How Much Do Retirement Communities Cost?

Tuesday Aug 29th, 2017

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In Canada, we are very fortunate to have access to many amazing retirement communities that offer residents the best that life has to offer.

The cost of these communities varies and depends on a number of factors, including its size, location, accommodations, the type of community and the number of amenities. However, according to the Canadian Mortgage and Housing Corporation, as of 2011, the average cost of retirement communities within Canada ranged from $1909 to $3530. 

If you are specifically looking at the province of Ontario, it has the widest fluctuation of costs for retirement communities across the country, ranging from some of the most affordable options to some of the most expensive.

According to CMHC’s 2013 Senior Housing Report, the average cost of renting a seniors’ housing space in Ontario was $3,204 per month. This typically includes three meals a day, utilities, on-site medical services and a registered nurse. However, for more luxurious communities, you can expect to pay much more per month.

If you are considering transitioning to a retirement community, it’s best to visit a number of residences to see firsthand what they offer in terms of accommodations, services, care options and amenities, and to also learn more about the associated costs. Some even offer overnight stays for up to a week, which allows you to really experience what life is like in a retirement community.

Better yet, consider speaking with an Accredited Senior Agent (ASA), such as myself. We have the necessary specialized training and experience to help mature buyers and sellers with their unique real estate needs. With many connections within the senior housing market, we can also recommend the best retirement communities within Mississauga and the Greater Toronto Area (GTA) to suit your needs and desired lifestyle.
 
If you or someone you love is in need of caring, compassionate and patient Accredited Senior Agent, please feel free to contact me for more information. 


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