A traditional option in choosing a retirement home
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Paying for a Retirement Home
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It is customary to think of rentals as the only option when it comes to retirement residences in Canada. While there are numerous other options in today’s market, rental is still a very popular way of living in a retirement home.
In retirement home rental, tenants pay a monthly fee that covers the cost of accommodations, amenities and any other services provided by the home. Monthly fees in Canada can range from $1900 up to $5000 depending on services paid for, size, location and amenities provided. The fee will usually cover light housekeeping, use of facilities, room, some meals, personal support and basic health care services.
In many provinces this arrangement is covered by landlord-tenant laws. Before you rent a unit in a retirement home, be sure that you are aware of what laws apply. In Ontario, retirement residence tenants are protected by Ontario’s Tenant Protection Act. Among other things, this law requires that each tenant is given an individualised tenancy agreement in writing. British Columbia residents can consult the online resource for residential tenancy laws in BC.
Before you sign a rental agreement consider the following:
- Review the entire building or property to ensure that it meets your standards of cleanliness, safety and neatness.
- Know and understand all aspects of property maintenance.
- Consider how appealing the area will be to your children and grandchildren.
- Read all rental agreements and documents carefully before signing.
- Choose a building or community you like then find out about the availability of units sized to your needs.
- Haggle over price – you just never know!
Renting a senior apartment offers the ultimate in flexibility. It is estimated that approximately 25% of all seniors prefer to rent without the headaches that go with ownership. This makes renting one of the most popular ways of living in retirement in Canada.
In many provinces, subsidised rental housing is available for seniors. Consult your provincial government website to learn about subsidies they may offer for renting retirement homes. This will vary from province to province and over time, of course.
The rental option gives you an easy out should your circumstances change. However, there are many other ownership options such as the increasingly popular
life lease option. It is also becoming increasingly popular to buy a retirement condominium.
