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Canada's Best Places to Live on $100 a Day

Filed under: Budgeting & Planning, Family Finances, Real Estate, Your Home

cOMOX vALLEYWith all the economic crises of late, it's no surprise that cost of living often tops the list of considerations when choosing a place to retire. But you have to weigh that affordability alongside other factors - proximity to a major city, arts and culture, healthcare services, restaurants and outdoor activities - so your quality of life doesn't suffer just when you finally have time to enjoy it.

In narrowing down our list of Canada's 10 Best Places to Live on $100 a Day, we sought out towns and cities that offered not only bargain prices, but other amenities that make life that much sweeter.

What's most important to you in a city?
Low crime rate210 (21.9%)
Affordable housing266 (27.7%)
Fine weather213 (22.2%)
Vibrant arts and cultural scene50 (5.2%)
Strong economy59 (6.1%)
Proximity to a big city116 (12.1%)
Other46 (4.8%)

We began with a theoretical income of $100 a day, which works out to $36,500 annually. After taxes (at 28 percent) that is $26,280, or $2,190 a month. We assumed there would be housing costs, either a rent or mortgage of about $700 a month, so we looked for places with a median housing cost of $250,000, (the national average is $369,339). After housing costs, we were left with $1,490 a month for everything else.

So: where can Canadians retire happily on that kind of budget? We came up with 10 communities we think will make most retirees happy, and might also offer the kind of savings that might allow them to spend a few months in the tropics as well. Click on the photo for our choices for the top 10.

SLIDESHOW: CANADA'S TOP PLACES TO RETIRE ON $100 A DAY


great places to retire in Canada for $100 a day

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Derek

why you still here then tenajdan

January 03 2013 at 11:12 PM Report abuse rate up rate down Reply
tenajban

I'd rather live in Belize at $20.00 per day with no winters to deal with. Medical system is fastastic too! and by the way, alot of Canadians there. Hows that!!

December 28 2012 at 8:35 PM Report abuse rate up rate down Reply
canalexpo

This must be a laughiing contest, the average pension in Canada is lesss than 2300 a month, so who is retiring on 100 a day. Is this a declaration of ignorance from Illona Biro? Or is it incompetence in doing her research, probably a fair share of both....

December 27 2012 at 8:49 PM Report abuse rate up rate down Reply
mbenoitnantel

A lot of people say Prison seems to be the way to go....you get free clothes, a bedroom, 3 meals a day, yard time, library, free medical, and outings!!!! Also note that medical care has to be top notch for inmates, while us on the outside good luck!
Something to seriously think about, if you can not afford at least what an inmate gets!!!

December 27 2012 at 3:22 PM Report abuse rate up rate down Reply
shelleypc_shelley

$100 a day!!! Most people do not take home 100 a day! Guess I am living in a shelter when I retire.

October 09 2012 at 10:55 AM Report abuse rate up rate down Reply
davidnplummer

All of this and cheap housing too. Try the north shore communities of Lake Superior, East of Thunder Bay as far as Terrace Bay. Most beautiful marine drive anywhere outside of the east/west coasts. Local access to hospitals, doctors, recreation, reasonable taxes and despite what people would have you believe, the bugs aren't that bad in the town sites.

August 05 2012 at 4:51 PM Report abuse rate up rate down Reply
pauloc53

It seems odd to me that the author of this article is either very biased or doesn't know much about Canada.I have traveled and been in many towns and cities across this country and know that there are probably 100's of places that would surpass the locations listed here.For example the places listed in Ontario are mostly centered around 10% of the geographic area of Ontario.I personally know and have met many people that moved from near the area's you mentioned for much better places in northern Ontario.

August 05 2012 at 10:56 AM Report abuse rate up rate down Reply
jamesreyam

Hundred dollars a day is NOT next to nothing to live on. Most companies do not have retirement pensions reserved for their employees. Hundred dollars a day is three-thousand dollars a month. A pensioner in Canada receives roughly 1,400 dollars a month. There is a confliction of figures on someone's part. Pensioner.

August 05 2012 at 10:42 AM Report abuse rate up rate down Reply
Claire Fleming LeBla

hmm looks like lowest house prices are in Fredericton, NB

July 30 2012 at 10:38 PM Report abuse rate up rate down Reply
mmcs

jerrymilot is a racist ****! So white people don't commit crimes, just people of colour? Go to Statscan website and do a bit a research jerry and you'll find your bigotted assumptions to be wrong. And, btw, I wouldn't want to live in the Okanagan next to someone like you either (oh, by the way, I'm white, 3rd generation Canadian - and proud of our multicultural, multi-lingual, multi-faith country).

July 30 2012 at 3:45 PM Report abuse rate up rate down Reply
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