As you approach retirement, finding the perfect place to spend your golden years becomes a top priority. With its diverse landscapes, vibrant communities, and excellent healthcare system, Canada offers numerous options for retirees. Whether you’re a young professional planning ahead or nearing retirement age, exploring the best Canadian cities for your golden years is an exciting journey.
Let’s go into some top picks that might just become your future home sweet home.
Victoria, British Columbia
Located on Vancouver Island, Victoria, with average summer temperatures of 20°C, winter temperatures of 10°C, and coastal beauty. Vancouver Island is appealing to seniors, as it is much less crowded than Vancouver and the lower mainland. The peaceful beach town of Parksville houses several retirement communities and is a 30-minute drive to Nanaimo, meaning easy access to a ton of amenities. Nearby Qualicum Beach is another retirement hotspot in Canada. With expansive beaches and a village atmosphere, you’ll love it.
Plus, the city’s walkable downtown means you can leave your car at home and enjoy a more relaxed pace of life. Victoria still has some of the lowest rates in the country making it an attractive option. According to Houseful the median list price of homes in Victoria, BC was $806,129 in July 2024, compared to $799,427 in June 2024, trending up by 0.84% month-over-month.
Kelowna, British Columbia
Picture yourself sipping locally-produced wine while overlooking Lake Okanagan. Kelowna offers a sunny climate that is rare in Canada. Situated in the Okanagan Valley, Kelowna is perfect for those who enjoy hot summers (average 27°C) and mild winters (average 0°C). With numerous golf courses and outdoor recreation options, you will never run out of ways to stay active and engaged. However, housing costs are high, with the average family home at $1,338,145.
Quebec City, Quebec
Quebec City is a historic charm, coupled with its excellent cuisine and rich culture. While French is the primary language, many residents are bilingual. With an average house price of $506,224 in July 2024 and excellent healthcare services, Quebec City remains one of the attractive options for many retirees.
Halifax, Nova Scotia
With a population of 440,000, this city offers a rich history, an arts scene, and access to stunning Atlantic coastlines. You will love the balance of urban amenities and small-town charm, not to mention the delicious seafood! The cost of living is relatively affordable compared to larger Canadian cities. The average house price of $699,965 in July 2024 is reasonable for a city of its size.
Burlington, Ontario
Located on the shores of Lake Ontario, Burlington offers a high quality of life with easy access to Toronto’s amenities.
The city features beautiful parks, downtown, and a strong sense of community. Burlington’s proximity to world-class healthcare facilities is another advantage for retirees. Burlington is the perfect spot if you want a quieter lifestyle.
Calgary, AB
With a population of 1.585 million, Calgary offers big-city amenities with more affordable housing than Vancouver or Toronto. The average house price of $540,090 and low property taxes of 0.75% make it an attractive option. The dry climate is suitable for those who struggle with humidity. In Calgary, winters can be cold, but not as cold as in Nova Scotia or New Brunswick. The average temperatures here are 21°C in the summer and -2°C in the winter.
People retiring in Calgary will have good access to medical services. The public transport here is OK in the city centre, but not as good outside of it, so you might need to use your car or taxes more.
Ottawa, ON
Canada’s capital city offers a balance of urban amenities and natural beauty. With an average home price of $632,487 and a property tax of 1%, Ottawa is more affordable than some other major cities. It’s ideal for those who enjoy distinct seasons, though winters can be cold.
Ottawa is great for people who enjoy all four seasons. However, the winters here can get very cold with average temperatures of -11°C. Summers can get uncomfortably hot for some, with the average temperature being 27°C.
Even though Ottawa has a population of over one million, it is still a quiet city. Ottawa does not have the vibrancy that other bigger cities such as Toronto or Vancouver have. But you will still find plenty to do in this historical city while having access to some of the best healthcare in the country.
Fredericton, NB
The capital of New Brunswick offers small-city living with great amenities. With an average house price of $371,581, Fredericton is one of the more affordable options on our list.
Before you decide on Fredericton, you need to consider whether you are ready for cold winters. The average winter temperature here is -15°C. On the flip side, you get great summer temperatures with the average being 25.5°C, and in between there are lovely springs and colorful autumns.
Kingston, ON
This small city of 136,000 offers a more moderate pace of life. With an average home price of $645,136, Kingston is becoming attractive to retirees.
People considering retiring in Kingston should know it has a large community of young people because of the large university in the city. However, you can still find many neighborhoods in the city which are not overpopulated by university students.
The city benefits from a good transport system, making it easy to get around without owning a car. It also has excellent medical facilities, including Kingston General Hospital. The winters here are not too cold with an average temperature of -3°C, and the summers are pleasant with an average maximum temperature of 25°C. Perfect for making the most of leisure activities, including golf, sailing, and fishing.
Financial Considerations
When planning your retirement in Canada, remember that you’ll have access to government benefits like the Canada Pension Plan (CPP) and Old Age Security (OAS). These can provide a base income of around $20,000/year for the average Canadian.
However, experts suggest you’ll need about 70% of your pre-retirement income to maintain your lifestyle.
The amount you need to save depends on your desired lifestyle and location. While $1.7 million might be necessary for a very comfortable retirement in expensive cities like Vancouver, many Canadians can retire comfortably with less, especially if they choose more affordable locations.
Tips for Choosing Your Retirement City
Visit in different seasons. Canadian weather varies throughout the year. Make sure you’re comfortable in all seasons before making a move. Canada is known for its excellent healthcare, but do some research, some cities may have more specialized services than others.
Considering the cost of living, some cities, like Vancouver, offer incredible amenities but with a higher price tag. Balance your desired lifestyle with your budget. Explore community activities. Look for cities with robust senior programs, volunteer opportunities, and social clubs to keep you engaged.
Think about proximity to family. While you might be eyeing a cross-country move, consider how often you’ll want to see family and factor in travel costs.
Remember, retirement planning is a journey. It’s never too early (or too late!) to start exploring your options. Whether you’re a young professional setting the stage for future financial freedom or nearing retirement age and ready to make the leap, Canada offers a wealth of possibilities for your golden years.
We’d love to hear from you! Have you visited any of these cities? Do you have other Canadian retirement destinations in mind? Share your thoughts and experiences in the comments below. Your insights could be invaluable to others planning their retirement adventure!
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