After a certain age, everyone dreams of their golden years – the retirement phase. A lifetime of adhering to a schedule, working tirelessly, and ticking all the boxes on the responsibility list is followed by finally disengaging into relaxation. As per studies, an increasing number of Canadians are deciding to retire in a different city than they have lived their whole lives. Retirement in Canada can be made enthralling if you choose the right place that your old soul desires. Considering all practical aspects, we have enumerated some of the best places to retire in Canada ensuring you a happy and financially stable retirement. Have a look.
Best Cities To Retire in Canada
Take a back seat as we describe the characteristics of each city that can match your retirement goals. Be sure to pick the one which provides you with the best balance of everything for a delightful retirement in Canada.
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Kingston, Ontario
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- Average Monthly Living Cost : $1,144 per month (without rent)
- Population : approximately 132,485
- Weather : Average Maximum Temperature – July: 25°C January: -3°C
- Lifestyle : Healthy, mild-paced, and moderately costly
- Housing Price : Medium
- Taxes for Residential Property : 1.36%
Also known as the ‘Limestone City’, Kingston exudes youth with students forming a major part of its population. So, if you wish to surround yourself with the zeal of youth , Kingston is the place to be. The city boasts a rich cultural heritage, a tight-knit community, and exceptional medical facilities. The city is sunny for more than half a year, offering a comfortable atmosphere.
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Winnipeg, Manitoba
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- Average Monthly Living Cost : $1,159 per month (without rent)
- Population : approximately 833,000
- Weather : Average Maximum Temperature – July: 26°C January: -11°C
- Lifestyle : Big-city life and climate-driven
- Housing Price : Low
Taxes for Residential Property : 1.24%
The cultural cradle of Canada, ‘The peg’ offers you the big city experience on a thin budget. Affordable housing prices and a plethora of cultural places like Canada’s Royal Winnipeg Ballet make it one of the best places to retire in Canada. It also flaunts a well-diversified community, attracting immigrants from around the world owing to a thriving economy.
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Quebec City, Quebec
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- Average Monthly Living Cost : $1,084 per month (without rent)
- Population : approximately 732,725
- Weather : Average Maximum Temperature – July: 23°C January: -8°C
- Lifestyle : Fun, upbeat, and inexpensive
- Housing Price : Medium
- Taxes for Residential Property : 0.877%
Bonjour! Welcome to the city of European charm, art scene, culture, and food. If you want to travel back in time to the cobblestone streets, charming small shops, and French architecture, then there is no place better than Quebec city for retirement in Canada. The Saint-Lawrence River guarantees you a fairy-tale existence and the healthcare facilities, a better lifestyle for the seniors.
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Charlottetown, Prince Edward Island
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- Average Monthly Living Cost : $1,276 per month (without rent)
- Population : approximately 167,680
- Weather : Average Maximum Temperature – July: 25°C January: -12°C
- Lifestyle : Relaxed, touristy, scenic, great food scene
- Housing Price : Low
- Taxes for Residential Property : 0.67%
Retirement in Canada does not have to be plain as day because Prince Edward Island offers you the views of a lifetime. Numerous riverside dining opportunities and scenic vistas make it one of the best places to retire in Canada. The local food is delicious and the weather is worth appreciating.
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Toronto, Ontario
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- Average Monthly Living Cost : $1,317 per month (without rent)
- Population : approximately 6,313,000
- Weather : Average Maximum Temperature – July: 28°C January: -8°C
- Lifestyle : Great restaurants, active city lifestyle, and shopping
- Housing Price : Very high
- Taxes for Residential Property : 0.599%
One of the top-rated cities in the world, there is no better place for retirement in Canada. also they offers several Toronto’s top attractions, upscale living, museums, and other indoor activities. The international airport and Toronto’s central location make it convenient for globetrotters. It had to float in the list of the best places for Canadians to retire.
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Montreal, Quebec
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- Average Monthly Living Cost : $1,150 per month (without rent)
- Population : approximately 1,860,000
- Weather : Average Maximum Temperature – July : 26°C January: -14°C
- Lifestyle : Upbeat city, museums, outstanding public transportation, great food, and shopping
- Housing Price : Medium
- Taxes for Residential Property : 0.767%
If you are a history geek, Montreal is your place to be. A vibrant art scene and a lively ambience make it one of the best places to retire in Canada. The city is known for its mouth-watering delicacies, museums, and numerous small galleries.
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Calgary, Alberta
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- Average Monthly Living Cost : $1,307 per month (without rent)
- Population : approximately 1,611,000
- Weather : Average Max Temp – July: 21°C January: -2°C
- Lifestyle : Bustling, fast, and dynamic
- Housing Price : Medium
Taxes for Residential Property : 0.635%
Calgary is a populous city, however, the cost of living is relatively low. The city is a thriving metropolitan, so it is not the ideal place to live for those who want to live in a quiet atmosphere but is essentially a great place to work. If you want to relish the hustle and bustle of a big city, then look no further.
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Vancouver, British Columbia
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- Average Monthly Living Cost : $1,290 per month (without rent)
- Population : approximately 2,632,000
- Weather : Average Maximum Temperature – July : 22°C January: 6°C
- Lifestyle : Costly, healthy, and dynamic
- Housing Price : Very high
- Taxes for Residential Property : 0.264%
If you have got the big bucks, then Vancouver is one of the best places for Canadians to retire. Even though the city is surrounded by forests, the architectural beauty attracts tourists from all over the world. It also boasts of being one of the healthiest cities in the country.
How Much Money Do You Need To Retire?
Understanding the amount of retirement money you will need depends on your lifestyle choices. Someone who needs a simple mortgage-free option will not need to save as much as a person who is looking to lead a more lavish lifestyle. There are multiple theories made by investment advisors on how much funds you will need to comfortably retire. While some theories state that you need to have at least 70% of your working income as savings, other theories say that you need at least 10 times your prevailing salary.
While determining your retirement fund, it is advised that you should start by adding your income with any pension plans, savings, annuity, personal RRSPs, etc. It is also important to factor in any government payments such as Old Age Security and Canada Pension Plan.
One of the major factors to take into consideration while planning your retirement is inflation. In Canada the inflation rate is approximately 2% per year. On the basis of this and the number of years you have till your retirement age, you can determine the changes in expenses and bills and plan accordingly.
Top Things to Consider When Choosing a City To Retire
The following factors affect your way of living and lifestyle.
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Cost of Living
Even if you have significant savings for the foreseeable future, the cost of living is an aspect of retirement that you must consider. Retirement in Canada in an expensive place might make you burn through your savings faster than you could anticipate, making your retirement years harder. Housing cost, medical care, food, transportation in Canada, and the cost of doing things you always wanted to do, are some of the most important factors to take into consideration.
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Weather
If you are afflicted by certain chronic respiratory issues, you might want to avoid living in cities with humid weather. Likewise, you also do not want to settle down in a place where it gets extremely cold, especially if you are used to warmer milder climates. A place with sunny weather might be too hot for your liking, so it is imperative to deliberate on all these factors before you make your decision. Typically, you should consider visiting your chosen destination in different weather conditions before deciding to move there.
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Lifestyle
The lifestyle of the place where you want to settle down in your advanced age is more about your personal choices. If you’ve spent most of your life in a fast-paced city, the quiet and calm of small towns might get monotonous after a while, even if it appears appealing initially. You should also get involved in major retirement activities and employment rights in Canada. On the other hand, if you like to have outdoor activities like hiking and travelling, you should pick your city of retirement in Canada accordingly.
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Population
In some cases, people prefer the privacy they get in a big city, where you can live for many years without even knowing your neighbours. Cities with more population mean more facilities, more variety, diverse businesses, and simply more options for everything. On the other hand, some people prefer to feel like they are a part of a close-knit community, and like to chat with their neighbours from time to time. These people also like the calm associated with a town with fewer people.
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Property Tax
When you retire solely based on your savings, know that it’s all you have. It is important to take into consideration various expenditures like property tax. This is a cost you will have to incur even if you can afford to buy a house in your retirement city. Over the years, only the property and real estate tax laws in Canada can add up to tens of thousands of dollars, so it is imperative to compare a few options before making the final decision.
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Housing Prices
The housing cost is one of the most important factors that you should consider if you are planning to buy a retirement house. This will have a direct impact on your retirement fund. Even if you are thinking of a house as an investment option, the appreciation pattern is the main factor to consider. The best places to retire in Canada are considerably affordable.
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Availability of Medical Help
As your age advances, your access to immediate healthcare and medical professionals is equally important as proximity to loved ones. This is even more important if you are harbouring a chronic illness. The density of doctors per capita is not the ideal way to measure how easily you will have access to medical care if you need it. There are several other factors like crime rate that need to be taken into consideration.
Signing off
The decision of moving into a completely new city can be spine-chilling, but what could be a better way to celebrate your life? With a little research, and planning you can pick the one place where you can find a balance of leisure and purpose. Canada with its blend of scenic beauties and engaging metropolitans definitely has a lot to offer.
You May Also Read
| living in Canada | Benefits of Living in Canada |
| Places to Visit in Vancouver | Tourist Attractions of Vancouver |
| places to visit in Toronto | Guide to places to visit in Toronto |
| Old Quebec City Canada | Explore Quebec City Attractions |
Frequently Asked Question (FAQs)
Winnipeg, Quebec City and Saint John are some of the best places to retire in Canada as per the financial prospects.
Osoyoos and Oliver in British Columbia have the highest annual average temperatures. South Okanagan is also a Canadian ‘hot spot’ for retirement in Canada.
If you are looking for retirement in Canada, British Columbia is the destination for you. BC offers a number of home care, retirement living, and senior care options for seniors and baby boomers.
As per the general norms, you would require about 70 to 80 percent of your current salary if you want to maintain a similar lifestyle in retirement.
Ontario and British Columbia are the best provinces that offer numerous healthcare services for seniors. Where is the most affordable place for retirement in Canada?
Where is the warmest place for retirement in Canada?
Which Canadian province is best for seniors?
How much money do I need to retire in Canada?
Which province offers the best healthcare for seniors?
