Retiring in Vancouver—Everything You Need to Know

Written by Tiffany Woodfield, CRPC®, CIM® Dual-Licensed Financial Advisor
Reading Time: 6 minutes 25 seconds.

Many people are thinking about retiring in Vancouver these days.

While Vancouver is one of the most expensive cities in Canada in which to live, it also often gets ranked as one of the most livable cities in the world. It was recently rated as having the highest quality of life in the world. It is a multicultural city with excellent restaurants, theatres, and shopping. Add to that the natural beauty outside your doorstep with mountain peaks, the Pacific Ocean, and the 22km seawall from Stanley Park to False Creek.

But if you're considering retiring in Vancouver, it's essential to determine your cost of living. It may be higher than you are used to.

The Benefits of Retiring in Vancouver, Canada

There are plenty of benefits when it comes to retiring to Vancouver. Here's just a few of them:

The natural beauty of Vancouver is unmatched. The peaks on the north shore mountains overlooking the ocean and the city are spectacular. You can walk through Stanley Park or take a little ferry to Granville Island.
There are so many ways to stay active in Vancouver. You're just a short drive from the mountains, and there are endless recreational activities.
It is a multicultural and cultural city and encourages multiculturalism. It has museums, theatres and events yearly.
There is good transportation via TransLink, which operates the Skytrain and Seabus. There's even a sky train that goes from downtown Vancouver to the airport in less than 30 minutes.
Vancouver has the goal of being the greenest city worldwide. It has greenways and bikeways, which make it more comfortable to bike or walk anywhere.
With mild winters with average temperatures in the winter of 4-6 degrees Celsius, you may not need to travel south. Summer months are between 20-22 degrees Celsius.
It has convenient access to an international airport.

The Three Main Downsides to Retiring in Vancouver

But like any top destination in the world, there are downsides to living in Vancouver.

Cost of a Home: The main downside to retiring in Vancouver is the cost of purchasing a home or renting an apartment. You may find you need to increase your budget compared to what you are used to if you plan on living in Vancouver.
Family Doctor: It is very difficult to find a family doctor in Vancouver as they are in high demand. You will always be able to go to a walk-in clinic. But if you want someone to follow your medical history and to have a family doctor, it may be much more difficult.
Crime: Although the crime rates aren't as bad as major cities in the US, there has been an increase in petty crime in Vancouver. A good rule of thumb is to never leave valuables in your car. And don't leave your favourite mountain bike locked up downtown, as it might not be there when you return.

Overall, however, it's the cost of living in Vancouver that is the greatest downside to retiring in Vancouver.

Areas Close to Vancouver that Are Perfect for Retirement

At SWAN Wealth, we specialize in helping clients who are moving across the border. We've spoken to many of our clients about their retirement choices.

Some areas our clients have considered that are close to Vancouver and are perfect for retirement (or even just your next adventure!) are as follows:

The Okanagan

It offers a relaxed lifestyle and plenty of leisure activities outside your doorstep. Some of the popular attractions are the many wineries, beautiful lakes, golfing, skiing in the winter and an international airport close by. While in Kelowna, prices have increased, there are several communities just outside Kelowna that offer an amazing lifestyle. These include Lake Country, Summerland, Penticton and Vernon.

North Vancouver

If you love the outdoors, North Vancouver is close to beautiful mountains such as Grouse Mountain, Cypress Mountain and Seymour Mountain. You are close to the Lonsdale Quay, which features shopping and restaurants along the waterfront and Lonsdale Ave.

West Vancouver

There is a reason this is one of the most expensive areas in Vancouver. West Vancouver is close to beautiful parks, beaches and you are surrounded by natural beauty everywhere you go. Some of my favourite areas are listed below:

Ambleside, where you can walk with a coffee along the ocean and stop and visit a few local shops.
Horseshoe Bay, which is a little town where you can watch the ferries come in.
Cypress Bowl, a local ski hill
Dundarave, which is a great little neighbourhood along the water.

Whistler

If you are a ski fan, then you need to consider living in Whistler. It is a vibrant city with skiing in the winter and biking, running and golf in the summer. It has great shopping and restaurants amongst the beautiful natural setting.

Victoria

This is the capital of British Columbia and is located on the Southern end of Vancouver Island. Housing prices tend to be lower than in Vancouver, and you still enjoy a beautiful environment. It has a British charm and an old-world feel while still enjoying mild temperatures. There are beautiful parks and you are surrounded by the ocean. It has museums, restaurants, shopping and golf courses. Add this to the fact that Victoria has half the rainfall of Vancouver, and you have a great place to start planning your next adventure!

Nanaimo

This small city is located on the east side of Vancouver Island and is a 1 hour 40 minute ferry ride from Vancouver. Many retirees are choosing Nanaimo for its relaxed lifestyle and affordable living. It has a population of 100,000 and a thriving downtown with restaurants and lots of outdoor activities.

If you’re planning on retiring to Canada from the US, then there are many places on the west coast other than Vancouver that provide an excellent lifestyle.

What to Consider When Choosing a Place to Retire

Can I afford to move?

Sometimes we dream of getting out of the daily grind and going somewhere new. Take a look at everything in your financial picture and the cost of living in your dream location. If it involves a move across the US/Canada border, you may want to do a pre-move consultation with a cross-border financial advisor and a cross-border accountant.

Housing Prices

Your housing costs will take a large percentage of your income, so it is critical to take this into consideration when you are planning where to live. Areas such as Vancouver and Toronto have the highest home prices. You may consider renting when you first move because it gives you an opportunity to decide if you really like it and want to live in this new location. It also gives you a real perspective of the cost of living in your new city.

Amenities and Culture

You need to take into consideration your interests and passions when deciding where to live. If you are really into the outdoors, then it is important to be in a city that is safe, has access to parks and green space and decent weather. If you enjoy culture, consider the vibe of the city and what they offer. Think about how you love to spend your time now that you will have more of it and make sure it is easy to access in your new location.

Access to Medical Care

In Canada, we have the benefit of a publicly funded healthcare system. This makes it accessible to all permanent residents. The other factor to consider is that in Canada, we have a shortage of doctors. This makes it difficult to get a family doctor to take care of you in a big city, but there are plenty of walk-in clinics. But it may be easier to get a family doctor in a smaller town.

Weather

If you have been living in sunny Florida, going to the winters of Northern Ontario or Alberta might be too much of a shock for your system. On the other hand, if you plan on travelling in the winter, your options are more open. You may want to find a balance of more mild winters and warm summers in British Columbia. Keep in mind how much snow certain areas get in the winter.

Access to International Airports

Most of our cross-border clients find it important to know how close an international airport is to them. So keep airports in mind when planning where you want to retire.

Proximity to Family

It is important to think of how close your new location is to family or how easy it is to travel to see them or for them to see you. Consider things such as having an international airport, the time zone your family is in, or whether you're going to be in a location where your family will want to come to visit you.

Considerations for Americans and Expats Retiring to Vancouver

After you decide where to retire, the next most important decision you will make is the team who will be your guide. If you're planning a cross-border move, you'll need to gather an excellent cross-border team.

Having the right team can alleviate stress and minimize tax pitfalls that are so common when moving assets across the Canada/US border. A cross-border team includes a qualified cross-border accountant, cross-border lawyer and cross-border financial advisor.

Summary of Key Points:

Vancouver is a beautiful city with many amenities and nature at your doorstep. It's a beautiful place to retire in or plan your next adventure.
The cost of housing in Vancouver may take a larger chunk of your retirement savings than you expect. So make sure you do a comprehensive plan before finalizing your move.
There are areas close to Vancouver that may suit your needs and lifestyle preferences.

Next Steps

If you’re planning your retirement and need help with wealth management, estate planning, and portfolio management, please get in touch. At SWAN Wealth, we specialize in cross-border financial planning and wealth management.

About the Author

Tiffany Woodfield is a dual-licensed financial advisor and the co-founder of SWAN Wealth Management, along with her husband, John Woodfield. Tiffany specializes in advising clients who live both in Canada and the United States and need to simplify their cross-border financial plan, move their assets across the border, and optimize their investments so they can minimize their tax burden. Together Tiffany and John Woodfield help their clients simplify their cross-border finances and create long-term revenue streams that will keep their assets safe whether they live in Canada or the US.

Schedule a Call

Book a 15-minute introductory call with SWAN Wealth Management. Click here to schedule a call.

Sophisticated wealth management

Raymond James Ltd. is an indirect wholly-owned subsidiary of Raymond James Financial, Inc., regulated by the Canadian Investment Regulatory Organization (CIRO) and is a member of the Canadian Investor Protection Fund.

Securities-related products and services are offered through Raymond James Ltd.

Insurance products and services are offered through Raymond James Financial Planning Ltd, which is not a member of the Canadian Investor Protection Fund.

Raymond James Ltd.’s trust services are offered by Solus Trust Company (“STC”). STC is an affiliate of Raymond James Ltd. and offers trust services across Canada. STC is not regulated by CIRO and is not a Member of the Canadian Investor Protection Fund.

Raymond James advisors are not tax advisors and we recommend that clients seek independent advice from a professional advisor on tax-related matters. Statistics and factual data and other information are from sources RJL believes to be reliable, but their accuracy cannot be guaranteed.

Use of the Raymond James Ltd. website is governed by the Web Use Agreement | Client Concerns.

Raymond James (USA) Ltd., member FINRA/SIPC. Raymond James (USA) Ltd. (RJLU) advisors may only conduct business with residents of the states and/or jurisdictions in which they are properly registered. | RJLU Legal