However, the reality is that many facing retirement likely no longer need the space of their homes. For the empty nesters that never sold and relocated, a large home becomes more tedious to care for as they age. Additionally, those in urban and suburban areas are likely sitting on a lot of home equity that could help fund their retirement years.

It should be noted that the recreational and cottage market—which was historically driven by retirees—is now seeing an influx of younger buyers after the COVID-19 pandemic. This has created some stiffer competition in these markets. As always, consult with financial advisors and experienced Realtors® in order to make an informed decision.

Ontario

Ontario is home to many beautiful recreational areas that offer a reprieve from the hustle and bustle of city life. For those already living in Ontario, retiring within the province means not being too far away from family while still being able to enjoy an active retirement life.

As the name implies, Rideau Lakes is home to many beautiful lakes where you can live an active retired lifestyle. Boating, fishing, kayaking, hiking on trails, or enjoying the local parks and beaches are all available for you to enjoy.

In addition, you’re not too far from the action of city should you want to visit. Located only an hour from Ottawa, half an hour from Kingston, and just over 3 hours to Toronto, Rideau Lakes offers a great balance between city and rural life.

Wasaga Beach

Wasaga Beach prides itself on being home to the World’s Longest Freshwater Beach. The shoreline stretches across South Georgian Bay and has picturesque views of the Niagara Escarpment, a UNESCO World Biosphere.

Residents can enjoy all the typical water and beach activities while also taking advantage of having access to Blue Mountain, Ontario’s only year-round mountain resort and spa. Restaurants, bars, and cultural experience are also only a stone’s throw away.

Wasaga Beach also offers a range of programs for those 55+, so you’ll have no shortage of things to do.

 

British Colombia

B.C. is known province wide as an excellent retirement choice due to its milder weather and beautiful scenery. Retirees historically have driven recreational markets in B.C., especially as they move out from pricier metropolitan areas like Vancouver.

South Okanagan

Atlantic Canada

Miramichi & Miramichi Rural, New Brunswick

Miramichi remains affordable compared to many regions across the country where home prices have skyrocketed, making it a popular choice for retirees. Enjoy the tubing, canoeing, and more that can be done on the beautiful Miramichi River—known especially for its salmon fishing. Additionally, Miramichi has a community specifically for seniors known as “Retirement Miramichi” that offers a variety of rental housing options and amenities for retirees.

Summerside, PEI

Summerside has been historically sought after by retirees for its beautiful landscapes and affordable living. As PEI’s second largest city, residents can enjoy the social and cultural activities of a big city without the big city price. Winters can get cold, but winter activities remain popular for those who enjoy the colder weather. Indoor activities such as bowling and swimming are also popular and make the winters pass quickly.

The Prairies

Sylvan Lake, Alberta

Sylvan Lake is a popular tourist destination, with over a million visitors arriving every year. The town advertises that the median list price for its single-family homes sit 51% below the national average, making it a great option for many retirees. Residents can enjoy recreational water activities on both the lake or the water park, golf, nature walks, and more. The town may be small but has many amenities and is only 90 minutes away from two international airports.

Lake Winnepeg, Manitoba

Lake Winnepeg is the largest lake within the borders of Southern Canada. With around 30 diverse communities stretching along the lake’s border, residents can live in a private and quiet area while often only being an hour away from the city of Winnepeg. The lake is known for its world-class beaches and its variety of fish. Residents can also enjoy a variety of cultural experiences such as the annual Icelandic Festival of Manitoba, which has been held since 1890.