Sienna Senior Living Invests $79M to Grow in Ontario and BC Markets

MARKHAM, ON – February 17, 2026 – Sienna Senior Living Inc. has announced a significant $79 million investment to expand its presence in Ontario and British Columbia, signaling a confident push to capitalize on Canada's rapidly growing seniors' housing market. The move includes the outright purchase of a modern retirement residence in the Greater Toronto Area (GTA) and the consolidation of ownership in two other key properties.

In a statement released today, the company confirmed it has entered into a purchase agreement for The Bartlett, a 129-suite independent living residence in Oshawa, Ontario. Additionally, Sienna has finalized acquisitions to increase its stakes in a long-term care community in Kelowna, British Columbia, and a retirement residence in Burlington, Ontario. These transactions underscore the company's strategy of deepening its footprint in high-demand regions it knows well.

"We are off to a good start in 2026, carrying our significant growth momentum forward into the new year," said Nitin Jain, President and Chief Executive Officer of Sienna. “With these acquisitions, we will add scale in markets we know well and continue to strengthen the quality of our portfolio.”

A Strategic Push into Key Markets

The largest component of the investment is the pending acquisition of The Bartlett in Oshawa for a gross purchase price of approximately $59.4 million. Built in 2021, the facility is a highly attractive asset, boasting a near-full occupancy rate of 97% and an 8,000-square-foot medical clinic on-site. The deal, valued at approximately $461,000 per suite, is expected to generate an initial investment yield of around 5.75%. Sienna plans to finance the purchase, which is expected to close within 60 days, using available cash on hand.

Beyond the GTA, Sienna has solidified its control over two existing properties. On January 31, 2026, the company acquired the remaining 22.8% interest in Glenmore Lodge, a 118-bed long-term care community in Kelowna, for $10.1 million. This transaction, which brings Sienna’s ownership to 100%, was financed with cash and the assumption of an existing mortgage. Sienna has held an interest in this property since at least 2016, making this a move of full consolidation.

Just a day later, on February 1, 2026, Sienna increased its stake in LaSalle Park, a 123-suite retirement residence in Burlington. The company spent $9.4 million to acquire an additional 10.9% interest, raising its total ownership to 89.1%. This follows a significant initial investment in December 2025 when Sienna acquired a 78.2% interest in the property. Like The Bartlett, LaSalle Park is a modern facility (built in 2013) with a 97% occupancy rate. Sienna expects to acquire the final outstanding interest in approximately five years.

Capitalizing on a Demographic Boom

Sienna's aggressive expansion is not happening in a vacuum. It is a direct response to Canada's profound demographic shift. The high occupancy rates at the newly acquired properties are a clear indicator of the immense and growing demand for quality senior living options, particularly in populous regions like the GTA and desirable retirement destinations like Kelowna.

In Ontario, the need is particularly acute. The province is grappling with a waitlist of over 30,000 people for long-term care spaces, and estimates suggest an additional 48,000 beds will be needed by 2029 to keep pace with the aging population. The situation is similar in British Columbia, where the province's seniors advocate has called for at least 2,000 new long-term care beds annually to meet a ten-year target. However, recent provincial budget announcements included delays to seven long-term care projects, a move expected to increase pressure on hospitals and family caregivers.

By acquiring modern, high-demand properties and consolidating ownership, Sienna is positioning itself as a key provider in a market characterized by constrained supply. This strategy not only promises financial returns but also addresses a critical societal need for more senior care capacity.

Portfolio Fortification and Market Consolidation

These acquisitions are part of a broader, consistent strategy that has seen Sienna significantly expand its portfolio. In 2025 alone, the company executed over $800 million in acquisitions and developments, including its initial purchase of LaSalle Park and the acquisition of continuing care homes in Alberta. This pattern highlights a clear objective: to build scale and enhance portfolio quality.

The recent moves show a dual focus. The purchase of The Bartlett adds a new, high-performing asset, while the buyouts at Glenmore Lodge and LaSalle Park represent a strategic consolidation of power, giving Sienna greater control over operations and future returns. This approach appears to be paying off, as the company's same-property occupancy rate improved to nearly 95% by the end of 2025.

As one of Canada's largest senior living providers, managing dozens of retirement residences and long-term care communities, these investments solidify Sienna's market leadership. The company is actively fortifying its position to serve seniors across the full spectrum of care, from independent living to long-term and memory care.

Navigating a Shifting Regulatory Landscape

Sienna's growth occurs as provincial governments in both Ontario and British Columbia are actively reshaping the regulatory environment for senior care. In Ontario, the proposed "Support for Seniors and Caregivers Act, 2025" aims to strengthen residents' rights, mandate specialized dementia care programs, and increase investigative powers related to resident abuse or neglect. The province is also moving towards a standard of four hours of direct care per resident per day by 2025 and has committed to building 58,000 new or upgraded long-term care beds by 2028.

In British Columbia, the landscape is also evolving. A new agreement is set to transition thousands of unionized long-term care workers to a single province-wide collective agreement, a change intended to standardize and improve wages and benefits. However, this positive step is contrasted by the government's decision to halt funding for overtime and agency staffing in long-term care homes later this year, raising concerns about potential staffing shortages.

By investing in modern facilities and consolidating its operations, Sienna appears well-positioned to adapt to these evolving standards and navigate the complexities of provincial healthcare policies, ensuring it can meet both regulatory requirements and the escalating demand for senior care across Canada.