{"id":6666,"date":"2015-08-27T15:20:31","date_gmt":"2015-08-27T20:20:31","guid":{"rendered":"https:\/\/www.senioradvisor.com\/blog\/?p=6666"},"modified":"2020-10-14T08:00:20","modified_gmt":"2020-10-14T13:00:20","slug":"retirement-living-in-canada","status":"publish","type":"post","link":"https:\/\/d30braiqprupoq.cloudfront.net\/blog\/2015\/08\/retirement-living-in-canada\/","title":{"rendered":"Retirement Living in Canada"},"content":{"rendered":"

Retirement Living in Canada\"Retirement<\/a><\/h1>\n

\u201cRetirement living\u201d<\/strong> brings to mind different things to different people, but in terms of finding a place to live, the phrase has a specific meaning. Retirement living goes by many names: independent living, active adult living, and 55+ living. All of these terms describe communities that offer housing (usually private apartments, suites, or rooms) for seniors who are healthy enough to live without daily nursing care or personal care assistance.<\/span><\/p>\n

What’s included in retirement living?<\/h2>\n

Amenities vary by retirement community but often include on-call staff assistance, an on-site nurse, meal preparation (often in a restaurant-style dining hall), transportation to shops and appointments, and housekeeping and laundry service. Some upscale 55+ living developments include on-site spas and fitness centers, heated swimming pools, pubs, art studios, shops, salons, and guest accommodations for visiting family and friends. <\/span><\/p>\n

Assisted living communities<\/strong> and long-term care centers<\/strong> offer amenities like meals and housekeeping as well. But they also provide a higher level of individual daily care to their residents than do retirement communities. For example, assisted living residents may get help from staff members with bathing and dressing each day, while long term care residents may receive nurse or nursing assistant help with medication schedules, physical or occupational therapy, diabetes care, and specialized medical needs such as dementia care.<\/span><\/p>\n

Many retirees who opt to move from their own home to an active adult community are eager to leave behind the responsibilities and expense of home maintenance, household chores, and driving in order to spend more time with friends and family and to pursue more leisure activities. Others choose to move because they want to meet more age peers with similar interests. Forward-thinking seniors often make a point of finding a retirement community that offers a continuum of care, to reduce the likelihood that they\u2019ll have to move again if their health or mobility status changes over time.<\/span><\/p>\n

Who pays for retirement living?<\/h2>\n

Unlike long-term care, which is subsidized by the government, most retirement residences are paid for by seniors and their families.<\/strong> The retirement homes that do offer subsidized rates for residents typically have long waiting lists due to strong demand; if you want to move sooner rather than later, private pay communities may offer more choices. <\/span><\/p>\n

Resources to pay for 55+ living can come from income, savings, annuities and investments; proceeds from the sale of your current home; reverse mortgages; and withdrawals against the cash value of permanent (whole) life insurance policies. You may also receive support from adult children who want to ensure your wellbeing and comfort. Government old age and pension plan benefits can add to the available funds.<\/span><\/p>\n

How much does retirement living cost?<\/h2>\n

The cost of independent living varies by location, by the level of service, and by the size of the room or suite.<\/strong> In 2015, the national average rate for private rooms and bachelor units was $2,107 per month<\/strong>, about $90 more than the previous year. The Canada Mortgage and Home Corporation CMHC found that more than 1\/3 of the country\u2019s retirement community spaces rent for $2,500 or more monthly, with about a quarter renting for $1,500 or less, mostly due to the low average rent for senior living in Quebec. <\/span><\/p>\n

The CMHC 2015 survey data found the following provincial average rates for independent living (from highest to lowest):<\/span><\/p>\n