What to know about this topic:
A survey of retirement home costs in Saskatchewan
In Saskatchewan, retirement communities we list cost anywhere between $1,500 and $4,950, depending on the type of care needed. Home care costs average between $25 and $75 an hour depending on the type and level of care you are looking for.
According to the CMHC’s 2021 Senior Housing Report, the average cost of renting a seniors’ housing space in Saskatchewan remained relatively stable at $3,116, compared to $3,105 in 2020. In the meantime, the average sale price of homes increased by 9.1%; Saskatchewan seniors living in homes they purchased decades ago are sitting on more equity than they ever dreamed of, making retirement living more affordable than ever before. On top of that, homes in Saskatchewan (just like elsewhere) are getting caught in bidding wars. So, what seems expensive to some seniors and their family members is more attainable than you might think. Saskatchewan retirement homes offer a lifestyle that many will tell you is better in every way than living alone, with more spaces available than ever.
Senior living vacancy rates in the province
The vacancy rate for standard spaces across the province increased by 7.4 percentage points to 22.4% in 2021, with the coronavirus pandemic playing an obvious role. The largest increase was in the one-bedroom segment, where the vacancy rate increased 10.5 percentage points to 25.2%. Across the province, there were 8,323 spaces available, with most of those being one bedroom units.
Retirement homes in Regina recorded the largest increase in vacancy rate, up to 30.2% vacant in 2021 a total of 2,120 spaces). Retirement homes in Saskatoon saw the lowest vacancy increase of all Saskatchewan’s larger cities. Vacancy rates in that city increased by 4.6% sitting at 19.1% for the year.
We encourage people to read about the fantastic lifestyle available in these communities, and to fully investigate the funding options available to them.
For information on budgeting and financial tips read Easing Your Financial Stress
To get the clearest picture, you will need to first determine the level of care you require, your needs and what you’d like to get out of the retirement community or home care service you are interested in. You can research costs and then choose home care or a retirement community that not only meets your needs but also fits your budget.
Worried about outliving your retirement savings? Read Reduce Your Financial Risk and download our .pdf for free financial tips and advice.
For information about tax credits, support and subsidies for seniors in Saskatchewan visit these resources and associations:
Canada Revenue Agency
