How much does it cost to retire in Nanaimo, or anywhere for that matter, is a more complicated question than it seems and is dependent on a lot of factors. Below are five considerations to think about when looking to retire.
How much does it cost to retire?
- House budget.
Smaller cities can mean big savings. If you’re relocating from a larger city like Vancouver or Victoria, the average home price is going to be considerably lower in Nanaimo. You’ll be able to get more home within your budget than you would in larger metropolitan areas. Property taxes and insurance can also be a lot less.
- Are you an outdoor enthusiast?
Nanaimo has a lot of opportunity for outdoor activities and adventures. With parks, lakes, hiking, biking, boating and so much more, Nanaimo is a great homebase. Outdoor or sporting activities can be costly, so you may want to factor that into your retirement budget depending on how much and how often you like to participate.
- Shopping, dinning and entertainment.
All of these are within easy reach and all offer a variety of price ranges. There are plenty of great restaurants to suit every budget and shopping is plentiful as well. For those interested in theater and the arts, the Port Theater offers great entertainment throughout the year, and museums provide a great venue for learning the history of the area.
- Access to medical care.
Nanaimo has a lot of terrific medical care providers, you just need to find out who is accepting new patients if you move here from another city or town. You can go to cpsbc.ca:
- click on For The Public at the top of the page
- then Find a Physician. The system will generate a list of doctors you can call.
- Proximity to social networks and family.
If you don’t have family in Nanaimo and you’re relocating here, you’ll want to establish some new friendships and social networks. While this can be a bit daunting, there are great options available to help you meet people, like community centres, recreation centres, charitable organizations looking for volunteers or participating in community events. These are all great options for where you can meet other like-minded individuals with similar interests. Even enjoying the shops, cafes and restaurants at the beautiful Nanaimo harborfront will afford you the opportunity to meet a diverse and wonderful group of new people.
All of the above items are important factors in choosing to retire in Nanaimo. How busy you want to be, how many activities, hobbies, sporting and cultural activities you want to pursue can all factor into your retirement budget. The cost of living in Nanaimo is considerably lower than in some of the larger cities, which makes Nanaimo a prime choice for retirees from all over Canada.
If you’re considering a move in your retirement, call Scott Parker at RE/MAX of Nanaimo to see how he can help. Scott can be reached anytime, at (250) 751-1223