You Can Retire in This Canadian City for Under $2,000 a Month, According to a Recent Study

With its universal healthcare, vibrant economy, breathtaking natural scenery, and rich cultural diversity, Canada consistently ranks as one of the top places to live globally. The nation is also home to some of the happiest individuals, having moved up two spots to No. 13 on the annual happiness index. Thus, it's no surprise that Canada is a fantastic choice for retirees looking for a more affordable lifestyle and housing options.

How affordable is it? A recent GoBankingrates.com analysis of the best retirement locations in Canada revealed that in Regina, the capital of Saskatchewan, the average rent for an apartment is below $1,000 per month — specifically, $989.69, making it the lowest in the nation. Moreover, the report indicates that the total cost of living there is $1,919.89, rent included.

Regina, located in South Saskatchewan, boasts a population of just over 226,000 and is a mere two-hour drive from the Montana border. Established about 120 years ago, the city's history is deeply intertwined with Indigenous cultures, having served as home to various tribes for millennia. European settlers honored Queen Victoria by naming it "Regina," which means "queen" in Latin.

Known as "the Queen City," Regina has become a desirable retirement destination, providing urban conveniences without the hustle and bustle typical of larger cities. The average resident's age is 39, with around 18 percent of the population aged 65 and older, fostering a vibrant retirement community rich in networking and social activities.

What attracts retirees to Regina? It holds the title of the sunniest capital in Canada, enjoying 322 sunny days each year, allowing residents ample opportunities to relish outdoor activities. Among its highlights is Wascana Centre, a sprawling 930-acre park right in the city's core, surpassing New York City's Central Park, which spans 843 acres.

Regina features a lively downtown filled with shops, restaurants, theaters, and museums, along with a robust calendar of year-round events. The Regina Senior Citizens' Centre provides various art classes and leisure activities, often at little to no cost. Popular pastimes include hiking along the 9-mile Wascana Trails and fishing at Regina Beach on Last Mountain Lake.

According to GoBankingrates.com's survey, Kingston, Ontario, and Fredericton, New Brunswick rank as the second and third best cities for retirees, with monthly expenses of $2,568.54 and $2,105.38, respectively. Kingston's higher position is attributed to its elevated cost of living paired with a superior quality of life compared to Fredericton.

For the full report, visit GoBankingrates.com.