The Competition Bureau of Canada has announced a consent agreement with Chartwell Master Care LP to mitigate competition concerns related to its proposed acquisition of six retirement homes from Sifton Properties Limited.

A review by the Bureau indicated that the transaction could significantly lessen competition in the health care services and accommodations provided by licensed retirement homes in the Kitchener-Waterloo area of Ontario.

As the aging Canadian population increases, the importance of competition in the retirement home industry grows, helping to keep prices reasonable and ensuring high standards of care and facility maintenance.

To alleviate the Bureau's concerns, Chartwell has agreed to divest its Clair Hills retirement home in Waterloo, Ontario, to an independent buyer approved by the Commissioner of Competition. This sale is expected to resolve the potential anti-competitive effects of the merger.