Retirement Home Costs in Canada

Retirement Home Costs in Canada

Costs of Retirement Communities in Canada vary greatly depending on location, size of the accommodation, amenities and services offered. Usually retirement home fees include monthly rent, daily meals, utilities as well as access to amenities and services. Most popular amenities offered in retirement residences are 24-hour emergency response system, transportation, on-site nursing services, and exercise facilities.

Across Canada, prices for retirement communities range from $1,500 to $6,500. According to CMHC 2012 report on senior housing costs in Canada, Ontario has the highest average rent at $2,699, while Quebec recorded the lowest average at $1,410. Below you will find more detailed information on retirement residences costs in each province.

Average Monthly Costs of Retirement Homes Across Canada

Province

Private Studio

One Bedroom

Two Bedroom

Average

Ontario

2,744

3,764

4,536

3,066

British Columbia

1,991

2,735

3,562

2,672

Alberta

2,108

2,761

3,352

2,691

Quebec

1263

1457

1902

1475

Manitoba

1730

2266

2834

2338

Saskatchewan

2256

2605

3214

2435

Newfoundland and Labrador

**

2154

**

2005

Prince Edward Island

2608

2810

**

2500

Nova Scotia

2368

2579

1749

2355

New Brunswick

2061

1727

2089

1810

Source: CMHC - 2012

Cost of Retirement Homes in Ontario

In Ontario there were 47,200 seniors living in retirement residences in 2012. Being the most populous province in Canada, Ontario has the widest range of prices for retirement homes ranging from $1,724 for a Studio in Prescott and Russell to $6,359 for a private two-bedroom in Toronto. Greater Toronto Area (GTA) recorded the highest costs for retirement homes with average price $3,635. The lowest average cost was in Eastern Ontario at $2,508. According to CMHC, in 2012 the average cost of independent living in Ontario was $3,066 per month. It is worth mentioning that, on average, Ontario retirement communities provide higher level of services and amenities compared to senior living communities in other Canadian provinces.

Retirement Home Costs in BC

British Columbia has the second largest number of retirement communities after Ontario. Largest number of seniors and hence the major share of senior housing in BC is located in Lower Mainland followed by Vancouver Island and Central Coast. According to CMHC report, as of February 2012, there were 15,369 independent living suites located in senior's housing communities in BC. The average cost of retirement communities in BC was $2,672 per month. Due to higher real estate and land prices in Vancouver Coastal, Metro Victoria, and Gulf Islands areas costs for senior housing and services in these areas are also higher. Throughout the province costs range between $1,511 for a private bachelor suite in North Okanagan to $5,630 for a two-bedroom retirement apartment in Vancouver.

Retirement Home Costs in Alberta

As of 2012, the cost of retirement homes in Alberta was $2,691. 75% of seniors independent living residences in Alberta are located in Calgary and Edmonton metropolitan areas. Edmonton has more units with heavy care, while Calgary account for larger portion of independent living spaces. Most popular type of senior's accommodation in Alberta are one-bedroom suites. In Calgary, more retirement residences offer recreational amenities, movie theaters and internet access compared to retirement communities in Edmonton. This is one of the contributing factors to higher average retirement home costs in Calgary, reported at $3,075 compared to $2,482 in Edmonton and $2,399 in the rest of Alberta. Retirement home rates in Alberta range from $1,821 for a bachelor suite outside of two metropolitan areas to $3,951 for a two-bedroom retirement condo in Calgary.

Retirement Home Costs in Quebec

City of Quebec has one of the highest numbers of seniors living in retirement residences. The average cost of independent living residence in Quebec in 2012 was $1,475. However there is a large variation in costs depending on location, size of the unit, amenities and services offered. For example, the lowest rates were recorded in Saguenay area at $1,030 for a studio retirement suite, while the same type of retirement home in Gatineau costs $1,587 per month. Overall (including studios, one- and two-bedroom units) average rates for a retirement homes in Montreal were at $1,549 per month, $1,604 in Quebec City, $1,406 in Saguenay, and $1,372 in Sherbrooke.

Cost of Manitoba Retirement Homes

On average it costs $2,338 to live in a retirement residence in Manitoba in 2012. Cost for studio (bachelor) retirement suites in Manitoba are $1,730, while two-bedroom units are priced at $2,834.

Saskatchewan Retirement Homes Costs

Overall cost of retirement homes in Saskatchewan in 2012 was $2,435. The most common amenity in Saskatchewan was 24-hour bell service, followed by on-site medical services, and then exercise facilities, internet and transportation services.

Cost of Retirement Homes in Atlantic Canada

The average rent for independent senior housing in Atlantic Provinces in 2012 was $2,120. New Brunswick had the highest number of senior living units followed by Nova Scotia, Newfoundland and Labrador and Prince Edward Island respectively. The highest average cost of retirement home in Maritimes was recorded in PEI at $2,500 per month. Retirement homes cost in Nova Scotia was $2,355, in Newfoundland and Labrador - $2,005 and the lowest cost was in New Brunswick at $1,810.

Please note: The prices referenced in this article do not include senior living spaces that provide more than 1.5 hours of care, nor respite care units.

Source: CMHC

Written by Alice Lucette
Image by ThreeOak of stock.xchng

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