The long term demographic trend of an aging population remains positive for Chartwell

However the immediate supply / demand outlook is only in balance with no supply shortages anticipated

For Chartwell’s top markets – Ottawa, Durham region of GTA and Calgary, the company is actually experiencing an oversupply of product

As a result of these current headwinds, Chartwell will only be able to increase their dividend distribution modestly

Conclusion: Favour both apartment and industrial / logistic REITS more than retirement homes as they have better industry fundamentals.