8 Amazing Canadian Cities Where You Can Retire on Under $500,000
Americans who want to live the expat life in retirement without having to learn a new language, fly overseas or even get out of their cars can always cross the border into Canada. Beyond its common language and similar culture, Canada offers world-class cities, stunning scenery, a welcoming vibe and one of the highest-rated healthcare systems in the world.
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The main downsides of retiring in Canada are its frigid winters and high costs — at least in pricey cities like Vancouver, Toronto, Victoria and Calgary. It can be a challenge to retire comfortably with a $500,000 nest egg in those places, especially if you need to stretch it over a couple decades or more.
Canadian citizens need an estimated 70% to 80% of their pre-retirement incomes to retire comfortably, according to the PODS website. That rule will likely apply to American expats as well, even with a favorable exchange rate.
Despite the high costs in some Canadian cities, a number of places are reasonably affordable. Here’s a look cities where you can retire on less than $500,000 and live comfortably on a budget of less than $2,500 a month.
Edmonton, Alberta
Located along the North Saskatchewan River, Edmonton is one of Canada’s biggest cities and home to several UNESCO world heritage sites. It’s also one of the Maritimes’ most popular retirement destinations, per Sotheby’s Canada. The total cost of living here is around $2,300 a month including rent, according to a GOBankingRates analysis of Numbeo data.
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Halifax, Nova Scotia
The capital of Nova Scotia boasts plenty of lighthouses, historical sites, art galleries and public gardens. You should be able to get by comfortably here on less than $2,500 a month.
Mississauga, Ontario
Mississauga is a big city located near Toronto — but with much more affordable costs of living. You should be able to live comfortably here for about $2,450 a month. You’ll have access to Lake Ontario as well as numerous cultural, historical and outdoor recreational activities.
Montreal, Quebec
Canada’s second-largest city has an Old-World vibe that more closely resembles European capitals than most North American cities. Living costs are reasonable at an average of less than $2,300 a month, and you’ll be able to enjoy a bustling urban atmosphere with plenty of cultural, entertainment and recreational options.
Quebec City, Quebec
The Quebec capital is safe, and healthcare is highly accessible. Like Montreal, Quebec City combines European charm with plenty to see and do. Average living costs are less than $2,200 a month.
Regina, Saskatchewan
Insider Monkey referred to Regina as the “best place to retire on a budget” in Canada. The median home price here is $300,000, and the average rent is about $1,400 a month. Local attractions include the Royal Saskatchewan Museum, Stone Hall Castle and the RCMP Heritage Centre.
Windsor, Ontario
Windsor has been dubbed the “Automotive Capital of Canada” because of its close proximity to Detroit, which is only a short drive away across the Detroit River. You can live comfortably here for less than $2,200 a month.
Winnipeg, Manitoba
Winnipeg is a “bustling city” with access to “some of Canada’s best lakes, forests and prairies,” according to Insider Monkey. It’s also affordable on a $500,000 nest egg. The median home price here is a little more than $400,000, while average rents are slightly above $1,600 a month. Local events include the Festival du Voyageur, Winnipeg Folk Festival and Folklorama.
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This article originally appeared on GOBankingRates.com: 8 Amazing Canadian Cities Where You Can Retire on Under $500,000
