of both operators and developers in the retirement living space. On the operations side, Ottawa already has a strong workforce to draw from. “You want to be in a market that has a really strong depth of labour,” he said. “Labour is our largest operating cost, and being able to have a deep pool of highly qualified people in a market like Ottawa is really, really helpful.” For investors, he said that Ottawa’s aging population provides a stability that other markets don’t always have. “Ottawa is made up of a very stable base of people who love Ottawa and will not move from Ottawa,” he said. “It’s a very stable market. It’s a loyal group of people and that population is going to grow.”