Updated for 2012!
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More About Financing & Retirement
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Most residents of retirement communities pay monthly rent for their accommodations. Across Canada, monthly fees range from $1,909 to $3,530, depending on the size and location of the accommodations and the quality and number of amenities.
Residents can also purchase a retirement condo. A one-bedroom retirement condominium in the Greater Toronto Area starts at about $240,000, while a two-bedroom suite can go for $300,000 or more.
Life leases give seniors a stake in a community but do not involve traditional home ownership. Residents have the right to occupy their unit and use amenities such as dining rooms and recreational facilities. Life lease communities tend to be sponsored by non-profit organizations and vary greatly in cost depending on location and amenities, but buying into a development tends to be lower than market value.
Average monthly rent across Canada
Source: Canadian Mortgage and Housing Corporation' Seniors’ Housing Report for 2011:
| Province | Avg. Cost | Avg. Cost (heavy care)* |
| Prince Edward Island | $2,154 | – |
| Nova Scotia | $2,263 | – |
| New Brunswick | $1,957 | – |
| Quebec | $1,397 | $2,621 |
| Ontario | $2,677 | $4,182 |
| Manitoba | $1,649 | – |
| Saskatchewan | $2,187 | $2,294 |
| Alberta | $2,178 | $3,200 |
| British Columbia | $1,977 | $5,290 |
| Canada Average | $1,909 | $3,530 |
*heavy care: 1.5 hours or more of care per day
TIPS
• Find costs you can manage based on your specific needs and desired location.
• Each combination of location, payments and services results in a different monthly cost.
• Personal support and health-care services are generally available for an additional fee.
• Ask the retirement community you are interested in for their rates.
• You can get special discounts for a couple or a second person living in the same residence. This should be taken into account when planning for the retirement of other family members and can be an excellent way to cut costs.
• The most common types of retirement communities allow residents to continue living independent and active lifestyles. With the least amount of extra care provided by retirement residence staff, the costs of independent living communities and active adult living communities are generally lower priced.
• The costs at retirement communities that provide intensive attention to residents, such as Alzheimer’s care and long-term care facilities, are slightly higher.
COST BY PROVINCE
Cost of Ontario Retirement Homes
Ontario has by far the widest range of costs for retirement homes, including the cheapest and the most expensive rates across Canada. Retirement home costs range from as little as $1,489.00 for a semi-private or ward room in Cambridge to $5,586.00 per month to rent a two-bedroom in Ottawa-East. Ontario's retirement homes cover a wide range of specialized needs and forms of care.
Individual retirement homes will be able to tell you more specifically what you can expect to pay for suites or units, of course. View our complete list of retirement homes in Ontario.
Cost of BC Retirement Homes
British Columbia follows Ontario in number of retirement homes and range of retirement home costs. Rental prices range from $1,510.00 for a bachelor room in North Okanagan, to $5,209.00 for a two-bedroom in Vancouver. British Columbia’s retirement homes offer the best of services and amenities.
We urge you to investigate the listings on our sites to find out the cost of each retirement home suite. View Comfort Life's listings of retirement homes in British Columbia.
Cost of Quebec Retirement Homes
The average rent is $1,466.00 for a private room or one-bedroom compared to $1,855.00 for a two-bedroom. A bachelor is the most economical with an average monthly rent of $1,286.00
Cost of Saskatchewan Retirement Homes
Rental prices range from $1,542.00 for a semi-private room in Saskatchewan (excluding Regina and Saskatoon) to $3,524.00 for a two-bedroom in Regina.
Cost of Manitoba Retirement Homes
The average monthly rent for a standard space is $2,227.00. The highest rent is for a two-bedroom in Winnipeg at $2,746.00 while the lowest average rent is $1,901.00 in Manitoba buildings opened before 1990.
Cost of Alberta Retirement Homes
Rents average $2,567.00 per month. What accounts for this price is the fact that in Alberta, residents often receive health care and other amenities in their residences. The highest average rent is $2,989.00 in Calgary. Calgary also has the highest percentage of units in the $3,000.00 and higher range. The city with the lowest average monthly rent is Edmonton at $2,318.00
Cost of Maritimes Retirement Homes
As it goes with real estate in general in the Maritimes, New Brunswick retirement homes are the country’s most affordable, with an average rent of $1,593.00 per month. The highest average monthly rents are in Nova Scotia at $2,251.00. Of course, the quality of New Brunswick’s retirement homes is the same as that offered throughout the rest of the country. Seniors live in great comfort on the East Coast in the retirement home of their choice.
The cost of individual retirement home units varies considerably depending on the size of the unit as well as the amenities and features you require. To get all the details, view our complete listings of retirement homes in the Maritime provinces.
Retirement homes across the country offer special discounts for accommodations for a couple or second person living in the same home. This should be taken into account when planning for the retirement of other family members and can be an excellent way to cut costs.
A comparison of independent living retirement home costs across Canada:
For independent living retirement homes across Canada, here are the costs you can expect to find:
British Columbia: $1,510.00 to $5,209.00
Alberta: $2,318.00 to $2,989.00
Saskatchewan: $1,542.00 to $3,524.00
Manitoba: $1,901.00 to $2,746.00
Ontario: $1,489.00 to $5,586.00
Quebec: $1,286.00 to $1,855.00
Maritimes: $1,593.00 to $2,251.00
