Why Ontario is the Perfect Retirement Destination for Active Adults 55+

Every four years, the US presidential election has more American retirees looking for alternative options to call home. Canada is a convenient and affordable option for the 55+ crowd looking for a lifestyle change. Moving to the “Great White North”  is especially lucrative for active older adults who no longer need to work and can travel to the US for medical care.

Whether you’re a citizen of Canada or a permanent full-time resident or part-time temporary visitor of Canada, retirement marks a new chapter in your life. After spending your free time building wealth, contributing to the community, and raising children, it’s time to take care of yourself by indulging in your passions. For active adults seeking a blend of vibrant city life, cultural heritage, and breathtaking natural landscapes, Ontario stands out as a top choice in Canada.

Why Choose Ontario?

Ontario is a leader in Canada for its rapidly growing 55+ demographic, making it a hotspot for vibrant and engaging retirement communities. With major cities like Toronto and Ottawa offering modern urban amenities, historic landmarks, and cultural experiences, Ontario provides the perfect balance for retirees who want the best of both worlds—city conveniences and natural beauty. Here’s a closer look at why Ontario is the ideal retirement destination:

• Cultural Diversity: Ontario is home to diverse cultures, making it a melting pot of experiences. There’s always something new to explore, from international cuisines to multicultural festivals.
• Natural Beauty: With four distinct seasons, Ontario offers endless outdoor activities opportunities—from summer hiking to winter skiing.
• Transportation Hub: Ontario has two international airports, one in Toronto and one in the capital, Ottowa. Ontario shares a 1,682-mile land border with three US states: Minnesota and Wisconsin, and the most accessible is New York.

Exploring Ontario’s Regions: Where Should You Retire?

Ontario is a vast province with several unique regions. Each region offers something different for retirees. Ontario has it all if you want a bustling city experience, a quiet lakeside retreat, or a small-town feel.

Southwestern Ontario

Known for its mild climate and agricultural abundance, Southwestern Ontario is perfect for those who appreciate farm-fresh dining, scenic hiking trails, and lakeside beaches. Towns like London and Sarnia offer urban amenities and natural beauty, ideal for an active lifestyle filled with outdoor exploration.

Niagara

The Niagara region is famous for the iconic Niagara Falls and its surrounding historic towns like Fort Erie. With vineyard-rich landscapes in places like Vineland, this area offers endless opportunities for leisurely walks, wine tours, and historical explorations.

Hamilton-Halton-Brant

This region merges stunning landscapes with a rich cultural scene. Oakville is known for its high-end shopping, while Burlington offers botanical gardens and art galleries, creating a perfect environment for relaxation and cultural enrichment.

Greater Toronto

For those who want the best city life and suburban tranquility, the Greater Toronto Area offers proximity to Toronto’s cosmopolitan appeal. Suburbs like Brampton and Mississauga provide a more relaxed lifestyle close to the city’s attractions and amenities.

York-Durham-Headwaters

Known for its burgeoning culinary scene and expansive nature trails, this region north of Toronto blends urban conveniences with serene landscapes. Towns like Unionville and Port Perry are perfect for retirees who seek tranquility with easy access to city amenities.

Bruce-Grey-Simcoe

The Bruce-Grey-Simcoe region is a paradise for outdoor enthusiasts. It offers activities like hiking, biking, and winter sports in the Blue Mountains and scenic communities like Collingwood. This region is ideal for those looking to stay active year-round.

Kawarthas-Northumberland

This region features serene landscapes dotted with craft breweries and cideries. Towns like Cobourg and Port Hope provide a charming, small-town feel, perfect for a relaxed retirement setting amidst nature.

Southeastern Ontario

Home to communities like Kingston and Napanee, Southeastern Ontario is known for its outdoor activities and cultural festivals. This region offers a picturesque setting with plenty of boating, fishing, and golfing opportunities.

Ottawa

As Canada’s capital, Ottawa is a vibrant arts, culture, and recreation hub. With music festivals, extensive dining options, and historical landmarks, Ottawa provides a lively environment for active adults who want to stay engaged in a bustling community.

Haliburton Highlands

For those seeking a wilderness retreat, Haliburton Highlands offers outdoor adventures in its vast natural landscapes. The trendy town of Arnprior features upscale stores, restaurants, and museums, blending nature with modern amenities.

Algonquin-Muskoka-Parry Sound

This region, often called “cottage country,” is known for its charming lakeside towns like Huntsville and outdoor activities such as kayaking and wildlife spotting. It’s perfect for nature lovers who enjoy the tranquility of waterfront living.

Northeastern Ontario

With a vibrant cultural scene and rich history, Northeastern Ontario offers diverse experiences, from Sudbury’s mining heritage to Sault Ste Marie’s waterfront attractions and Indigenous cultural sites, providing a unique blend of urban and natural settings.

Northwest Ontario

Northwest Ontario offers small-town charm, historic architecture, and natural beauty in towns like Kenora. It’s an excellent choice for retirees who enjoy water activities, hunting, fishing, and a close-knit community feel.

Financing Your Optimal Retirement Lifestyle

Home Equity Line Of Credit (HELOC)

When your retirement dream is to age in place in your home, tapping into your Canadian home’s equity is a solid option. There are two ways to access your home’s equity to finance your lifestyle today.

The first way is to take out a Home Equity Line of Credit (HELOC), where you can borrow money as needed based on an agreed-upon amount and interest rate. The HELOC option is capped at 65% of your home’s value. You only pay back the loan’s interest without paying the principal at fixed amounts. You’re also able to pay back the principal at any time.

Reverse Mortgage

A reverse mortgage is another way for active older adults who want to stay in their homes through their retirement years to access the equity they’ve built up. There are specific criteria to finance your retirement lifestyle using a reverse mortgage.

A reverse mortgage is designed for Canadian citizens and permanent residents 55 years or older. It allows retirees to access more than 50% of their home’s value in tax-free cash payments. As long as you remain in your home as your permanent residence, there are no monthly payments to worry about. The total loan amount becomes due when you decide to move out of the home or sell the home, or the home becomes part of the inheritance estate.

Reverse mortgages offer the additional benefits of simplified underwriting, fewer credit challenges than a HELOC, and no need to requalify or recheck credit scores. They’re an excellent option for active older adults with fixed incomes and home equity. They also have the advantage of fixed-term rate options of up to five years.

Finally, the reverse mortgage option only becomes due when both homeowners no longer live in the home.

If you are interested in learning more about reverse mortgages and whether they may be a suitable option for your specific financial situation, contacting a reverse mortgage agent is recommended. These professionals can provide personalized assistance and guidance in exploring this option’s benefits and potential drawbacks, as well as help you navigate the application process. By working with an experienced agent, you can better understand how a reverse mortgage could fit into your retirement plans and make an informed decision on whether it is the right choice for you.

Here’s our recommended reverse mortgage agent in Ontario.

Community Options Available for Seniors in Ontario

If you’re interested in moving into a community that’s Ontario tailored to 55+ active adults, you may want to consider one of the following:

• Golf Course Communities: Ideal for golf enthusiasts, these communities offer direct access to courses, putting greens, and clubhouses.
• Manufactured Home Communities: These are budget-friendly options that provide proximity to cities without high costs.
• Luxury Apartment Rentals: These are perfect for those seeking a low-maintenance lifestyle with all-inclusive amenities like fitness facilities and concierge services.
• Condominium Communities: Offer maintenance-free living with easy access to urban amenities, ideal for “right-sizing” retirees.

Conclusion: Ontario—Your Ideal Retirement Destination

Retiring in Ontario is an option for Canadians and Americans alike. Residents in the Province of Ontario have over 1600 miles of shared border with the United States. American citizens can live in Ontario under various visa options while collecting their retirement benefits and accessing the healthcare systems in the USA.

When active older adults own property in Canada, they can finance their lifestyle through a HELOC loan or a more flexible reverse mortgage. Other options are leasing properties in the metropolitan cities of Toronto, Ottawa, and Niagara.

If retiring further afield, the province of Ontario offers everything from charming northern towns to lakefront properties bordering the US states of Minnesota and Wisconsin.