How Much Do Retirement Homes Cost?
What type of retirement care can you afford?
The amount that you can expect to pay to live in a retirement community will vary greatly. Most residents of retirement communities pay monthly rent for their accommodations and across Canada, monthly fees range from $1,453 to $3,204 on average. This is dependent on the size and location of the accommodations, the type of community, and the quality and number of amenities.
Costs in Ontario
Ontario has by far the widest range of costs for retirement homes, including the most affordable and most expensive rates across Canada. Retirement home costs average $3, 204 per month. Ontario's retirement homes cover a wide range of specialized needs and forms of care.
Costs in BC
British Columbia follows Ontario in number of retirement homes and range of retirement home costs. Rental prices are a little more affordable at an average of $2,747 per month. British Columbia's retirement homes offer the best of services and amenities..
Costs in Alberta
Retirement community rent for seniors in Alberta averages $2,798 per month. What accounts for this price is the fact that in Alberta, residents often receive health care and other amenities in their residences.
Costs in Manitoba
Manitoba retirement communities offer a number of services and ameneties for seniors. Manitoba is one of the cheapest provinces to reitre in Canada.The average monthly rent for a standard space in a retirement community in Manitoba is $2,378 per month.
Costs in Quebec
Quebec offers a wide variety of senior housing types. The average rent for a senior space in Quebec is only $1,520 a month. Retirement communities in Quebec offer a vibrant social community as well as the support services that baby boomers and seniors need.
Costs in Saskatchewan
In Saskatcehwan there are a wide number of senior communities with reasonable rental prices.The average monthly rent in Saksatchewan is $2,505 for a one-bedroom senior space.
Costs in Atlantic Canada
As it goes with real estate in general in Atlantic Canada, New Brunswick retirement homes are one of the country's most affordable, with an average rent of $2,137 per month. Seniors live in great comfort in Atlantic Canada and have a variety of options so they can choose the retirement home of their choice.
How Much Does a Retirement Community Cost?
The amount that you can expect to pay to live in a retirement community will vary greatly. Retirement home costs will change according to the area you live in and the type and intensity of care that is required. Most residents of retirement communities pay monthly rent for their accommodations. Across Canada, monthly fees range from $1,475 to $6,000, depending on the size and location of the accommodations, the type of community, care required and the quality and number of amenities. When planning for retirement it's important to research the costs of the type of retirement community you wish to live in so that you are financially prepared when you are ready to make the move.
There are a number of retirement home options out there for every budget, For example, if you're considering buying into an independent living retirement condominium in the Greater Toronto Area, a one-bedroom 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. These types of senior 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 2013:
|Prince Edward Island||$2,433|
Cost by Care Type
In actual fact, the biggest determining factor for the cost of seniors' care is the type of care you require. Suites in independent living are typically counted as the basic retirement home cost that clients will pay. Beyond that, though, if further care is required, fees may be added or the cost may go up.
The cost of assisted living varies from one province to the next and can vary quite widely depending on whether or not you are looking at a care home in a small town or in a larger city. We provide a survey of assisted living costs, and how to pay for assisted living.
Alzheimer's care and memory care, for dementia patients, is one of the most costly types of care. Inevitably, many sufferers of dementia will be admitted into long term care, but there are waiting lists to get into these homes. In the meantime, families may choose to avail themselves of a short term stay in a retirement home. We cover the costs of memory care and how families pay for memory care.
Retirement Communities: Financial Tips
- 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
- 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
- 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
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, speak to the individual retirement communities and home care services that you're considering. You'll find some of the best profiled here on Comfort Life.