As the cost of living rises, a new report highlights some of the best Canadian cities in which to retire for under $5,000 a month in expenses.
The top-10 list compiled by GoBankingRates.com, ranked the cities based on cost of living and quality of life. The latter was given more weight than the living cost, which incorporated a rent index, the website said.
The cities were analyzed for their cost of living indexes across numerous categories including; market prices, food prices, transportation prices, utilities prices, clothing, average salary, apartment rental prices, and other typical costs.
Cities in order of ranking approximate the monthly cost of living, including rent, for a single person.
1. Regina, Sask. ($1,920/month)
Regina captured the number one spot due to its low cost of living and quality of life index. The report’s authors said the low cost of rent overcame its lower quality of living index when compared to other cities on the list.2. Kingston, Ont. ($2,570)
The cost of rent kept Kingston narrowly out of the top spot, the report said.3. Fredericton, NB ($2,100)
The low cost of living and good quality of life ranking put Fredericton in third place.4. Burnaby, BC ($3,160)
The only B.C. city that made the list. While the cost of living is high, the city also has the second-highest-rated quality of living.5. Markham, Ont. ($3,040)
The city boasts the highest-rated quality of life in the country, according to the report.6. Windsor, Ont. ($2,290)
Windsor was noted for its good quality of life and reasonable cost of living.7. Kitchener, Ont. ($2,625)
Kitchener was placed seventh despite having a higher cost of living due to its “above-average” rank in quality of life.8. Mississauga, Ont ($2,980)
The city made the list even though it comes with a higher cost of living due to its high quality of life index. The city’s proximity to the Toronto Pearson Airport also makes it an ideal spot for retirees who like to travel.9. St. John’s, NL ($2,040)
A low cost of living combined with a high quality of life helped St. John’s secure a place on the list.10. Saskatoon, Sask. ($2,100)
The report said the city did not score higher because of its quality of life index.Retirement Concerns
An internal federal government poll conducted earlier this year found affordable retirement is on the minds of many Canadians, with some in their 60s saying they may delay retirement due to inflation.“Participants nearing retirement expressed concerns about a number of issues including the cost of living,” said a Privy Council Office report, titled “Continuous Qualitative Data Collection Of Canadians’ Views,” published Oct. 7, 2022.
The report said that some participants described their long-term financial outlook as bleak and they didn’t expect it to improve by retirement.
“Resulting from this, several were rethinking their retirement plans with a view to extending their participation in the labour force either full-time or part-time as a means of enhancing their household income,” said the study.
Issac Teo contributed to this report.
