While economics are typically the most important issue when making retirement plans, one critical question for individuals as they plan for the future is where to live. Many retirees prefer to remain in their hometowns in order to be close to family and friends.
Others decide to lower their living expenses, downsize their housing, seek a change in temperature, or relocate to a location they enjoyed on vacation and may have visited multiple times. Some like to live by the sea or in a small town, while others prefer vibrant cities with diverse cultural options.
We consulted experts to compile this list of the most affordable places to retire in Canada, taking into account housing expenses, health care, things to do, weather, lifestyle, and culture. We searched the ten provinces where the majority of the country’s population lives. (Three territories north of the provinces have less than 131,000 population.) Although living prices vary, each province has cheap cities and towns. Here are some budget-friendly options in the Great White North.
1. Québec City, Québec
Québec City, located on the St. Lawrence River in eastern Canada, features historic neighborhoods, winter and summer festivals, parks, and restaurants. Summers are moderate, with average temperatures of around 70 degrees Fahrenheit, and winters are chilly, with temperatures as low as 10 degrees. Expat Exchange reports that the city has a significant international expat community.
Québec City is noted for providing high-quality healthcare and great hospitals. Compared to New York City, the cost of living in Numbero is 29% lower overall and 76% lower for rents.
2. Fredericton, New Brunswick
Fredericton, located just off the Atlantic coast along the Wolastoq (St. John River), has museums, historic buildings, breweries, farmers markets, three universities, and a small-town ambiance. According to Realtor Rebecca Steeves, the city is ideal for environment enthusiasts due to its New England-like atmosphere, with forests and accessible trails. She continued, “We are seeing a lot of cross-country movement in Fredericton. The low cost of housing appeals to seniors. They can sell their property in one of the other provinces, buy here for much less, and yet have enough money to enjoy their retirement.
Summer temperatures can reach 78 degrees Fahrenheit, while winter temperatures can drop below five degrees. Rent prices are around 75% lower than in New York City, while grocery expenses are 32% lower. According to Steeves, residences range in price from $300,000 to $400,000. The province provides high-quality services for elders.
3. Charlottetown, Prince Edward Island
This historical city is on Prince Edward Island (PEI) in the Gulf of St. Lawrence, off the eastern coast of Canada. Charlottetown, the province’s capital, boasts world-class restaurants, festivals, and artisan stores. PEI is Canada’s smallest province, and people can get to one of its red sand beaches in 15 minutes from anywhere on the island.
Rent rates are around 73% lower than in New York City, while restaurant prices are approximately 52% lower. Limited data suggests that healthcare is both convenient and of average quality.
4. Halifax, Nova Scotia
Halifax, the capital of Nova Scotia, is located in eastern Canada on the Atlantic Ocean. Residents experience four distinct seasons, with July temperatures in the mid-70s and January lows in the teens. The area offers top-notch senior and health care services, as well as chances for physical activity.
Overall, consumer prices are around 47% lower than in New York City, with rent prices 64% lower and food 29% lower.
5. West Kelowna, British Columbia
West Kelowna, located on the shores of Okanagan Lake, is known for its magnificent scenery, recreational activities, and rich history. John MacNichol, a retiree and longtime British Columbia resident, claims that the province offers the nicest weather. Winter is not as cold, but we have skiing in Whistler, farms and wineries in the Okanagan (where I live), and the lovely metropolis of Vancouver.” He went on to say, “I grew up in St. Andrews by-the-Sea, a lovely town in New Brunswick — also a great place to retire — but we enjoy life in British Columbia.”
According to Snappy Rates, the city has a low crime rate and is known for its moderate climate, scenic lakes, parks, and outdoor activities. Rents in this area are around 63 percent lower than in New York City, and healthcare is top-notch.
6. Prince George, British Columbia
Prince George is home to over 100 parks and open spaces, as well as rivers and five adjacent ski slopes. The city, which is home to the University of Northern British Columbia, also has a vibrant arts scene.
According to Numbero, rent prices are approximately 79% lower than those in New York City. Senior living facilities offer varying degrees of care and provide above-average healthcare. Winters are frigid, with January temperatures averaging 18 degrees Fahrenheit, and July, the hottest month in Prince George, averages 60 degrees.
7. Regina, Saskatchewan
Regina, located in south Saskatchewan, has the most affordable housing and lowest cost of living among Canadian cities. Winter temperatures plunge into the teens, while summers are balmy and pleasant, with temperatures reaching the upper 70s in July and August. The city is home to the University of Regina, a vibrant downtown, parks, hiking paths, and Last Mountain Lake for fishing and boating.
According to Numbeo, health care is well ranked, and senior living facilities are available at various levels. Consumer prices, including rent, are 56% lower than in New York City, with rents 78% lower and groceries 34% lower.
8. Kingston, Ontario
Kingston, located on the northeastern shore of Lake Ontario at the confluence of the St. Lawrence River and Rideau Canal, offers a pedestrian-friendly downtown with restaurants, bars, breweries, and one of Ontario’s oldest public markets. GoBankingRates rates Kingston’s quality of life as “among the very best across all of Canada.”
Kingston Health Sciences Centre is one of various health care providers in the city. The city is famous for its availability of health care through hospitals, retirement complexes, and other amenities.
9. Winnipeg, Manitoba
Winnipeg is Manitoba’s capital and largest city, surrounded by lakes, woods, and plains. Winnipeg is an outstanding retirement location, with a variety of senior housing options, indoor and outdoor activities for seniors, and a plethora of cultural attractions.
According to Numbero, consumer prices, including rent, are approximately 53% lower than in New York City. Rents are also 75% lower, while groceries are 32% less expensive. Numbeo offers Winnipeg top scores for health care.
10. Cochrane, Alberta
Cochrane, located west of Calgary at an elevation of 3,891 feet, is a rapidly rising municipality recognized for its outdoor activities, including golf, hiking, and mountain biking. Gordon Stewart, a Canadian retiree, has been living in Cochrane since 2008. “Finding a place to live is a big part of the fun of retirement, as we discovered. Southwest Canada has numerous hidden jewels, including cheap, off-the-beaten-path villages. He continued, “We adore Cochrane’s mountain views, scenery, and people. It is freezing in the winter, but by May, we are playing golf.”
Calgary has outstanding healthcare facilities and consumer pricing (including rent) that are 47% lower than New York City. Meanwhile, rents are 67% lower.