In this article, we take a look at the best places to retire in BC (British Columbia) on a budget. If you wish to learn more about retiring to places in Canada, check out our article on the Best Places to Retire in Canada.
On Retiring to Canada
Concerns regarding retirement security are becoming increasingly common among Americans. Lincoln National Corporation (NYSE: LNC) reports that having enough income in retirement is the #3 ranked concern among consumers across all generations. For their Canadian counterparts, the situation isn’t any better. A survey on financial uncertainty by Primerica, Inc (NYSE: PRI) shows that retirement savings were the 4th biggest concern among Canadians, impacting 36% of respondents. Amid the rising cost of living and longer life spans, it is easy to understand why so many people are concerned about retirement savings. In a study on the Canadian retirement system, Deloitte reported that 86% of pre-retirees (aged 55-64) are at risk of running out of money during retirement. Retirement concerns in Canada have amped up during the last 5 years, as revealed in a study by the Royal Bank of Canada (NYSE: RY). According to the study, the proportion of Canadian retirees concerned about outliving their retirement has increased from 37% in 2018 to 43% as per the latest surveys.
Financial Literacy Regarding Retirement
One reason Canadians continue to struggle with retirement savings is a lack of financial literacy. According to the Royal Bank of Canada (NYSE: RY), among retirees and pre-retirees, just 53% of those surveyed said they understand how their assets and investments will work together to provide them a paycheck in retirement, while 49% understand the tax implications of withdrawals. Similarly, Primerica, Inc (NYSE: PRI) reports that 68% of Canadian families feel their education did not adequately prepare them for managing their finances in adulthood. According to Primerica, Inc (NYSE: PRI), 72% of middle-income Canadians agree that everyone should have access to a financial professional, however, not many are willing to invest in such an expense.
To make matters worse, many Canadian adults continue to disregard the need for retirement planning. According to the aforementioned study by the Royal Bank of Canada (NYSE: RY), nearly half of respondents don’t have a documented plan for retirement. A lack of financial planning can have dire consequences on retirement prospects, with the Royal Bank of Canada (NYSE: RY) highlighting that those who have a documented retirement plan are 21% more confident about maintaining their standard of living in retirement, compared to those without a documented plan. These consequences may be even more severe for women, who on average tend to receive lower benefits in retirement than men.
Implications for Women
According to data from Ontario’s Pay Equity Office, women in the country receive 83 cents in retirement income to every dollar received by a man. A lack of retirement income might be one reason Canadian women are less assured of how to manage retirement finances than men. Our article on Best States to Retire for Women in the US highlights how US women greatly lag behind men when it comes to contributions, savings, and retirement confidence in general. Similarly, in Canada, women are 11% less likely than men to say they feel in control of their finances, per Bank of Montreal (NYSE: BMO).
Accordingly, recent findings by the Bank of Montreal (NYSE: BMO) highlight how the rising cost of living and inflation have a greater impact on women in comparison to men. Per the Bank of Montreal (NYSE: BMO), the proportion of women concerned regarding the rising cost of living and inflation is 7% greater than men. For those concerned regarding retirement savings and security, one method of ensuring a comfortable retirement is to relocate to less expensive places, where inflation and housing costs do not belligerently chisel away at your nest egg. Unfortunately, this might be a difficult ask for those looking to retire in British Columbia.
Retirement in British Columbia
Currently, it is estimated that 61% of Canadians reside in either Ontario or Quebec. In comparison, the province of British Columbia is home to just under 14% of Canadians. Apart from its distance to major centers such as Ottawa, Toronto, and Montreal, one reason that British Columbia is a less popular destination to live in is its housing costs.
According to WOWA, the average home price in British Columbia is $1.0 million, in comparison to $0.9 million in Ontario and $0.5 million in Quebec. Similarly, a study by Westland Insurance in 2023 revealed that British Columbia is by far the most expensive province in Canada in terms of cost of living.
However, like any state in America, the province of British Columbia is home to a diverse range of small towns and bustling cities, meaning that with the right lens, one can find many affordable places to live in BC. With this goal in mind, join us as we set out to find the best places to retire in BC (British Columbia) on a budget. Alternatively, you may check out the best places to retire in Ontario or across Canada.
12 Best Places to Retire in BC (British Columbia) on a Budget
Methodology
To develop our list of best places to retire in BC (British Columbia) on a budget, we initially picked out the most recommended places to retire in BC (British Columbia) on a budget on the internet. We used 10+ sources including our list of Best Places to Retire in Canada, Comfort Life, and Moving Waldo to develop a shortlist. Further research was narrowed down to these places only. Among these best places to retire in BC (British Columbia) on a budget, we developed a scorecard using metrics such as livability scores, cost of living, and median home prices. Livability scores were sourced from Area Vibes while median home prices were obtained from Houseful.ca. By standardizing these metrics on a linear scale, each place was scored, based on which we sorted our list in descending order. The top 12 places were chosen as the best places to retire in BC (British Columbia) on a budget.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see the details here).
Here are 12 Best Places to Retire in BC (British Columbia) on a Budget:
12. Kaslo
Insider Monkey Score: 9.11
Livability Score: 70
Median Home Price: $614K
IM Cost of Living: 96
Kaslo is a relatively isolated town with a history that is seeped in mining. The SS Moyie Sternwheeler has been remodeled by the city into a historic site that offers a taste of the area’s unique history. However, its historic charm is just one of the many reasons it is one of the best places to retire in BC (British Columbia) on a budget. It offers access to endless mountain trails and hiking spots, with acres of natural forests surrounding the town on all sides. Moreover, the Ainsworth Hot Springs Resort lies just a short drive along the Kootenay Lake and offers one of the most soothing bathing experiences inside natural thermal pools.
11. Sidney
Insider Monkey Score: 9.14
Livability Score: 85
Median Home Price: $767K
IM Cost of Living: 109.0
Sidney features a vibrant retirement community, having a median age of 59.8 years. Although the cost of living in Sidney is the most expensive on our list, it is significantly cheaper than the nearby city of Victoria. With a median home price of $767K, owning your own home in this waterfront town isn’t out of the question. Moreover, Sidney is one of the best small towns in BC to live in, with one of the highest livability scores on our list. It is a gateway to the Gulf Islands National Park Reserve. In addition to its incredible natural attractions, it offers access to all the amenities of Victoria, including the Victoria General and Royal Jubilee hospitals.
10. Dawson Creek
Insider Monkey Score: 9.17
Livability Score: 65
Median Home Price: $267K
IM Cost of Living: 101.0
In comparison to other destinations on our list, Dawson Creek lies far inland, near the provincial border with Alberta. In terms of housing, it is one of the cheapest places to retire in BC, with a median home price of just $267K. Dawson Creek is often referred to as the Mile Zero city since it is the starting point for the Alaska Highway. Just a short distance from the town, along the Alaska Highway, lies the Kiskatinaw Park which provides residents with opportunities for recreational kayaking, canoeing, rafting, and powerboating.
9. Kamloops
Insider Monkey Score: 9.20
Livability Score: 70
Median Home Price: $637K
IM Cost of Living: 94.5
Kamloops is a bustling city located near the junction of the North and South Thompson rivers. Kamloops is known as the Tournament Capital of Canada as the city hosts over a hundred different sporting events each year. In addition, Kamloops is also close to several nature parks and ski spots, such as the British Columbia Wildlife Park which is home to a diverse range of wildlife, such as bears, elks, bobcats, arctic wolves, and cougars. With a cost of living below the national average, a median home price below the provincial median, and a solid livability score, it ranks as one of the best places to retire in BC (British Columbia) on a budget.
8. Nanaimo
Insider Monkey Score: 9.22
Livability Score: 74
Median Home Price: $683K
IM Cost of Living: 97.8
Located on Vancouver Island, just across the strait from the city of Vancouver is Nanaimo, one of the best places to retire in BC (British Columbia) on a budget. Nanaimo offers a peaceful environment for retirees, with access to some of the best adventure spots in the Great White North. The Colliery Dam Park is a popular destination for fishing, swimming, and hiking activities. In addition, Nanaimo is also one of the best spots on Vancouver Island for whale watching. Those keen on remaining close to a major city will be glad to know that Vancouver is just a 2-hour ferry away from the city.
7. Cranbrook
Insider Monkey Score: 9.25
Livability Score: 68
Median Home Price: $518K
IM Cost of Living: 95.9
Cranbrook is located in Southeast British Columbia, North of Montana. It is the ideal destination to explore the great outdoors of British Columbia, being nestled close to sights such as the Cranbrook Community Forest. In terms of affordability, the cost of living in Cranbrook is 4.1% below the national average, and with a median home price of $518K, it is relatively easy on the budget.
6. Prince George
Insider Monkey Score: 9.28
Livability Score: 65
Median Home Price: $387K
IM Cost of Living: 96.0
Prince George is located along the Fraser and Nechako Rivers and is one of the best places to retire in BC (British Columbia) on a budget. Apart from having a median home price of just $387K, it is also home to endless adventure destinations. The area features over 100 different parks and half a dozen ski locations. It is also home to the University Hospital of Northern British Columbia, one of the region’s largest medical centers.
