What to know about this topic:
A common, and often big objection seniors have to moving into a retirement community is cost. Retirement home fees, at first, can look like a lot of money. But if you need care, or are weighing the benefits of moving, it’s worth taking a closer look. The two tools on this page can help you estimate your net worth and better understand how long your resources may last.
The average selling price of a Canadian home as of January 2026 is $652,941. Many seniors are sitting on more equity than they ever dreamed of. If you bought your home in the 1950s or ‘60s and you live in a city, chances are you have close to or more than a million dollars available. That’s money you can invest in something else while you enjoy senior living.
Of course, we recommend you get in-depth advice from a professional financial planner before getting care or moving into an active adult lifestyle community or independent living. Here, we give you a brief do-it-yourself starter kit that contrasts your current cost of living with retirement home fees. You can also sum up your personal financial assets. Save these calculations.
Aside from all the aspects of senior living that people call priceless, consider these points, too:
- When you move into a retirement home, a car becomes optional.
- Services often include cable and Internet.
- Other services you can get in a retirement community include things like emergency safety call systems, which you would otherwise have to pay for yourself. You also get accessibility features and other safety aspects simply unavailable in your own home.
Calculate your resources
Use the calculator below to estimate your available assets, income, debts, and total net worth. This gives you a starting point for understanding what resources may be available to help pay for senior living, and the duration you can afford in a retirement home.
Before you start, are you sure you know all resources available to you? We cover tax breaks, financial products, and insider tips in our look at "How to pay for a retirement home."
NET WORTH CALCULATOR
Enter estimated values below. Totals will calculate automatically.
Income values entered below are:
| Assets and investments | |
| Your home’s current value: | $
|
| Investments | |
| Other real estate: | $
|
| Stocks, ETFs, etc.: | $
|
| Mutual funds: | $
|
| TFSA: | $
|
| Any other registered savings: | $
|
| Bonds / fixed income investments: | $
|
| Other: | $
|
| A. YOUR TOTAL ASSETS: | $0
|
| Liabilities and debts | |
| Credit card debt: | $
|
| Mortgage still owing: | $
|
| Other debts: | $
|
| B. YOUR TOTAL DEBT: | $0
|
| C. TOTAL NET WORTH (A - B): | $0
|
| Monthly or annual income | |
| Canada Pension Plan: | $
|
| Old Age Security: | $
|
| Company pension: | $
|
| Stock dividends: | $
|
| Other income: | $
|
| D. YOUR TOTAL INCOME: | $0 / month
|
This tool is for general planning only and does not replace advice from a financial professional.
Know your current cost of living
Use the following table to record all your monthly costs. Many of these costs are covered by basic monthly fees in a retirement community, as listed in our directory. Compare your current monthly costs to retirement home fees.
MONTHLY COST CALCULATOR
Enter your estimated monthly expenses below. Your total will calculate automatically.
| Monthly Home Costs | $ Amount |
| Living Accommodations | |
| Rent or mortgage payment | $
|
| Property tax | $
|
| Utilities - gas | $
|
| Utilities - heat | $
|
| Utilities - water | $
|
| Personal alarm system | $
|
| Telephone | $
|
| Internet | $
|
| Cable | $
|
| Groceries | $
|
| Laundry supplies & services | $
|
| Beer, wine & liquor | $
|
| Transportation | |
| Car - insurance | $
|
| Car - gas | $
|
| Car - maintenance | $
|
| Car - parking fees | $
|
| Home Maintenance | |
| Home alarm system | $
|
| Lawn service | $
|
| Snow service | $
|
| Cleaning assistance | $
|
| Regular home repairs | $
|
| Homeowner's insurance | $
|
| Condo fees | $
|
| Lifestyle / Medical | |
| Entertainment | $
|
| Gym membership | $
|
| Restaurant meals | $
|
| Trips for physiotherapy | $
|
| Trips to the hairdresser / spa | $
|
| Trips to the doctor | $
|
| Trips to the pharmacy | $
|
| Caregiver (3 hour minimum) | $
|
| TOTAL | $0 / month
|
This tool is meant for rough planning. Actual expenses and what is included in a retirement community may vary.
Related questions families ask
How do most seniors pay for senior living?
Common sources include home equity, savings, pensions, government benefits, investment income, and support from family, depending on the situation. Start with our How to pay for a retirement home guide for a comprehensive overview.
Is senior living more affordable than staying at home?
Sometimes, yes. When you add up housing, food, transportation, maintenance, and support costs, staying at home is often more expensive than most realize. The calculator on this page is helpful way to compare the costs.
What costs are usually included in a retirement home?
This varies by community, but most are 'all inclusive', meaning they include meals, housekeeping, social activities, outings, utilities, emergency response features, and some support services.
How to compare monthly costs before choosing a retirement community?
A side-by-side comparison is one of the best ways to understand affordability and make a confident decision. Use Comfort Life's comparison tool to understand suite options, costs, what's included for the retirement communities on your shortlist.
sdsdsdHow do most seniors pay for senior living?
Common sources include home equity, savings, pensions, government benefits, investment income, and support from family, depending on the situation.
Is senior living more affordable than staying at home?
Sometimes, yes. When you add up housing, food, transportation, maintenance, and support costs, staying at home can be more expensive than expected.
What costs are usually included in a retirement home?
This varies by community, but many include meals, housekeeping, activities, utilities, emergency response features, and some support services.
Should I compare monthly costs before choosing a retirement community?
Yes. A side-by-side comparison is one of the best ways to understand affordability and make a confident decision.How do most seniors pay for senior living?
Common sources include home equity, savings, pensions, government benefits, investment income, and support from family, depending on the situation.
Is senior living more affordable than staying at home?
Sometimes, yes. When you add up housing, food, transportation, maintenance, and support costs, staying at home can be more expensive than expected.
What costs are usually included in a retirement home?
This varies by community, but many include meals, housekeeping, activities, utilities, emergency response features, and some support services.
Should I compare monthly costs before choosing a retirement community?
Yes. A side-by-side comparison is one of the best ways to understand affordability and make a confident decision.How do most seniors pay for senior living?
Common sources include home equity, savings, pensions, government benefits, investment income, and support from family, depending on the situation.
Is senior living more affordable than staying at home?
Sometimes, yes. When you add up housing, food, transportation, maintenance, and support costs, staying at home can be more expensive than expected.
What costs are usually included in a retirement home?
This varies by community, but many include meals, housekeeping, activities, utilities, emergency response features, and some support services.
Should I compare monthly costs before choosing a retirement community?
Yes. A side-by-side comparison is one of the best ways to understand affordability and make a confident decision.
