Competition Bureau Agreement with Welltower on Retirement Homes

Competition Bureau Canada

Filed March 25th, 2026

Detected March 26th, 2026

Summary

The Competition Bureau has reached a consent agreement with Welltower OP LLC regarding its proposed acquisition of 34 retirement home properties from Amica Senior Lifestyles. To resolve competition concerns in British Columbia and Ontario, Welltower will sell four existing retirement homes.

View original document View source feed page

What changed

The Competition Bureau has entered into a consent agreement with Welltower OP LLC to address concerns arising from Welltower's proposed acquisition of 34 retirement home properties from Amica Senior Lifestyles. A Bureau review found that the transaction would likely substantially lessen competition in the provision of licensed private pay retirement homes in specific areas of British Columbia and Ontario. To remedy these concerns, Welltower has agreed to divest four of its existing retirement home properties located in Victoria, Northwest Vancouver, Brampton, and Ottawa to purchasers approved by the Commissioner of Competition.

This agreement aims to preserve competition in the retirement home sector, which is deemed increasingly important due to Canada's aging population. Regulated entities, particularly those involved in mergers or acquisitions within the retirement home industry, should note the Bureau's active scrutiny and the types of divestitures required to resolve competition concerns. While this is a final agreement, it highlights the importance of competition in healthcare services and accommodation for seniors. The consent agreement has the force of a court order upon registration with the Competition Tribunal.

What to do next

Monitor divestiture process for approved purchasers
Review merger notification requirements for similar transactions

Penalties

The consent agreement has the force and effect of a court order once registered with the Competition Tribunal.

Source document (simplified)

Competition Bureau reaches agreement with Welltower to further protect competition in retirement home industry

From: Competition Bureau Canada

News release

The Competition Bureau has reached a consent agreement with Welltower OP LLC (Welltower) to address competition concerns related to its proposed acquisition of 34 retirement home properties from Amica Senior Lifestyles (Amica). It is the second such agreement this month following an agreement concluded with Chartwell.

The agreement signed with Welltower follows a recent agreement concluded with Chartwell

March 25, 2026 – GATINEAU (Québec), Competition Bureau

A Bureau review concluded that the proposed transaction would likely result in a substantial lessening of competition in accommodation and health care services provided by licensed private pay retirement homes in areas of British Columbia and Ontario.

To resolve the Bureau’s concerns, Welltower has agreed to sell four retirement homes from its existing portfolio located in Victoria, Northwest Vancouver, Brampton and Ottawa. The sales will be made to independent purchasers to be approved by the Commissioner of Competition.

The Bureau is satisfied that the sales will resolve the competition concerns that could result from the proposed transaction.

Benefits of competition in the retirement home industry

As the Canadian population ages, the retirement home industry becomes even more important, with demand expected to accelerate rapidly over the next decade. Competition in the retirement home sector plays a crucial role in keeping prices in check and pushing providers to maintain high standards of care and modern, well-maintained facilities.

Quick facts

The Bureau also recently announced an agreement with Chartwell to protect competition in the retirement home market in the Kitchener-Waterloo, Ontario area.
Welltower is a US-based real estate investment trust that owns interests in retirement home properties in the United States, Canada and the United Kingdom. They own 139 retirement home properties in Canada.
Amica is a Canadian-based company that develops, owns, and manages retirement home properties in Ontario and British Columbia.
Retirement homes provide housing accommodations and health care services to older adults.
A consent agreement contains remedial measures meant to address the likely anti-competitive effects of a merger. It has the force and effect of a court order once it is registered with the Competition Tribunal.

Associated links

Contacts

Media inquiries: Media Relations
Email: media-cb-bc@cb-bc.gc.ca

General information:
Request for information | Complaint form

The Competition Bureau is an independent law enforcement agency that protects and promotes competition for the benefit of Canadian consumers and businesses. Competition drives lower prices and innovation while fueling economic growth.