You Can Retire to This Canadian City for Less Than $2,000 a Month, According to a New Study

With universal healthcare, a thriving economy, stunning natural landscapes, and a diverse society, Canada regularly ranks as one of the best places to live in the world. It is also home to some of the happiest people, as the country moved two places to No. 13 on the annual list of happiest nations. So, it's not surprising that Canada is also an excellent option for retirees seeking a lower cost of living and affordable housing.

How affordable? Well, a recent GoBankingrates.com study of the best places to retire north of the border found that in Regina, the capital city of Saskatchewan, the average apartment rents for less than $1,000 per month — or $989.69, to be exact — the lowest in the country. Additionally, the report found the cost of living there to be $1,919.89, including rent.

This south Saskatchewan city has a little over 226,000 residents and is a two-hour drive from Montana's border. While Regina is about 120 years old, its land is rooted in Indigenous history, having been home to Indigenous tribes for thousands of years. European settlers named it "Regina" in the 19th century after the Latin word for "queen" in honor of Queen Victoria. 

Nowadays, "the Queen City" is a sought-after place to retire because it offers many urban amenities without other metropolitan areas' hectic pace. While the average age of residents is 39, about 18 percent of Regina's population is 65 and over, so the city has a large retirement community, encouraging networking and social events.

Another reason for retirees to flock here? Regina is known as the sunniest capital of Canada, with 322 days of sunshine per year, enabling residents to spend time outside enjoying the city's amenities, including Wascana Centre, a 930-acre park nestled in its heart. (For comparison, New York City's Central Park is 843 acres.)

The city also has a bustling downtown area with shops, restaurants, theaters, and museums, with a thriving year-round events calendar. The Regina Senior Citizens' Centre also offers many art classes and other leisure activities for free or for a minimal fee. Staying active at Wascana Trails, a 9-mile network of hiking trails, and fishing at Regina Beach along Last Mountain Lake are among the favorite pastimes here.

Kington, Ontario, and Fredericton, New Brunswick, are second and third on GoBankingrates.com's survey, where retirees need $2,568.54 and $2,105.38 per month, respectively. (Kingston is placed higher because even though it is more expensive, it has a higher quality of life than Fredericton.)

You can read the complete report on GoBankingrates.com.