On March 31, 2022, Chartwell Retirement Residences, Canada's largest operator in the sector, sold 16 long-term care homes and one under development in Ontario for $447 million. This move, part of a deal with AgeCare Health Services Inc. and Axium Infrastructure Inc., marks a shift in Chartwell's business focus, as they will now almost entirely generate revenue from private-pay seniors housing. Post-sale, Chartwell's net proceeds are $277 million, considering mortgages and other costs. Simultaneously, the company purchased three Ontario retirement residences for $228 million. This sale contributes to the increasing activity in Canada's seniors housing market, where such facilities have been hot commodities for various buyers, including U.S. operators and private investment managers. The pandemic altered the market, with retirement housing occupancy declining due to tour restrictions, yet demand for long-term care remained steady. Axium, known for its long-term infrastructure investments, views long-term care facilities as stable, government-backed assets. Following this philosophy, Axium had previously partnered with Extendicare Inc. for a similar investment. The robust deal flow has led to speculation about Chartwell possibly becoming an acquisition target, given its now streamlined focus on retirement housing.