Why retire in North York?
True in the classic city-style, North York, Ontario is a city hub within the larger city of Toronto. Located north of York, North York is located between the previous cities of Etobicoke and Scarborough. Formed as a township in 1922, changed to a borough in 1967, and then a city in 1979, North York was amalgamated as part of the city of Toronto in 1998. Today, it’s considered to be a central business district and is second to the actual economic centrepoint in Toronto itself.
Population and Demographics
According to the 2016 census, the population is 869,401. It, like the rest of Toronto, is seeing an increase in senior population. This has led to building of Retirement Homes in North York being a priority. While it is, no doubt, a bustling and economics-based part of Toronto, it is also home to many retired people.
Those who spent their life in North York are reluctant to leave the energy and cultural diversity that is so pronounced here. Since it is home to the largest population of West Asians in Toronto, this is a common settling place for those who wish to live in culturally-diverse or culturally-specific environments.
Features of North York
For residents of all ages and backgrounds, North York is a wonderful place to settle. This is mostly because it has such a strong focus on healthcare. While it is a business district, the city’s focus is very clearly pointed in the direction of healthcare. There are 2 major acute care hospitals and a couple of well-known rehab centres in North York, making it ideal for those who want access to excellent healthcare.
North York has several popular tourist attractions including the interactive Ontario Science Centre. Black Creek Pioneer Village is a favourite for history buffs and theatre lovers alike. This is a living museum depicting an authentic nineteenth century village that brings in many visitors every year.
Boasting a multitude of restaurants, small independently-owned shops, shopping malls, tree-lined neighbourhoods, and a wonderful transit system of both buses and underground subway trains, North York is home to many that want a short commute to the downtown core, but a home away from it.
Historical Relevance
North York had its roots as an agricultural centre. It became a popular settling spot for boomers and post war back-to-earth settlers that wanted to have a more relaxed way of life. This desire was responsible for starting, and fueling, the biggest residential development boom in the area.
As time passed, it eventually became one of the fastest growing parts of the region because it was located so close to Old Toronto, and most people either found employment there, or wanted to be close to the central points.
North York continues to be a popular area for seniors who want to live in an area that allows them to feel like they are in a fast paced city with a multitude of amenities but without the congestion of the downtown core.
Costs of retirement living in North York
There is no standardized pricing for Retirement Homes in Ontario. They vary across many dimensions, including price, ownership, location, size, type of room, amenities, and other factors. Because North York is in close proximity to downtown Toronto, Retirement Homes in North York are close in price to those in Toronto. CMHC’s 2020 data indicates that the average rent in Ontario for a 'seniors' residence' is just under $4,000/month. Many Retirement Homes in North York will fall into that price range however, because there are not many small independent homes in that area, there are many Retirement Homes that are higher priced in the region as well. Many homes in North York are corporately owned with many amenities and overhead costs. The cost of Retirement Homes in North York averages between $4,000 and $8,000/month depending on many factors, including care packages, ownership, amenities, room options etc.
Retirement Homes in Ontario are governed by both the Retirement Homes Act (RHA) (the Retirement Homes Regulatory Authority administers the act) and the Residential Tenancies Act (RTA) (Landlord Tenant Board). Retirement Homes are considered to be care homes under the RTA and the rent portion of what residents pay is under 'rent control guidelines'. The care portion is not regulated by any legislation so, many homes have two separate price schedules – one for room & board, and another for different types of care packages (which may include personal care, medications, extra housekeeping, etc.). When researching Retirement Homes, we would suggest you 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. As well, ask 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 Homes with the cost of aging in place in your own home, you can visit our cost calculator article on SeniorCareAccess.com. It can be completed online, or printed out and completed by hand. You can create a new document for each home you visit and print them out for reference.
To find out about homes in nearby areas click on one of the links below.
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