Retirement Costs British Columbia
Budget your Retirement in British Columbia
Find a list of retirement homes
How much does it cost to retire in British Columbia? The answer will depend on the type of retirement community or home care service you choose and the level of care you need. Once you have determined these factors, start researching the associated costs and find a home care service or retirement community that works with your budget.
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Closer look at BC senior care costs |
According to the CMHC’s Senior Housing Report, in 2018, the average cost of renting an independent living seniors’ housing space in British Columbia was $2,250 per month, one of the lowest averages in the country. The province had the highest average cost for "heavy care spaces" in all of Canada, with average cost being $6,011. Amenities are included quite often in the monthly rent, such as the cost of meals, utilities, and on-site medical services and a registered nurse.
Ages and stages of retirement
BC's 55 plus communities come in a wide variety of styles, including gated communities to ocean-front spots to secluded resort-like bungalow developments nestled deep in the interior. Costs range from $300,000 to more than $1 million for an investment in this carefree lifestyle.
British Columbia retirement residences, as surveyed below, range in cost between $1,500 and $6,000. If you choose to try and stay in your own home, home care costs in BC average between $15 and $75 an hour, depending on the type and level of care required.
The following tables provide a more detailed look at some costs based on care required. This is only an overview, and you will need to consult with individual BC retirement homes to find out what care and services are included, how their rates vary, and what your final costs will be for the suite and care type that you require.
When considering the cost of moving into a retirement home, remind yourself that all monthly costs are covered under one umbrella, including housing, maintenance, food and more.
Independent living seniors' care costs in BC
The following list surveys what retirement homes cost in a variety of locations in BC.
City
|
Suite
|
Sq footage
|
Cost/mo (starting)
|
1 br
|
617 sq ft
|
$2,775
|
|
studio
|
350 sq ft
|
$2,690
|
|
studio
|
416 sq ft
|
3,160
|
|
Studio
|
400 sq ft
|
$1,954
|
|
1 br
|
539 sq ft
|
$2,475
|
|
1 br
|
555 sq ft
|
$3,500
|
|
2 br
|
669 sq ft
|
$4,760
|
|
Studio
|
380 sq ft
|
$3,700
|
|
2 br +
|
964 sq ft
|
$8,370
|
Assisted living costs
The minimum monthly rate you will pay for assisted living care in BC is $921.40 per month, as determined by the provincial government. For couples, the minimum monthly rate for living together is $1,485. However, the monthly client rate is based on the income of both you and your spouse, and this is subject to a minimum and maximum monthly rate. For families who can afford more, though, private care offers a variety of features and amenities you will not find in many other homes.
On a separate page, we take a fuller, more detailed look at assisted living costs in BC.
Long term care costs
Long-term care costs vary depending on the type of suite, duration of stay and length of stay. Spots in long-term care residences are determined solely by need.
Approximate long-term care residence costs:
Type of stay
|
Daily - Monthly Rates
|
Long-stay basic
|
$54 – $1620
|
Long-stay semi-private
|
$62 – $1863
|
Long-stay private
|
$72 – $2167
|
Short-stay
|
$35 – $1053
|
As you browse the list of retirement home options below, ensure you have a clear understanding of what type of services and amenities are included with your rent.
Listings below give specific rates:
Click here to refine this list
Tapestry at Arbutus Walk
Tapestry at Wesbrook Village
Gilmore Gardens
Courtyard Gardens
Legacy Senior Living
OPAL by Element
Westerleigh PARC
Sherwood House
Granville Gardens
Cedar Springs PARC
Lifemark Residences
Summerhill PARC
Thornebridge Gardens
Arbutus Ridge by the Sea
The Heritage
The Concorde Retirement Residence
Mulberry PARC
Hawthorn Park Retirement Community
Arbourside Court
Chartwell Ross Place Retirement Residence
Chartwell Cedarbrooke Retirement Residence
Chartwell Kamloops Retirement Residence
Chartwell Ridgepointe Retirement Residence
Chartwell Langley Gardens Retirement Community
Chartwell Hampton House Retirement Residence
Chartwell Renaissance Retirement Residence
Chartwell Crescent Gardens Retirement Community
Chartwell Birchwood Retirement Residence
Chartwell Chatsworth Retirement Residence
Chartwell Carrington House Retirement Residence
Chartwell Churchill House Retirement Residence
Chartwell Carlton Gardens Care Residence
Chartwell Lynnwood Retirement Residence
Chartwell Imperial Place Retirement Residence
Chartwell Willow Retirement Community
Seniors' care costs in BC can vary widely, based on a number of different factors. You can reduce retirement home costs by looking around and finding the option that suits you the very best. Consider how each of a variety of factors affects the costs, and how important any of these factors is to you. These include:
- Physical location of the retirement home
- Square footage of the suite, the number of bedrooms and other aspects of size
- Type of care offered. There is, of course, a great difference between assisted living and Alzheimer's care or memory care.
- The extra care required. This is sometimes included in the cost based on care, but in many cases, extra care is focused on a fee per care required. You will have to consult with individual retirement care homes to find out the difference between costs for bating assistance, transfer assistance and other extended care options.
Can we afford it? Can we afford not to?
Anyone moving into a retirement home in the province of British Columbia needs to be diligent in getting to the bottom of all the costs associated with each home or residence before you move in. You can expect homes to be transparent about this, of course, but talk to residents and get their feedback also. Be aware of potential changes to care costs and affordability, such as lease or rental increases or changes to your income or investments. See an overview of how others afford senior care.
Paying for seniors' care may be easier than you think. You will no longer be paying heat and hydro, property taxes and all other monthly and annual expenses that you pay as a homeowner living in your own residence. When many people finally sit down and figure it out, they are amazed at what they can afford.
Further resources
For information about subsidies, tax credits and support for seniors in British Columbia visit the Canada Revenue Agency. For greater details about your options, and other civic advice, visit the provincial government's website, Assisted Living in BC.
