This article takes a look at the 20 worst places to retire in Canada. If you wish to skip our detailed analysis on retiring to Canada, you may go to 5 Worst Places to Retire in Canada.
Retirement Realities: Surprises, Worries, and Canadian Dreams
According to NBC News, 2023 was expected to be hit with a recession. Instead, it surprised everyone when it curbed inflation instead, and even delivered economic growth that was “better than expected”. Of course, the investors are happy. However, they aren’t the only group of people that are. Retirement account holders are another group of people that have been gaining from favorable markets, as noted by the results revealed by a Bank of America Corporation (NYSE:BAC) survey. Bank of America Corporation (NYSE:BAC)’s Retirement and Personal Wealth Solutions, along with its Bank of America Institute, have revealed their fourth quarter 2023 Participant Pulse. The report indicates that average 401(k) account balances rose 15% to $86,280 in 2023, up from $75,045 at the end of 2022. While participants have been contributing more to their plans, the value of investments has also increased, thereby increasing balances.
“We were encouraged to see more plan participants taking positive actions in their accounts in the fourth quarter. These insights offer signs that people are prioritizing their retirement savings, with more employees increasing their contribution rates and fewer taking hardship distributions”.
– Lorna Sabbia, Head of Retirement and Personal Wealth Solutions at Bank of America Corporation (NYSE:BAC).
While average account balances may be up, they are nowhere near what the average retiree needs saved for a comfortable retirement here in the US. According to a survey from The Charles Schwab Corporation (NYSE:SCHW), Americans believe they need at least $1.8 million to retire comfortably. Meanwhile, the 2022 Survey of Consumer Finances reveals that the average retirement savings for all families is a mere $333,940. For reasons like these, F&G Annuities & Life, Inc. (NYSE:FG) notes that 50% of pre-retirees and retirement Americans are considering delaying, or even coming out of, retirement.
Financial worries are the top reason Americans are thinking of doing so, notes F&G Annuities & Life, Inc. (NYSE:FG). Those nearing retirement believe they don’t have enough saved. Yet many others are worried about how inflation is going to shake things up in the future, and there’s also the dreaded depletion of the Social Security trust fund, expected to happen in the year 2033.
“Amid inflation, changing workforce dynamics post-COVID, and overall generational shifts, Americans are rethinking retirement and extending their time working or, for some retirees, unretiring altogether”.
-Chris Blunt, President & CEO of F&G Annuities & Life, Inc. (NYSE:FG).
Even though Americans may not have enough to retire comfortably here in the US or any other dream destination, that doesn’t mean they don’t have the heart to. One such destination for many retirees is Canada. According to a study by Bank of Montreal (NYSE: BMO) Financial Group, Canadians think they need $1.7 million to retire, up from $1.4 million in 2020. The numbers aren’t much different from what Americans believe they need for retirement in the US, which is why retiring to this part of the world isn’t quite impossible.
Nevertheless, both Americans and Canadians have similar hopes and fears when it comes to retirement savings. The Retirement Study by Bank of Montreal (NYSE: BMO) reveals how Canadians are concerned about inflation and rising prices, and also how it’s going to impact their financial situation and their retirement goals.
“While the anticipated headwinds in 2023 will understandably prompt concerns about how inflation and interest rates will affect our finances, Canadians remain resilient and are taking proactive measures to protect and invest in their retirement nest egg”.
-Nicole Ow, Head, Retail Investments, Bank of Montreal (NYSE: BMO).
Financials aside, many prospective retirees often wonder if it is worth retiring in Canada. The answer is a resounding yes. Thanks to its universal healthcare, good quality of life, and diverse culture, retirees are probably going to enjoy their time in the country. However, one thing they need to make sure is that they consider relocating to some of the best places to retire in Canada. Some of these best places include Victoria and Vancouver in British Columbia, Quebec City in Quebec, and even Calgary in Alberta.
With that said, let’s check out all the worst places to retire in Canada to steer clear of:
Copyright: blaze986 / 123RF Stock Photo
Methodology
To compile the list of worst places to retire in Canada, we used several sources and expat forums such as Money Sense, Daily Hive, and Savvy New Canadians, amongst others. A consensus approach was used to select the worst places, with one point awarded to a place each time it was recommended by a source. Scores were summed up and places were ranked according to our “Insider Monkey Score” in ascending order from the lowest to the highest scores.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the worst places to retire in Canada:
20. Sarnia, Ontario
Insider Monkey Score: 3
Home to many industrial complexes, Sarnia lands on our list of worst places to retire in Canada because of its poor air quality. Global News shared a news report last year that revealed how living in certain parts of Sarnia is bad because it poses an increased risk of cancer, particularly leukemia, due to exposure to air pollution.
19. Thompson, Manitoba
Insider Monkey Score: 4
Thompson may be a diverse place to live, but it’s also one of the most dangerous ones. This city in north-central Manitoba, Canada lands up as a worst retirement destination because of its violence.
18. Winnipeg, Manitoba
Insider Monkey Score: 5
Next up on our list of worst places to retire in Canada is Winnipeg. If you ask the residents, they’d say it is because of the poor healthcare. A poll conducted by Angus Reid Institute reveals how 77% of Manitobans state that the healthcare in the province is poor. Staffing shortages and longer wait times are two reasons for the bad state of affairs.
17. Thunder Bay, Ontario
Insider Monkey Score: 6
One of the worst cities to retire in Ontario is Thunder Bay. Reporting an estimated 775.2 offenses per 100,000, the city is a bad choice, especially for seniors. Other reasons for avoiding Thunder Bay are its harsh weather and difficult job market, which means seniors may have a hard time finding work if they choose to.
16. Prince Rupert, British Columbia
Insider Monkey Score: 7
Similar to many other British Columbia communities, Prince Rupert isn’t ready to house a large senior population. It’s not the cleanest place on our list, there isn’t much to do here. Many residents are also thinking about leaving the community amidst growing health concerns, reports Nelson Star.
15. Regina, Saskatchewan
Insider Monkey Score: 8
If this was a list of places to retire on a fixed income, Regina would have made it to our list of the most affordable places to retire for seniors. However, the reason Regina makes it to our list of worst places is its weather.
14. North Battleford, Saskatchewan
Insider Monkey Score: 9
Retirees may be attracted to North Battleford because of its affordability, but residents say it’s bad because of its crime problem. People there call it Crime City, which means seniors are better off relocating elsewhere.
13. Lethbridge, Alberta
Insider Monkey Score: 9
Lethbridge lands up on our list because the locals say there isn’t much to do here. Also, the wind tends to get pretty bad, so it’s less likely that you’re going to enjoy the outdoors. Lethbridge is also infamous for its crime.
12. Hamilton, Ontario
Insider Monkey Score: 10
Hamilton in Ontario faces a problem with air pollution, making it a bad place to live for seniors. According to CBC, breathing the air in parts of Hamilton is like smoking a cigarette a day.
11. Moncton, New Brunswick
Insider Monkey Score: 11
Moncton is another place that has landed on our list of worst places to retire in Canada because of its notoriety for crime. The CCI reports 1,085.3 offences per 100,000 people.
10. Saskatoon, Saskatchewan
Insider Monkey Score: 13
Similar to Moncton, Saskatoon also has a bad reputation and is deemed a dangerous place for retirement.
9. Kelowna, British Columbia
Insider Monkey Score: 14
While not an entirely bad place to live, Kelowna lands on our list of worst places to retire in Canada because it’s becoming unaffordable for seniors. Property values and living costs are on the rise here, which means seniors on fixed incomes should steer clear of such areas. According to Houseful, the median price of a home in Kelowna is $854,230. The crime is pretty bad, too.
8. Abbotsford-Mission, British Columbia
Insider Monkey Score: 15
Next our list of worst places to retire in Canada is Abbotsford-Mission, BC. According to the CCI, this district has recorded 818.4 offenses per 100,000 people.
7. Timmins, Ontario
Insider Monkey Score: 16
Boasting much to do, one might be wondering why Timmins is one of the worst places to retire in Canada. The major reason for Timmins’s bad reputation is because it is one of the most dangerous places one can choose to retire to.
6. Campbell River, British Columbia
Insider Monkey Score: 17
Downtown, the homelessness situation has been getting worse than ever. You can’t go out for walks, and it’s better to stick to the main roads during the day. Considering the social situation here, it’s better to avoid living here altogether.
Click to continue reading and see the 5 Worst Places to Retire in Canada.
Suggested Articles:
- 15 Best Places to Retire in Maine
- 15 Best Places to Retire in Oklahoma
- 15 Best Places in Minnesota For A Couple To Live On Only Social Security
Disclosure: none. 20 Worst Places to Retire in Canada is originally published on Insider Monkey.