8 Cheapest Places to Retire in Ontario

There are cheap places to retire in Ontario for less than $1000 per month (for rent) that could offer everything you are looking for.

• Do you want to retire in Ontario?
• Are you looking for an affordable place?

Towns with small sizes top the list when it comes to the best places to retire in Ontario.

Find a Good Place to Retire

Living the ultimate retirement dream involves staying in a place that allows you to tick off most items on your wish list.

• Proximity to family and friends?
• Affordable housing?
• Activities and entertainment that you enjoy or wish to explore?
• Are public transportation services available?
• What is the cost of living?
• Are there employment and volunteering opportunities?
• Is there a hospital nearby?
• Are there activities and events in town through the local communities?

For many years Ontario was considered to be the most expensive province to live in. However, if you are on a budget, I have created a list where you will find the 8 most affordable places to retire in Ontario.

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The Best Affordable Place to Retire in Ontario

In selecting these places, I looked at an affordable rental prices, safe to live in, and easy to get around.

1. Elliot Lake, Ontario

One of the cheapest places to live in Ontario, Elliot Lake ranks as the most affordable city in the province with estimated living costs of around $1,200 Canadian Dollars per month. The average rent in Elliot Lake, ON for a one-bedroom apartment in the city center is approximately $644 per month, and utilities cost around $136 a month.

Other costs will be around $693 including markets, transportation, restaurants, and sports and leisure for one person.

A non-profit organization called Elliot Lake Retirement Living has been attracting seniors to the housing units vacated by former mining employees. The presence of new residents supports the town’s infrastructure of businesses and services and the seniors are delighted with their new homes.

RELATED ARTICLE: Elliot Lake Retirement Destination with a Low Cost of Living

Nestled in beautiful northern Ontario, the city of Elliot Lake appeals to outdoor enthusiasts seeking leisure and a slower pace of life. Its small-town charm and big-city amenities are a big part of what attracts retirees as well.

2. Merrickville, Ontario

Merrickville-Wolford is a unique and vibrant Victorian village and surrounding rural region situated along the historic Rideau Canal (a UNESCO World Heritage site). The community is located less than an hour’s drive from Ottawa, the capital of Canada.  It is also less than an hour’s drive to the U.S.-Canada border.

3. Sault Ste. Marie, Ontario

Here you can enjoy renowned, beautiful, and inspiring landscapes (such as the Agawa Canyon), and find out why winter sports are an integral part of the Canadian lifestyle. Experience the best cottage life with roasted marshmallows, hiking, hot saunas, and a swim.

4. Owen Sound, Ontario

Owen Sound is one of the best retirement places in Ontario, for those seeking a relaxed, outdoors-oriented lifestyle in a friendly small city. Affordable housing, as well as cultural and outdoor activities geared towards adults 55+, make Owen Sound an affordable retirement destination for many Ontarians.

Located about two and a half hours from Toronto an affordable place for seniors to retire with an average house price of approximately $190,000 and an average property tax bill of about $3,100. A two-bedroom condo starts at $284,900.

5. Timmins, Ontario

Timmins is a city in northeastern Ontario, Canada, on the Mattagami River and the fourth largest city in the Northeastern Ontario region. Timmins offers a cultural atmosphere with a variety of traditional restaurants, museums, and cultural organizations.

Housing costs, rental costs, and overall living expenses are lower in Timmins as compared to other places found throughout the province of Ontario. The best thing is Timmins provides an exceptional shopping experience as well.

6. Thunder Bay, Ontario

Thunder Bay offers a relaxing, natural atmosphere with lively urban space. It is a well-rounded small city, with good services, and decent opportunities for entertainment.

Thunder Bay offers a wide range of housing options from luxurious homes to affordable homes. Housing is relatively inexpensive as compared to big cities like Toronto and Vancouver; other costs of living are slightly higher, because of the distance over which goods must be brought.

7. Perth, Ontario

In Perth, Ontario, new senior residents have helped create a stable tax base and the town is enjoying a small building boom of new houses, seniors’ apartments, and condominiums.

Perth Community Profile (2019)

8. Windsor, Ontario

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Windsor is one of the cheapest places to be in Ontario, of the ones listed in the new report. You can get a one-bedroom for around $950 a month because houses are old, and many landlords don’t maintain their buildings too well.

It is one of the warmest places in Ontario. You are 20 mins away from the states, but you will be a lot safe here than in any other border city and the locals are more supportive and open to immigrants. Windsor is a popular choice among Ontario seniors, who are searching for a low-cost living.

The places mentioned above are the most affordable places to retire in Ontario, that I could find.

If you know a good affordable place to retire in Ontario, please let us know in the comments.

Thanks for reading this article – I hope you found it helpful. As always, I’d love to hear from you! Have a fabulous week and take care! Irina Nikitina – Founder of Modern Fifty TV

Photo by April Barber on Unsplash