Prices for Seniors Residences

As we reach retirement or advanced age, our needs and lifestyles undergo many changes. A seniors residence becomes a particularly attractive option because of the amenities and social life it provides, among other benefits.

However, when seniors wish to choose a residence, another question arises: how much will it cost? The cost of seniors residences in Quebec varies greatly depending on different factors. So what criteria are taken into account?

Find out by exploring these criteria as well as the average price of residences in different regions of Quebec. Vistoo also helps you plan your budgets and get the maximum financial assistance to contribute to a comfortable lifestyle.

Wide range of prices

If you've already started your search, you've probably noticed substantial variations in rents. Like any other accommodation, it depends primarily on the size of the unit and the number of rooms: it is possible to choose a studio apartment or a 3-bedroom apartment! Of course, square footage also counts in the calculation.

Also, the higher or lower prices depend on where a residence is located. It goes without saying that a building situated in the heart of downtown Montreal will have a higher rent than the one you will find in Pointe-aux-Trembles or in Saguenay!

On the other hand, you may actually find a less expensive place in Montreal than in a more remote area. The reason for this is simple: the rents for seniors residences also depend on whether there are many or few amenities and services included in the price. Depending on the location, these may include:

• Housekeeping
• On-site medical/nursing care
• Meals included
• Various activities (shows, movie nights, bingo, pool tables, etc.)
• Indoor pool
• And many more.

Some residences also offer a true lifestyle center, including a hair salon, a pharmacy or a convenience store, all within the residence itself.

When comparing the costs of one residence to another, it is important to avoid comparing apples with oranges. So before you start looking, take the time to determine what you need and what you want to do without.

In order to find the perfect rental and understand its cost, you need to analyze what is included in the rent. A rent without services may appear to be lower, but is it really right for you? Sometimes the economical choice is not the most practical one.

When calculating costs, you should also consider the additional expenses you may need to incur if you require certain services.

Average costs by region

As mentioned, the cost varies greatly from place to place, and especially by region. Of course, there are variations depending on the neighborhoods and cities you choose and the proximity of the services offered.

Nevertheless, it is possible to determine an average, and the Canada Mortgage and Housing Corporation (CMHC) has done this work for you by compiling rents across Canada. In 2020, for example, it determined that the average monthly rent was approximately $1,844.

CMHC also did this study in 2021, grouping averages by region and number of bedrooms in a unit. The table below presents the average rent prices in Quebec in a few coveted regions:

Note that these averages do not necessarily apply elsewhere in Canada; in Ottawa, for example, the price of residences is considerably higher, although it is possible to find more affordable options if you look hard enough.

When choosing your residence, consider whether you want to stay in the same neighborhood or city, or whether a low-cost seniors residence in another area might be more suitable for you. Sometimes moving away from home can make a difference in your budget, not to mention the fact that you may find it the perfect place to live in your later years.

Determine your budget

Let's talk about the budget. Leaving your home to live in a residence brings about many changes, and the budget is one of them. In fact, retirement itself is a time of great change! Even if you were used to some financial planning, you may need to rethink the process from scratch.

Of course, the cost of a private residence will probably be higher than your rent or even your current mortgage; however, there are many costs that may be deducted from your normal expenses. For example, electricity and heating are often included in this type of building. Other monthly or daily expenses could also be reduced considerably, including travel costs if several services and businesses are located under your new roof or very close to the residence, depending on the neighborhood.

Meals that are included or available for a small supplement will also greatly reduce your bills. Check with the residences you are interested in to find out more: some will include the cost of meals in the rent, while others will not. The latter usually come equipped with a full kitchen so you have the freedom to cook or not according to your preferences. It's up to you to choose what best suits the lifestyle you are looking for!

These are the changes you will have to take into account when calculating your monthly rent budget. When you make your calculations, here are some revenues and expenses to consider:

Income

Employment Income

Pension Plans

RRSPS

Allowances

Tax credits

Expenses

Food costs

Car/gasoline payments

Electricity costs if applicable

Health care/personal care

Other expenses

Don't forget to make room for recreation and wellness in this calculation. Once you have established your total monthly expenses, you will have a clearer idea of how much rent you can afford in a residence. Of course, this will most likely be your largest expense.

The Tax Credit for Home-Support for Seniors: this applies to you!

When calculating your income, don't forget that you may be entitled to different tax credits and allowances, depending on your income.

The tax credit for home support for seniors is one of these supplements: yes, private residences for seniors fall into this category of home support! This is one of the advantages of choosing a private residence over a public one. The only conditions are that you must be 70 years of age or older and reside in Quebec.

The amount varies according to the expenses incurred, covering not only the rent, but also a whole range of services such as nursing care, assistance with meals and housekeeping. The credits are applicable on expenses totalling up to $19,500; the maximum credit was $6,825 in 2021 and it went up to $7,020 in 2022.

Housing allowance for people with low incomes

Are you concerned about paying rent in a seniors residence because of your income in Quebec? Whether you are alone or in a couple, and you are or one of you is 50 years or older, you may be eligible for the Housing allowance to help you. This assistance is available to you if you live alone and your annual income is less than $20,800, or if you live as a couple with a combined income of less than $29,400 (for the period October 1, 2022 to September 30, 2023).

In addition to these two credits, you should also take into account other financial supplements or benefits to which you are entitled or from which you already benefit:

• The Régie des rentes du Québec
• The Old Age Security pension (OAS)
• The Guaranteed Income Supplement
• The goods and services tax/harmonized sales tax (GST/HST) credit

Taken together, these different types of assistance could give you a serious boost in finding a seniors residence that meets your budget, your needs and even your preferences.

With Vistoo, it's easier to find a home that will allow you to lead a relaxing retirement life that meets your expectations, while respecting your budget. In Montreal as well as in Quebec City, in remote regions or even in Ottawa, several groups of residences are waiting for you.

Browse through the available residences by sorting the results according to your budget and the number of rooms desired, but also the types of amenities and services you wish to enjoy! With Vistoo, choosing where to live just became easier.