This article was reviewed by Jay Brecknell, CFP®.
You might be dreaming of your retirement home—a cute bungalow in a quiet neighbourhood, a condo in the middle of a city, or a senior’s community in the suburbs. Retirement is the time to live out the lifestyle you’ve earned, and many seniors take this opportunity to move to a location that suits them. Now that you’re not tied to your job location, your options are wide open.
The best retirement locations are determined by a combination of multiple factors—lifestyle pace, proximity to healthcare services, affordability, and access to your social circles. Ultimately, the best place to retire will depend on you and your lifestyle preferences. Before we go into each of the locations we recommend, we’ll break down how to pick your retirement destination, and help you determine if moving is the right idea for you and your situation.
Retirement Location Factors
Before you begin packing, it’s important to consider why you’re moving in retirement. There are some common reasons, but also some hidden downsides. Not everyone moves when they retire. It’s important to determine why you want to move, whether it’s a good idea for you, and if you can maintain the lifestyle you want in your new area.
Affordability
If you live in Vancouver or the surrounding area, moving due to affordability is common. Housing and living expenses in the city are extremely high, and can quickly eat through your retirement budget if you haven’t planned thoroughly. Many retirees avoid this by moving somewhere where the cost of living is lower—where they can afford an equal or even higher quality lifestyle without the income they had during their working years.
When considering a new location in retirement, research the cost of housing, taxes, groceries, and other factors that you’ll need to get a sense of how your budget might need to change in a new area.
Downsizing
Many retirees are house-rich and cash-poor. Maintaining your current lifestyle might require a bump in cash, now that you no longer have an income from work. If you’re planning to travel frequently in retirement, freeing up some extra money by selling your home and downsizing is a fast way to afford those plane tickets.
However, while downsizing can pad your pockets with money for travelling, there are negatives to changing up your living situation. If you’re used to plenty of space and neighbours who are spread out, moving to a strata with closer neighbours might end up being frustrating. Similarly, dealing with strata rules may not be something you’re willing to negotiate in your golden years. If you’ve accumulated a lifetime of memories and belongings, moving to a smaller home might require you to part with some of your possessions and say goodbye to a beloved home.
Social Circles
If you have a group of friends, clubs or groups, and family in the area, moving away might take a significant toll on your happiness. Many seniors end up lonely as they move away from their social circles. While making new friends is always an option, feeling distant from the connections you’ve spent your life curating is difficult to process.
It’s important to plan and make the right choices for you so that you won’t be left feeling alone and disconnected from the people you love. All the beautiful scenery and boating trips won’t help if you miss your grandkids.
Health Care
As you grow older, having easy access to a hospital, specialists, and other health care facilities is extremely important. In less population-dense areas, health care can be much more spread out and pose a problem for seniors who require urgent care. Check that the location you’re considering has a local hospital with the services you currently require, and any that you anticipate based on your health needs. If you require regular check ups, factoring in that travel is also a good idea. You don’t want to be an hour away from life-saving care.
Weather
It’s common to hear about retirees moving to Palm Springs for the weather or at least wintering down south, but not everyone considers the opposite. If you stay in Canada and retire somewhere with a different climate than your current home, you might not be prepared for the weather changes. Do your research and make choices that fit with your preferences—if you prefer spending cozy days indoors with a book and a cup of tea, a rainy climate might be perfect for you. If you’re the more outdoorsy type, live out your golden years somewhere you can get outside!
Services and Activities
Hobbies are more important than ever in retirement. Now that you don’t have work to occupy your time, you’ll need something to keep you engaged and enjoying this time of life. Spend some time researching your potential retirement destination to ensure that there are enough facilities for you, depending on your preferences. Things like recreation centres, golf courses, hiking trails, cultural events, movie theatres, shopping centres, and restaurants are a huge benefit to enjoying your retirement years.
Deciding to Move
Changing homes is a big decision, and it ultimately comes down to determining the lifestyle you want and balancing that with what you can afford.
It’s crucial to thoroughly research the places you might want to spend your golden years. Don’t just pick it on a whim, but make sure it can provide the support and lifestyle you’re used to. If you’re not sure about the new area, staying local and downsizing is a better option than fully uprooting your life.
We strongly recommend giving your potential new home a trial run. Rent a home similar to what you’d purchase in that area for a month, and see how you like it. Have you already run out of things to do in the area? Do you like the neighbourhood and the community feel? Are there activities and social groups you can join? A month might seem long, but it’s a great stretch of time to really determine if you can call this new place home.
With that in mind, we have some recommendations for excellent retirement locations.
Top Retirement Locations
Victoria
Quite possibly the most classic retirement location in BC, Victoria has practically everything you could want in retirement. Beautiful, climate-friendly, and packed with cultural and recreational activities, it’s an easy choice for retirees who want to stay close to action while slowing down their pace of life.
The one downside of Victoria is its cost—with rising housing and cost of living, moving here isn’t particularly friendly to your budget. But if you can make it work, it’s a wonderful place to spend your golden years.
Kelowna
Another popular retirement destination, Kelowna is popular for its sense of community, outdoor activities, and wine. It’s often considered one of the best places to retire in BC thanks to the wide range of senior-friendly activities, amenities, and communities. Health care is no problem here, as there are excellent hospitals and medical facilities centrally located in the city.
Kelowna also has great weather—with generally warm climates and minimal snow, it’s a great place to enjoy the outdoors and settle.
Once you’ve taken care of the essentials, you want to enjoy life. Comfort expenses are the things that make your retirement enjoyable. These are things like travel, gifts, donations, and hobbies.
Many retirees forget to budget for these items, which can significantly impact their spending in retirement. Take some time to go through these expenses and consider additional ones that are unique to your life.
Calgary
Looking outside of BC, Calgary is an increasingly popular destination for retirees. More affordable than Vancouver, it has all the same big city perks and amenities. With great access to healthcare, many recreational facilities and activities, plenty of sun, and a great transit system, it’s drawing both retirees and young couples getting priced out of other cities. Its proximity to vacation spots like Banff and Jasper are also a big draw for the explorer types.
Be prepared for the winters if you’re thinking of moving from BC—Calgary gets much more snow for longer periods of time, so a senior community might be your best option to get the perks and avoid the shoveling.
Edmonton
Edmonton is a popular home for snowbirds—with low taxes and housing prices, going elsewhere for the long winters is affordable and provides a great variety to life. The city offers everything you’d want for entertainment, convenience, and activities, and with some excellent retirement communities, there’s little chance of feeling lonely. There are many exciting restaurants, a vibrant arts and culture scene, and an abundance of outdoor activities available.
Nanaimo
If you love Vancouver Island but want something a little quieter than Victoria, Nanaimo is a great option. With a more relaxed feel, it’s the perfect place for seniors who want a slower pace of life, but with all the amenities a city has to offer. The stunning natural scenery is perfect for outdoor lovers and offers plenty of recreational activities, including golfing, biking, boating, fishing, and hiking.
Nanaimo is also more affordable than many other places, making it a great location to downsize. If you want to also get rid of your car, there are great transit options, and Nanaimo’s restaurant and cultural scene has a wide range of exciting options.
Nelson
With affordable living, beautiful scenery, and warm weather, Nelson is an excellent option to spend your retirement. As a smaller city, there’s more of a small town feel and an opportunity to get to know your neighbours and join community groups. Arts and music are thriving there, making it a perfect choice for culture aficionados—but still plenty of recreational activities for anyone to enjoy.
Parksville
Do you love spending time outdoors, being near the ocean, and exploring beautiful trails? Parksville is the spot for you. It’s the number one retirement destination in BC and is known as “Canada’s Retirement Capital,” with the country’s highest number of retired people per capita. With a mild climate year round, there’s plenty of outdoor activities to partake in, like golf, kayaking, and strolling along endless beaches. And to top it all off, real estate is generally more affordable compared to Victoria or Vancouver.
Currently topping the list for most affordable places to retire (while still having most big-city amenities) is Prince George! With lower cost of living and house prices, your nest egg can go a long way here, and there’s plenty to do to stay occupied. There are plenty of recreational activities, theatres, museums, and outdoor scenic spaces to enjoy.
One thing to keep in mind is the weather—being further north, expect long, snowy winters. There’s a more rural feel overall, but if that’s your cup of tea, Prince George could be a good fit for you.
Preparing for Retirement
Deciding to move in retirement is a big decision, and not something you should make on a whim. If you’re unsure how far your budget will stretch and want to learn more about your options, book a meeting with us so we can explore the right fit for you.
If you want to learn more about creating a retirement budget, we wrote a whole blog about the topic so you can feel more confident about your retirement spending. Retirement can be the best time of your life, and with the right preparation, you’re well on your way to enjoying it!