This article takes a look at the 21 best places to retire in Canada. If you wish to skip our detailed analysis of how Canada’s housing crisis is crushing retirement dreams, you may go to the 5 Best Places to Retire in Canada.
Retirement Crushed by Housing Crisis
Retirement may seem like a breeze until you have to rent a house. This holds particularly true for renters in Canada who are currently struggling with a slim inventory of rental housing options, further exacerbating the rental units shortage in the country.
It seems that Airbnb, Inc. (NASDAQ:ABNB), and other short-term rental platforms are to blame. As the cost of living across the country continues to rise, many Canadians are striding into the short-term rental (STR) market, renting out their homes and cottages.
“With the rising cost of living and inflation, more and more Canadians are looking to become Airbnb hosts for the first time, and that comes as more and more travelers are looking to travel affordably,”
– Airbnb, Inc. (NASDAQ:ABNB) spokesperson Matt McNama said.
According to the Fraser Institute, Canada’s population has increased by an annual average of 553,568 between 2018 to 2022. However, only 205,762 new homes were built during the same period. The gap between population and new homes built has hit a 50-year high. Meanwhile, STRs have been contributing to a growing share of revenue in the accommodation services subsector, from 7% in 2017 to 15% in 2021.
Airbnb, Inc. (NASDAQ:ABNB) quotes that a typical host in Canada can earn up to $12,000 throughout the year. In a place such as Toronto, operating a 2-bedroom property with an 86% median occupancy rate can allow a host to earn up to $33,000 a year. Consequently, affordable housing units are vanishing from the housing market. The Royal Bank of Canada (NYSE:RY) notes that this rental housing shortage will quadruple to 120,000 units by 2026, failing to be complimented by a subsequent boost in stock.
“We haven’t seen that many additions to the purpose-built inventory in almost a decade, so you would think that added supply of units would ease some of the competition, but what the CMHC rental market data revealed to us was that it didn’t,”
– Royal Bank of Canada (NYSE:RY) economist Rachel Battaglia.
Amidst all this, the average price of rent in the country has reached an all-time high. A rental report from Rentals.ca and Urbanation has revealed that the average asking price for rent in Canada has increased to $2,078 as of September 2023. This translates to an 8.9% spike in rental prices year-over-year. While the government has been trying to take a series of measures to tackle the supply of rental housing in the country, Royal Bank of Canada (NYSE:RY) notes that the country needs to add at least 332,000 rental units to its current rental stock for achieving some rent stability.
Considering Canada for Retirement
While Canada may be dealing with a rental housing shortage at the moment, it doesn’t mean individuals should give up on their plans of retiring to this beautiful country. Undoubtedly, Canada is a good place for US citizens to retire owing to its high quality of life, excellent healthcare system, breathtaking natural landscapes, and cultural diversity. Expat US Tax states that Canada is one of the best places to retire for expat retirees, considering they have competitive living costs and less restrictive immigration laws.
Unfortunately, Canada does not have a retirement visa. However, individuals can gain residency in the country via different programs. One way for retirees having parents or grandparents in Canada can apply for permanent residency through the Supervisa program. Another program to apply for permanent residency is the “Express Entry” system. This program is for individuals with university or college degrees, skilled work experience, and English/French proficiency. Permanent residency may also be granted on humanitarian and compassionate grounds.
Methodology
To compile the list of best places to retire in Canada, we have used several sources such as Global Citizen Solutions, Made in CA, and Savvy New Canadians, amongst others. We also listed out places recommended by expat retirees in Canada on forums such as Reddit and Quora.
After listing out all the places, we used a consensus approach to rank them. Each time a place was recommended by a source, it was awarded one point. Places were ranked in ascending order from the lowest to the highest scores.
Here are the best places to retire in Canada:
21. Kingston, Ontario
Insider Monkey Score: 12
Median Home Sale Price: $590,000
Average rent: $1,812
Weather: Average Temp – Summer: 25°C/Winter: -3°C
Best known for its community spirit, Kingston in Ontario is nestled on the shores of Lake Ontario. Retirees have lots of recreational opportunities to participate in, parks to visit, and an extensive cycling trail to explore the beauty of Kingston. The city offers all four seasons, water-front residences, and healthcare facilities.
20. Niagara-on-the-Lake, Ontario
Insider Monkey Score: 12
Median Home Sale Price: $1.37 million
Average rent: $2,000
Weather: Average Temp – Summer: 20°C/Winter: 0°C
One of the best small towns to retire in Southern Ontario, Canada, Niagara-on-the-Lake is a popular tourist destination and an equally exciting place to live for retirees. The picturesque town is located near Niagara Falls and is an ideal place for those who wish to enjoy a high quality of life, moderate climate, luxury restaurants, heritage properties, and historical sites.
19. Ottawa, Ontario
Insider Monkey Score: 13
Median Home Sale Price: $545,000
Average rent: $1,915
Weather: Average Temp – Summer: 27°C/Winter: -11°C
Ottawa is one of the best places to retire in Canada owing to its rich cultural heritage, natural beauty, and historical offerings. The capital of Canada enjoys a high-quality healthcare system, numerous parks and green spaces, and a safe and stable environment.
18. Picton (Prince Edward County), Ontario
Insider Monkey Score: 13
Median Home Sale Price: $810,770
Average rent: $1,620
Weather: Average Temp – Summer: 21°C /Winter: -7°C
Picton can be the perfect lakeside retreat for those who can afford to live here. Nestled amid several enchanting views of Lake Ontario, the town has also been hailed as the “gastronomical capital of Ontario,” having an impressive array of local restaurants.
17. Edmonton, Alberta
Insider Monkey Score: 14
Median Home Sale Price: $373,400
Average rent: $1,229
Weather: Average Temp – Summer: 23 °C /Winter: -10 °C
Home to numerous UNESCO World Heritage Sites, Edmonton is another name for convenience and entertainment. Owing to its affordable cost of living and high-quality healthcare, it is one of the best places to retire in Canada.
16. St. John’s, Newfoundland and Labrador
Insider Monkey Score: 14
Median Home Sale Price: $345,000
Average rent: $600
Weather: Average Temp – Summer: 23°C /Winter: -1°C
Another best place to retire in Canada for affordable living is St. John’s, the capital of Newfoundland and Labrador province. The locals are very hospitable, there are excellent medical facilities, and there are lots of opportunities to boat and fish along the coast of the North Atlantic Ocean.
15. Charlottetown, Prince Edward Island
Insider Monkey Score: 15
Median Home Sale Price: $490,121
Average rent: $1,205
Weather: Average Temp – Summer: 22°C /Winter: -8°C
Charlottetown has been deemed as one of the best places to retire in Canada by several sources, owing to its scenic beauty, coastal living, and affordable cost of living. There are many outdoor activities to do, such as walking the trails, strolling on the coastline, golfing, and more.
14. London, Ontario
Insider Monkey Score: 15
Median Home Sale Price: $573,312
Average rent: $1,774
Weather: Average Temp – Summer: 27° C/Winter: -2.8°C
From beautiful parks and green spaces to a happening arts and entertainment scene, London has a lot panned out for retirees. Lakes, forests, and conservation areas allow enthusiasts to relish nature while enjoying urban amenities. The public transit system is quite efficient, and the cost of living is relatively affordable.
13. Regina, Saskatchewan
Insider Monkey Score: 17
Median Home Sale Price: $287,150
Average rent: $1,155
Weather: Average Temp – Summer: 27°C /Winter: -11°
Regina has been hailed as one of the most affordable places to retire in Canada. There are lots of parks and green spaces, cultural amenities, and nearby natural attractions to keep busy. The atmosphere is also quite friendly and welcoming, and retirees have a good time living here.
12. West Vancouver, British Columbia
Insider Monkey Score: 17
Median Home Sale Price: $4.07 million
Average rent: $2,500
Weather: Average Temp – Summer: 22°C /Winter: -0°C
West Vancouver may be one of the best places to retire in the world, but not everyone can afford to live in this retirement haven. It is nestled between the mountains and the Pacific Ocean, offering a picturesque backdrop for retirees and providing numerous opportunities for outdoor adventure. Retirees enjoy an affluent and upscale lifestyle here.
11. Mississauga, Ontario
Insider Monkey Score: 17
Median Home Sale Price: $1.35 million
Average rent: $2,372
Weather: Average Temp – Summer: 27°C /Winter: 0° C
Mississauga, one of the most walkable cities in Canada, is easily one of the best places to retire in Canada for retirees. There is an efficient public transport system, a well-developed healthcare system, numerous shopping centers, and even numerous retirement communities to choose from.
10. Saskatoon, Saskatchewan
Insider Monkey Score: 17
Median Home Sale Price: $398,830
Average rent: $1,100
Weather: Average Temp – Summer: 25° C /Winter: -9° C
Saskatchewan is one of the most affordable provinces in Canada. In this province, Saskatoon is often recognized by expats because of its scenic beauty, vibrant cultural scene, and friendly community. Also known as “Paris of the Prairies,” the city offers just the right balance of natural beauty and urban charm.
9. Montreal, Quebec
Insider Monkey Score: 19
Median Home Sale Price: $545,000
Average rent: $1,695
Weather: Average Temp – Summer: 27°C /Winter: -4° C
Revered for its delectable cuisine, vibrant arts, and culture scene, and numerous festivals, Montreal is an exciting place to be for retirees. There are historic neighborhoods, world-class museums, and bustling food markets to explore. There is a strong sense of community, and the locals are very friendly and welcoming.
8. Kelowna, British Columbia
Insider Monkey Score: 19
Median Home Sale Price: $762,647
Average rent: $1,950
Weather: Average Temp – Summer: 27°C/Winter: 0°C
From picturesque vineyards and orchards to charming lakes and abundant sunshine, Kelowna is one of the top retirement destinations in British Columbia. Kelowna has a growing arts and cultural scene, a wide range of amenities, and an active lifestyle to boast.
7. Saint John, New Brunswick
Insider Monkey Score: 20
Median Home Sale Price: $275,000
Average rent: $975
Weather: Average Temp – Summer: 23°C/Winter 0°C
One of the most affordable cities of New Brunswick, Saint John appeals to retirees because of its rich cultural heritage, quality healthcare services, and friendly community. Hiking trails and parks provide lots of outdoor activities for retirees.
6. Halifax, Nova Scotia
Insider Monkey Score: 20
Median Home Sale Price: $680,108
Average rent: $1,915
Weather: Average Temp – Summer: 23°C/Winter 0°C
Halifax, the capital of the Canadian province of Nova Scotia, makes it to our list of best places to retire in Canada owing to its coastal landscapes, fresh seafood, quality healthcare, and reasonable housing costs. The locals are also very friendly.
Click to continue reading and see the 5 Best Places to Retire in Canada.
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Disclosure: none. 21 Best Places to Retire in Canada is originally published on Insider Monkey.