The Best Places to Retire in Canada, by Province
- Ontario
- British Columbia
- Atlantic Canada
- The Prairies
As the tail-end of the Baby Boomer generation (and Gen Xers after them) approach their retirement years, the question of the best places to retire in Canada is an inevitable dinner-table topic of conversation. On the one hand, the appeal of “aging in place” is clear: allowing retirees to stay in a home and neighbourhood they know and love, close to family, friends and frequented places. However, the reality is that a large house is no longer needed or even wanted by many aging individuals, and an urban address in your senior years isn’t as crucial as it is in one’s working years. And what’s more, financially speaking, urban and suburban property owners almost always find themselves sitting on a goldmine of home equity with which to fund retirement years in more recreational markets.
Why Demographic Shifts in the Recreational Housing Market Could Cause Increased Competition for Soon-To-Be Retirees
The only glitch in deciding where to retire in Canada could be running into recent home buying and selling trends that have emerged due to the COVID-19 pandemic.
According to the RE/MAX 2024 Recreational Market Outlook & Insights Report, families and young couples have become a significant driver of activity in 59 per cent of recreational markets across Canada. Historically, sales have primarily been propelled by retirees, who were the dominant demographic in 91 per cent of markets analyzed by RE/MAX in 2018.
This shift can be attributed to young workers wanting to maintain the flexibility afforded by the hybrid and remote work lifestyle they enjoyed during the COVID-19 pandemic.
According to the Leger survey commissioned by RE/MAX, the quality of life found in recreational markets and the ability to work remotely have prompted more than one-third of Canadian recreational property owners (38 per cent) to spend more time at these secondary properties than before the pandemic.
As a result, the flood of recreational housing listings that usually come onto the market in the spring of each year wasn’t realized in 2024. Despite the affordability challenges and higher interest rates that characterized the 2023 real estate market, Canada’s cottage and chalet owners are choosing to hold on to their properties rather than sell them, wanting to enjoy life while waiting for anticipated capital appreciation and higher future returns.
For retirees ready to downsize or move on to more pastoral places, this new trend could mean stiffer than anticipated competition for recreational listings going forward.
So, while you get your finances and buying strategies in order, start your retirement research by browsing our collection of stellar regions across Canada and the top retirement communities within them, which make this list of cities some of the best places to retire in Canada.
Best Places to Retire in Ontario
Atlantic Canada has seen one of the most significant influxes of retirees from across the country, selling their high-value urban residences in favour of the slower (and cheaper) pace afforded by East Coast recreational markets. However, for dwellers of metropolitan centres like the GTA and Vancouver who don’t want to make a cross-country move, recreational areas within their province are highly desired.
Wasaga Beach & Rideau Lakes
As early as 2019, Ontario began seeing an increasing trend toward retirees fleeing urban centres across the Greater Toronto Area, where prices continue to rise. However, cottage country isn’t just a more cost-effective approach. The waterfront lifestyle is also ideal for retirees seeking an active lifestyle.
The town of Wasaga Beach is situated along the second-longest freshwater beach in the world, surrounded by a unique coastal dune ecosystem. Visitors can enjoy panoramic views of Georgian Bay and participate in various relaxing activities, including swimming, sunbathing, volleyball, hiking, and biking. There are country clubs, golf courses, trails, a farmer’s market, numerous professionals offering yoga classes and personal training, and more. With Blue Mountain nearby, retirees can also take advantage of a wide array of social activities and cultural experiences, including indulging in Ontario’s only year-round mountain resort and spa, attending activity nights at Blue Mountain’s base village, enjoying high-level cuisine in its restaurants and bars, and buying luxury items and more in the village shops. Condos within the complex and in many nearby areas are also available for purchase. Rideau Lakes is also a popular retirement destination, offering the best of nature with a number of historic trails, farms, and access to the Rideau Canal. The township also hosts adult social clubs for seniors that provide the opportunity to connect with the community over games, entertainment, and a meal.
Best Place to Retire in British Columbia
South Okanagan
Similar to Ontario, retirees continue to drive the recreational market in British Columbia as they seek a more affordable lifestyle outside of costly metropolitan areas like Vancouver. In addition to areas including Victoria and Parksville, BC, the Okanagan region is a scenic valley with a retirement-based economy. The region offers a sunny climate – and Okanagan Lake, in particular – provides many outdoor activities that cater to retirees determined to remain active as they age.
Best Places to Retire in Atlantic Canada
Miramichi & Miramichi Rural, New Brunswick
In spite of the skyrocketing home prices across Canada, Miramichi has remained relatively unaffected and continues to attract retirees from more expensive parts of the country, like British Columbia, Ontario, Quebec, and Alberta. The Miramichi River, which runs through this area, is famous for its salmon fishing and boasts several marinas and access to waterfront activities, including tubing, paddleboarding, kayaking, and canoeing. The region’s reputation as one of the nicest retirement communities in Canada because of its friendly and welcoming atmosphere extends to “Retirement Miramichi” – a community designed specifically for seniors – which provides a range of rental housing options and various amenities such as fitness rooms, community spaces, and well-maintained walking trails designed to create a well-balanced lifestyle for retirees.
Annapolis Valley and Yarmouth
Annapolis Valley and Yarmouth are attractive locations for out-of-province retirees looking to sell their properties at high prices and move to Atlantic Canada to settle down. Annapolis Valley offers several relaxing attractions with its beaches and vineyards, while Yarmouth is bustling with waterfront activities, parks, trails, heritage sites and festivals. This incredibly diverse and beautiful region offers something for everyone – especially those looking for spectacular natural scenery and expansive views.
Kings County, Nova Scotia
Sunny skies in Kings County have contributed to solid home-buying activity in past years, particularly attracting retirees from Ontario and Western Canada who are selling their homes and moving to Nova Scotia. From farmlands and orchards to wineries and vineyards, the region offers an atmosphere to complement the hidden shore communities and Lake Lands. The natural beauty of the valley is unparalleled, as it is enclosed by mountains and located on the southwest shore of the Bay of Fundy and much of the Shoreline of the Minas Basin – home of the world’s highest tides. Kings County doesn’t just offer a picturesque setting – its economy is thriving and growing thanks to the abundance of wineries and microbreweries.
Retirees who make up one in five residents of this county and want to remain engaged and active, making businesses out of what were once hobbies, can try their hand at running a fruit or Christmas tree farm, developing their own microbrewery products, or exploring the wondrous world of beekeeping – all with help from the Government of Nova Scotia – which offers an extensive guide on what you’ll need to set up a successful farming business in the area.
Summerside, PEI
Back in 2019, the city of Summerside was experiencing a serious seller’s market, with some properties selling in less than 24 hours. Highly sought after because of its picturesque landscape, quality of life and affordability – especially by retirees from Ontario and British Columbia – the region has recently transitioned to a more balanced market that allows buyers more time to thoroughly research properties without getting caught up in bidding wars. While winters can be chilly, outdoor activities like snowshoeing and skating take the edge off, while indoor activities such as bowling and swimming make the cold months pass by quickly.
With the influx of residents, the city continues to experience significant economic diversification, advancement, and growth. As PEI’s second-largest city, it boasts a lively downtown core, with a number of social and cultural events throughout the year. One of the most well-connected places to retire in Canada, Summerside offers both a serene environment and an active social scene.
Best Places to Retire in the Prairies
Sylvan Lake & Lake Winnipeg
Due to the strong US dollar, retirees in the Sylvan Lake and Lake Winnipeg regions began selling their snowbird properties south of the border and purchasing recreational homes for use as retirement properties beginning way back in 2018. The town of Sylvan Lake attracts over a million visitors every year, with most arriving in July and August to visit its various parks, campgrounds, and, of course, the lake itself. Bustling with life, Sylvan Lake is perfect for retirees seeking an active and engaged lifestyle. Lake Winnipeg, the largest lake within the borders of Southern Canada, attracts Canadians from across the country with its white sandy beaches. There are up to 30 diverse communities along the thousands of miles of shoreline that offer unique social and cultural experiences. With the city of Winnipeg only an hour away from certain parts of the lake, residents can settle down and escape city life – except when they’re in the mood to make a restaurant run and experience the rich and diverse food scene Winnipeg offers – including selections from the Philippines and West Africa to homegrown fare with a Métis or Francophone heritage.
Getting Help Buying a Dream Home in One of the Best Places to Retire in Canada
The retirement years offer a unique opportunity for Baby Boomers and Gen Xers to downsize and choose a beautiful location where they can pursue the activities and hobbies that are important to them. Luckily, this doesn’t mean moving to Arizona, South Carolina, Texas or Florida like it did in previous years since many locations across Canada have the same appeal or offer an even better quality of life.
Choosing one of the recreational areas and landscapes our country offers means that you can be surrounded by beauty while you spend your time outdoors and focus on the things that matter.
A RE/MAX agent can help you determine the best places to retire for your budget and develop the best strategy for selling your current home and buying another.