Retirement homes vary in price depending on ownership, location, size, type of room, amenities, and other factors. In general, because Scarborough is a metropolis, retirement communities in Scarborough will cost more than retirement communities in outskirt areas. CMHC’s 2020 data indicates that the average rent in Ontario for a 'seniors' residence' is just under $4,000/month. That being said, there are some smaller independently owned homes that will come in under that mark, and many others, that will be above that price point. Retirement homes in a large city like Scarborough, will average between $4,000 and $6,000/month depending on many factors and there will always be some that are lower priced (like smaller, independently owned homes), and some that are higher priced (like large, mostly corporately owned homes with many amenities or boutique-type homes located in the more exclusive areas of the city).
Keep in mind that retirement homes are governed by both the Retirement Homes Act (RHA) and the Residential Tenancies Act (RTA) in Ontario. As such, the rent portion of what you pay is under 'rent control guidelines' and the related legislation for 'care homes' under the RTA but, the care portion is not regulated because there no legislation governing care in a private residence. As a result, many homes have two separate price schedules – one for room & board based on the room you want and often some or all meals and usually light housekeeping of some kind, and a separate cost for different types of care packages (which may include personal care, medications, extra housekeeping, etc.). Therefore, when you are researching retirement homes, be sure to ask if there are separate charges for care services, what they are, what it covers, and if there are any hidden/unpublished costs that you may be responsible for (e.g., cable, TV, internet, activities, etc.). As well, investigate when the last few increases were for care packages, and how much the cost was increased by. Knowing this information will assist you in being able to properly budget and ensure available funds for care now and in the future.
If you are interested in comparing the cost of living in retirement home with the cost of running your own rental or purchased property, you can visit our cost calculator page on SeniorCareAccess.com to print off a comparison chart (https://www.seniorcareaccess.com/retirement-cost-calculator.php) that you can complete when you are researching retirement homes in Scarborough.