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How To Select The Perfect Location For Retirement In Canada?

“Retirement is not the end of the road; it is the beginning of the open highway” – Anonymous

Someone has rightly alluded and hence retirement is considered a new phase of our life after we have been through everything. When it comes to retirement, there is a need to pre-plan it. For your retirement in Canada, where you retire holds utmost importance. There are various factors that affect your living and we are here to help you with that. 

The only thing more important than a location is the retirement corpus. In the end, you need the money to do the things you have wished for. Be it living on the western coast or in Vancouver. Well, your worry is about to end with the below extensive list that will help you to take retirement location decisions with more certainty. Let’s get started. 

Read: Include This In Your Retirement Checklist In Canada

Retirement in Canada Check List

How Much is the House Worth?

This is the first thing that could’ve come to your mind. No matter what your watchlist says, you have to consider this factor very cautiously. The better the place, the more expensive it is. Cities like Toronto and other tier-1 cities are an expensive endeavor to pursue retirement in Canada. 

Prices of your houses make up a big share of your retirement corpus pie. If you want to leave a legacy to the upcoming generation then an increase in the price of the house is a thing to consider. A rough estimate of prices can be deciphered by knowing the rent prices.

Read: How Much Do You Need For An Ontario House Down Payment?

What is the Population?

The above factor totally depends on your idiosyncrasy. What kind of a person you are, decides where you want to live.

Is it somewhere quiet where you want your own privacy and enjoy yourself with a small group of people or is it at the helm of a busy city where you will get access to all amenities and facilities? If you want to protect your privacy and be anonymous, the big city it is.

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The Availability of Medical Services

You are most vulnerable to poor health when you are old. To enjoy your retirement, you need to stay healthy. You can choose to move to a city where medical services are accessible without any hassle. Retirement in Canada can be a smooth ride if you get the medical treatment you want. Smaller towns are generally not equipped with the quality and quantity of services that people of the town might demand. You may be put on the waitlist in a worst-case scenario.

Factors like the population in your area and the number of doctors per patient can be taken into consideration. Sometimes it’s a matter of life and the sooner you get access to medical facilities the better. Choose the area that fulfills this most important requirement to have a happy retirement in Canada.

Read: Canada Mortgage And Housing Corporation (CMHC): What is It?

Weather is Crucial

As unrelatable as it may sound, your health conditions are directly proportionate to the weather you live in. We all have a preference for the kind of weather we want to live and enjoy. However, if you are diagnosed with diseases like fibromyalgia or arthritis then you’d need to consider a warmer and more humid place. 

Winters are brutal in East Canada with temperatures going to more than -10-degree Celsius. While western Canada has light winter compared to the eastern region. The other side of the coin is the hot spots that are experienced in some areas of Canada which can become uncomfortable. To have a healthy Retirement in Canada, choose your location wisely.

Read: 20 Amazing Ways To Save Money On A House In Canada

What are Property Taxes?

Retirement is not only about enjoying, but also prudently managing your cash outflows. You don’t want to be a reckless spender after knowing you could have saved so much your money with only some effort. Taxes on the property is an important factor to consider while choosing your location. Places like Toronto will have higher taxes compared to places like Nova Scotia.

Gaining control of your finances during retirement is very imperative to navigate you through that period and save yourself from the paucity of funds after a definite period.

Read: Understanding Real Estate Commissions in Canada

Your Cost of Living

Whatever we discussed above can be just put into this Umbrella. Cost of living as it says is the most wholesome factor comprising of various factors in it. If you don’t want a financial dent in your retirement savings, then below are the factors you need to consider to live in a cost-effective manner and not worry about drying up your funds. 

Things to consider are:

  •   Cost of transportation
  •   Cost to pursue your interests
  •   Prices of food
  •   How expensive are medical facilities
  •   Cost of being socializing like group activities and vacations
  •   Cost of owning/paying rent for a house

This is the list you cannot ignore. However, you can make your own comprehensive list of the factors that make up your cost of living and plan your retirement accordingly. To help put things in perspective, here is a site to help you with the numbers associated with the cost of living.

Read: Canadian Real Estate Market: The Income Required For A Home In Canada’s 10 Largest Cities

Your Quality of Life Matters, too

This is a subjective matter, where you need to decide the quality of life you want to live in your retired stage. Do you want to retire living at the sea coast or you are a lively person who wants to experience different cultures and restaurants. 

For the latter, Toronto and other analogous cities are the best fit. Create a list outlining all your interests and hobbies and you will come up with the answer of what kind of life you want to live. For me, it’s nature that connects to my heart.

Read: The Ultimate Guide on How to Buy a House in Canada

The Lifestyle You Envision

Lifestyle is interrelated to the factors we discussed above. You have to introspect yourself if you cannot determine the lifestyle you want to retire happily. If you are a person that enjoys your own company then you can choose to live in a quiet place focusing on your hobbies and remain free from other distractions. 

If your personality enjoys the company of people then choose to have a lifestyle with sufficient amenities and a busy city. In the end, it drills down to the type of person you are and weigh in the pros and cons of everything you select.

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Well, this was a comprehensive list of factors to consider for retirement in Canada. It is no different than being sane in determining your budget, knowing yourself, and retiring in your planned corpus. So, plan well, be prudent, and enjoy your retired life when the time comes! 

Devanshee Dave

Devanshee is a staff writer at She is a finance enthusiast and has completed her Master’s degree in Mass Communication & Journalism. She has worked as a journalist in a local business newspaper, multiple start-ups as well as finance and economy-related online media houses.

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