Top 10 Best Canadian Cities To Retire on a Budget of $2,500 a Month

During their retirement years, many people live on a fixed income and mostly rely on Social Security to pay their bills. But with an average Social Security payment of just $1,701.62 per month, seniors may find it difficult to maintain a high standard of living and live comfortably in their later years.

Even retirees who have other sources of income from investments like high-dividend stocks or rental properties or employer-sponsored pension plans nevertheless occasionally face financial difficulties.

When you take into account hidden retirement costs including medical costs, long-term care, inflation rates, hobbies, and other interests, even if this may appear substantial, it may not go as far as you think.

However, there is good news for individuals who can move around a little bit and are looking for financial security throughout their retirement years. In many regions of Canada, it is fairly doable to live happily on a limited budget.

In fact, GOBankingRates recently examined Numbeo data for Canadian cities to determine the safest and most affordable areas to live in. Based on that information, the top 10 Canadian communities where residents can retire comfortably on a $2,500 monthly income were scored and ranked.

Best Canadian Cities To Retire in detail:

10. Saskatoon

• Index of safety: 50.3
• Rent-adjusted cost of living index: 46.3
• $2,152.95 is the total monthly cost of living (including rent).

Saskatoon, the largest city in the province of Saskatchewan, is situated alongside the South Saskatchewan River. The city has traditionally served as the province’s commercial and cultural hub.

9. Edmonton

• Index of safety: 52.8
• Rent-adjusted cost of living index: 49.5
• $2,301.75 is the total monthly cost of living (including rent).

A number of UNESCO world historic sites can be found in Edmonton, a sizable city in Alberta that is situated on the North Saskatchewan River.

8. Windsor

• Index of safety: 52.8
• Rent-adjusted cost of living index: 49.5
• $2,157.60 is the total monthly cost of living (including rent).

Windsor, which is sometimes referred to as the “Automotive Capital of Canada,” is situated in southwest Ontario, just north of Michigan.

7. St. Catharines

• 54 Safety Index
• Rent-adjusted cost of living index: 49.7
• $2,311.05 is the total monthly cost of living (including rent).

St. Catharines, a sizable city in Southern Ontario, is surrounded by a lot of beautiful scenery and nature.

6. Mississauga

• Index of safety: 56.7
• Rent-adjusted cost of living index: 52.7
• $2,450.55 is the total monthly cost of living (including rent).

Mississauga, a city close to Toronto, is located on the beaches of Lake Ontario and is rich in culture, history, and outdoor leisure.

5. Kitchener

• Index of safety: 58.5
• Rent-adjusted cost of living index: 51.4
• $2,390.10 is the total monthly cost of living (including rent).

Kitchener, which is also in Ontario, is the largest city in the Waterloo area. A thriving cultural scene exists there.

4. Halifax

• Index of safety: 58.6
• Rent-adjusted cost of living index: 53.2
• $2,473.80 is the total monthly cost of living (including rent).

Halifax, the provincial capital of Nova Scotia, is filled with historical landmarks, gardens, and art galleries.

3. Guelph

• Index of safety: 65.7
• Rent-adjusted cost of living index: 53.1
• $2,469.15 is the total monthly cost of living (including rent).

Guelph, often known as The Royal City, is located in the southwest of the province of Ontario. It offers a wide variety of cuisine, beautiful scenery, and old-world architecture.

2. Montreal

• 68.4 safety index
• Rent-adjusted cost of living index: 49.3
• $2,292.45 is the total monthly cost of living (including rent).

Quebec is home to Montreal, one of the most populous cities in North America. The city is thriving and busy, yet the cost of living is surprisingly affordable.

1. Quebec City

• Index of safety: 82.5
• Rent-adjusted cost of living index: 46.7
• $2,171.55 is the total monthly cost of living (including rent).

The capital of Canada’s province of Quebec, Quebec City, is at the top of this list in terms of cost and safety. The Château Frontenac, one of this city’s well-known attractions, is located here.