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Cost of Retiring in Canada's Atlantic Provinces

What's the cost of retiring in Atlantic Canada?

In the Atlantic provinces, which include New BrunswickPrince Edward IslandNova ScotiaNew Foundland and Labrador, retirement communities cost between $1, 600 and $2, 300 and home care costs average between $15 and $75 an hour depending on the type and level of care you are looking for.

According to the CMHC’s Senior Housing Report, in 201, the average cost of renting a seniors’ housing space in Atlantic Canada was $2, 137 per month, an increase of $17 from 2012. 

Depending on the retirement residence or community, there are different amenities included in this monthly cost of rent. Of the senior communities surveyed in the 2013 CMHC’s Senior Housing report, the majority (84%) included three meals a day and:

  • A 24-hour bell call service (offered at 83% of communities)
  • On-site medical services (offered at 46% of communities)
  • On-site registered nurse (offered at 28% of communities)
  • Transportation services (offered at 75% of communities)
  • Internet access (offered at 56% of communities)
  • Exercise facilities (offered at 36.2% of communities)
  • Access to a movie theatre (offered at 24.4% of communities)


Long-term care costs in Atlantic Canada

Long-term care costs vary depending on the type of retirement suite, duration of stay and whether you are considering a private or publicly funded long-term care community. Spots in publically funded long-term care residences are determined solely by need. Approximate long-term care care costs are:

  Daily Rate Monthly Rate
Long-stay basic $54 $1620
Long-stay semi-private $62 $1863
Long-stay private $72 $2167
Short-stay $35 $1053
For information on budgeting and financial tips read Easing Your Financial Stress

If you’re looking in Atlantic Canada for an active adult living community, independent or assisted living residence, long-term care community or home care service then you should take a look at the types of services and level of care offered in each particular residence or agency, which will be a huge factor in the overall cost. Based on your needs, level of required care and your budget you can narrow your search.

Worried about outliving your retirement savings? Read Reduce Your Financial Risk and download our free tool for financial tips and advice.

 

 

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