Each of us is unique and as seniors we will require varying levels of care. Many seniors will live independent active lifestyles and if they choose to relocate to a retirement community, an independent living community will suit their needs. Other seniors will choose the Assisted Living scenario that provides a level of care customized to the needs of the individual. And others will require a higher level of care with round the clock staff availability. The level of care that each senior requires influences the type of retirement home and the costs associated with it.
The majority of retirement communities are ones in which the residents live independently with minimal extra care provided by staff members. These are generally referred to as Independent Senior Living Centres or Active Adult Living homes and the costs are lowest.
The less common type of retirement facility for example, Long Term Care and Alzheimer's Care are more costly as they have professional staff available to them at all times.
Cost Alone should not be the Deciding Factor
Many of the retirement communities across the provinces of Canada allow for a wide range of care in a given community and this suits couples where one person requires a higher level of care than the other. Cost alone should not be the determining factor when choosing a retirement community but rather the location, the surroundings and a level of care that suits each resident.
When assessing the costs of a retirement community, they may appear high at first glance but consider the options such as location, payment plans and other financial services and consider enlisting the help of an agent that specializes in retirement communities for advice during the decision making process.
Costs of Retirement Homes in Ontario and British Columbia
The Provinces of Ontario and BC both have the widest range of costs of retirement homes from the least to the most expensive in Canada. Rents in Ontario range from $1500 to $7500 per month for a condo, studio or suite and purchase prices of condos in Ontario range from $249,000 to $390,000 and cover a broad range of care services.
BC rents range from $1470 to $6200 per month for a condo, studio or suite and purchase prices of condos and other retirement homes in BC are similar to prices in Ontario.
Costs in the Maritimes
The prices of retirement homes in the Maritime Provinces reflect real estate prices in general with New Brunswick retirement homes being the most affordable. Rents range from between $1750 to $2500 per month and the level of care and comfort is of the same high standard that one would expect in any of the provinces.
Retirement Homes in Alberta, Saskatchewan and Manitoba
The costs of retirement rental in the Prairie Provinces range from approximately $1400 to $4150 per month depending upon whether you choose a condo, a suite or a studio apartment and again, the level of care will also influence the overall monthly price.
Remember that when assessing the monthly rental for a retirement condo, room or suite, there's usually a discount for the second member of a couple.
Important options to keep in mind when making this major life decision are whether to rent, to own or to opt for a life lease. These are explained in my previous article Three Options in Retirement Living.
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