The Competition Bureau has successfully negotiated a consent agreement with Welltower OP LLC to mitigate competition concerns arising from its proposed acquisition of 34 retirement home properties from Amica Senior Lifestyles. This agreement marks the second such arrangement made by the Bureau this month, following a similar agreement with Chartwell.

Following a thorough review, the Bureau determined that the acquisition could significantly reduce competition in the accommodation and healthcare services provided by licensed private pay retirement homes in British Columbia and Ontario. To alleviate these concerns, Welltower has committed to selling four of its existing retirement homes located in Victoria, Northwest Vancouver, Brampton, and Ottawa to independent buyers approved by the Commissioner of Competition.

The Bureau is confident that these divestitures will effectively address the potential anti-competitive effects of the proposed transaction. As the Canadian population ages, maintaining competition in the retirement home sector is crucial for keeping prices reasonable and ensuring high standards of care and facility maintenance.