10 Most Affordable Retirement Locations in Canada
Image: skyscapes/Getty ImagesWhen planning for retirement, financial factors often take center stage, but a vital question remains: where to live? Many retirees opt to stay close to their communities to be near family and friends. Others may seek to lower their living expenses, downsize, enjoy a different climate, or find a place that evokes fond vacation memories. Some dream of coastal living or the charm of a small town, while others thrive in vibrant cities full of cultural attractions.
This choice will challenge over four million baby boomers in the U.S. hitting 65 in 2024, a demographic milestone called "Peak 65." In Canada, the baby boomer population comprises around 25 percent of the total. Recent data suggests that Canada’s overall living costs are somewhat lower than those in the U.S., and the quality of life is high. Not all retirees migrate south for warm weather; many appreciate seasonal changes, winter sports, and all that Canada provides.
American retirees contemplating a move to Canada should investigate visa and permanent residency options. Some might spend part of their year in Canada and find a visitor visa, valid for six months, sufficient. For longer stays, applying for permanent residency may be wise.
It’s essential for U.S. citizens to know that Canada’s universal healthcare is accessible only to Canadian permanent residents and citizens. As Medicare typically doesn’t cover services outside the U.S., obtaining private health insurance is recommended. Retirees can still receive their social security benefits abroad and must file annual U.S. tax returns. Consulting with professionals is advisable for those planning to retire outside the U.S.
To create this list of affordable retirement destinations in Canada, we evaluated housing costs, healthcare access, recreational activities, climate, lifestyle, and culture, collaborating with experts. We examined the 10 provinces housing the majority of Canada’s population, noting that three territories to the north contain fewer than 131,000 residents. Despite variations in living expenses, each province boasts several affordable towns and cities. Here are some budget-friendly options in the Great White North.
Québec City, Québec
Image: Mint Images/Getty ImagesNestled in eastern Canada along the St. Lawrence River, Québec City boasts charming historic districts, year-round festivals, beautiful parks, and a vibrant dining scene. Summers are pleasantly warm, averaging around 70 degrees Fahrenheit, while winters can be quite chilly, dropping to around 10 degrees. The city is home to a sizable international expat community, as noted by Expat Exchange.
Québec City is renowned for its exceptional health care services and top-notch hospitals. When compared to New York City, Numbeo reports that overall living costs are about 29 percent lower, with rental prices being approximately 76 percent lower.
Fredericton, New Brunswick
Photo by Sanghwan Kim/Getty ImagesNestled just off the Atlantic coast along the Wolastoq (St. John River), Fredericton features a rich array of museums, historical landmarks, breweries, farmers' markets, and three universities, all within a charming small-town vibe. Realtor Rebecca Steeves highlights the city as a paradise for nature enthusiasts, resembling New England with its lush forests and accessible trails. She notes, “Fredericton is experiencing a significant influx of newcomers. Seniors are drawn to the affordable housing market, allowing them to sell properties in other provinces, buy here for much less, and still have funds to enjoy their retirement.”
Summer temperatures peak at around 78 degrees Fahrenheit, while winter lows can drop to five degrees. Rent costs are approximately 75 percent lower compared to New York City, and grocery prices are about 32 percent less. According to Steeves, homes typically range from $300,000 to $400,000. The province also provides excellent services for seniors.
Charlottetown, Prince Edward Island
Photo by onurkurtic/Getty ImagesThis historic city is situated on Canada's eastern coast in Prince Edward Island (PEI), nestled in the Gulf of St. Lawrence. As the capital of the province, Charlottetown boasts world-class dining, vibrant festivals, and charming artisan shops. PEI, the smallest province in Canada, allows residents to reach its famous red-sand beaches within a mere 15 minutes from anywhere on the island.
As per Numbeo, rental prices are approximately 73 percent lower than those in New York City, while dining out costs about 52 percent less. Health care services are readily accessible, and overall quality is deemed average based on limited data.
Halifax, Nova Scotia
Photo by dbvirago/Getty ImagesHalifax, the capital city of Nova Scotia, is perched on the Atlantic Ocean in eastern Canada. Residents experience four distinct seasons, enjoying mid-70s temperatures in July and chilly teens in January. The city boasts excellent senior and health care facilities, alongside ample opportunities for an active lifestyle.
On average, consumer prices are about 47 percent lower than in New York City, with rents 64 percent less and grocery prices 29 percent lower.
West Kelowna, British Columbia
Photo by Nalidsa Sukprasert/Getty ImagesSituated along the shores of Okanagan Lake, West Kelowna is known for its stunning landscapes, outdoor pursuits, and rich heritage. Retiree and longtime British Columbia resident John MacNichol states, “British Columbia boasts the best weather of all provinces. Winters are milder, but we have skiing in Whistler, vineyards and farms in Okanagan (my home), and the gorgeous city of Vancouver.” He reminisces, “I grew up in St. Andrews by-the-Sea, a charming town in New Brunswick — another great retirement spot — but we truly love life in British Columbia.”
The city is regarded as safe, with a low crime rate, and Snappy Rates highlights its mild climate, stunning lakes, parks, and abundance of outdoor activities. Numbeo notes that rents here are approximately 63 percent lower than in New York City, and health care is top-notch.
Prince George, British Columbia
Photo by Shunyu Fan/Getty ImagesPrince George boasts over 100 parks and green spaces, complemented by rivers and five ski areas in close proximity. As the home of the University of Northern British Columbia, the city also features a lively arts culture.
According to Numbeo, rent prices here are about 79 percent lower than in New York City. Health care quality is above average, and there are various senior living facilities offering different levels of care. Winters can be harsh, with January averages around 18 degrees Fahrenheit, while July — the warmest month in Prince George — sees average temperatures of 60 degrees.
Regina, Saskatchewan
Photo by skyscapes/Getty ImagesRegina, situated in southern Saskatchewan, boasts the lowest cost of living and the most affordable housing of any Canadian city. While winter temperatures can plunge into the teens, the summers are mild and enjoyable, with highs in the 70s during July and August. The city features the University of Regina, a vibrant downtown, numerous parks, hiking trails, and Last Mountain Lake, ideal for fishing and boating.
According to Numbeo, health care here is highly rated, and there are various senior living facilities offering multiple levels of care. Consumer prices, including rent, are approximately 56 percent lower than in New York City, with rents being 78 percent lower and grocery prices 34 percent lower.
Kingston, Ontario
Image by Elenathewise/Getty ImagesNestled at the northeastern tip of Lake Ontario, where the St. Lawrence River meets the Rideau Canal, Kingston features a vibrant downtown filled with restaurants, bars, breweries, and one of Ontario’s oldest public markets. Data from GoBankingRates indicates that Kingston's quality of life is rated among the best in all of Canada.
Kingston Health Sciences Centre is one of several healthcare providers in the city. The area is well-regarded for its healthcare access, including hospitals, retirement communities, and various facilities.
Winnipeg, Manitoba
Photo by Nick Blazanovic - ConcordeNick ArtPhoto/Getty ImagesWinnipeg, the capital and largest city of Manitoba, is nestled among lakes, forests, and prairies. It offers a wide range of senior housing options, along with both indoor and outdoor activities, making it a fantastic retirement destination filled with cultural experiences.
According to Numbeo, overall consumer prices, including rent, are roughly 53 percent lower than in New York City; rents are 75 percent lower, and grocery costs are 32 percent lower. Numbeo also rates Winnipeg highly for healthcare services.
Cochrane, Alberta
Image by Tomas Jandik/Getty ImagesSituated west of Calgary at an elevation of 3,891 feet, Cochrane is a rapidly expanding community celebrated for outdoor pursuits like golf, hiking, and mountain biking. Canadian retiree Gordon Stewart, a resident since 2008, shares, “Finding a great place to retire is part of the adventure, and we discovered many hidden gems in southwestern Canada, many of which are affordable small towns.” He added, “We love Cochrane for its stunning mountain vistas, beautiful scenery, and friendly people. Winters can be cold, but by May, we’re out on the golf course.”
Data from nearby Calgary shows that health care facilities are outstanding, and consumer prices, including rent, are about 47 percent lower than in New York City, with rent prices being 67 percent lower.
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