How Much Does a Retirement Residence Cost near Oakville or Mississauga? Part Three

After I visited three retirement homes to the west of Toronto recently, I wrote some general information about the costs and the specifics of the costs at one building. In this continuing saga, I’m going to discuss the costs for a one-bedroom retirement residence suite at a building in Oakville that also offers memory care units.

What Does It Cost to Live at Retirement Residence #2 In Oakville with No Health Care Provided?

I’m leery of naming the residences on my personal website as I’m not sure of the legality of displaying their prices by name. So I’ll just call the three I visited #1-3.

These articles are meant to help you estimate the prices and the services offered by retirement residences. You’ll still have to visit them to see what you think of the rooms, social offerings, menus and care. Prices can vary depending on the occupancy rate and inflation.

These prices were described in February 2018.

I asked first about the cost of a one-bedroom suite with 2 people sharing in a retirement apartment. Three meals and snacks are included. A weekly housekeeping visit with linen change is included. Social activities and fitness activities are included. A 24-hour alarm system is included.

Costs ranged from $5 100 to $5 740 per month

This cost included cable for TV, telephone service and internet access in the suite, unlike at some of their competitors.

What Does It Cost to Live at Retirement Residence #2 In Oakville with Minimal Health Care Assistance?

I was surprised that the Sales person at this residence said that for minor care, the residents could apply through CCAC for free hours of support. I am not sure how easily that can be achieved.

What Does It Cost to Live at Retirement Residence #2 In Oakville with Assisted Care?

Again, I had difficulty getting specific numbers from the Sales person for additional care costs.

Some prices mentioned were

  • Incontinence care $600 per month including the diapers
  • Escorting to meals and activities from $450 per month
  • Simple assistance in the morning with getting out of bed and dressed from $150 per month.

I would have to get more details and a realistic idea of whether publicly-funded support hours were available before I could get a realistic total cost estimate.

What Does It Cost to Live at Retirement Residence #2 In Oakville with Memory Care?

The Memory Care floor at this residence was highly populated already, unlike the rest of the newly opened building.

These suites are small studios meant for a single person.

The cost was $5 320 per month.

I’m not clear how much the additional charges are for personal support. Residents in the Memory Care area vary from those needing only supervision and prompting to those requiring a great deal of support, so I’m sure there are variances in the costs.

What Other Costs Do I Need to Consider When Budgeting for a Retirement Residence?

The costs of the rooms and services are obviously very high. Be sure to review the other costs you should include in your budget. I’ve described some of them in the previous post (Part 2).

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How Much Does a Retirement Residence Cost near Oakville or Mississauga? Part Two

I checked out the types of residence rooms available in three retirement homes to the west of Toronto in the GTA recently. I have elderly relatives who are not in need of a Long Term Care home but who are finding it more difficult to physically move around their home and are getting tired of the endless cycle of grocery shopping, cooking, cleaning and maintaining a home. They also have found their social circle is disappearing and would like to move not just to a condo but to a home where there may be others of similar interests and abilities to socialize with. If these homes cost as little as living in their house they would probably move tomorrow. However, retirement residence s are quite expensive in Oakville and Mississauga and they literally can not afford to move too soon as you will see when I tell you how much they cost.

Why Don’t Retirement Residences Advertise How Much They Cost Online?

There are a few obvious reasons

  • They are expensive.
  • They want people to visit and see all of the advantages of living in their building before they tell the prospective new residents how expensive the rooms are.
  • They are competing with the other residences in the community and do not want to start a price war or send potential customers to the competition.
  • The pricing schemes are complex: they vary by the size of the room or suite of rooms and by the types of add-ons that are provided including the number of meals and level of nursing care.

Retirement Residences will sometimes advertise a price with the claim “starting from.” Be aware that the starting price is usually for the smallest room of that type, for only one person, and with minimal or no support other than some meals, a weekly housekeeping visit and weekly linen changes.

What Does It Cost to Live at Retirement Residence #1 In Mississauga with No Health Care Provided?

I’m leery of naming the residences on my personal website as I’m not sure of the legality of displaying their prices by name. So I’ll just call the three I visited #1-3.

The purpose of these posts is to give you an idea of the prices and the services offered. You’ll still have to visit them to see what you think of the buildings, activities, food and supports. The prices will increase, too, if the buildings get close to full occupancy, or may drop somewhat if they are having trouble filling the rooms.

These prices were offered in February 2018.

First I enquired about the price for a one-bedroom suite with 2 people sharing in a retirement apartment. Lunch and dinner and snacks are included. A weekly housekeeping visit with linen change is included. Social activities and fitness activities are included. A 24-hour alarm system is included. The retirement home residential act licensing fee of about 12.80 per suite is included.

The cost ranged from $4 660 – $5 990 per month

This cost was not including cable for TV, telephone service or internet access in the suite. With those services included, the cost was

$4 860 to $6 190 per month.

What Does It Cost to Live at Retirement Residence #1 In Mississauga with Minimal Health Care Assistance?

The next level of service at this residence added a weekly assisted whirlpool bath, medication aid, and a daily rom check to ensure the person was managing plus breakfast as well as lunch and dinner.

The cost ranged from $6 340 to $6 495 per month.

This cost was not including cable for TV, telephone service or internet access in the suite. With those services included, the cost was

$6 540 to $6 695 per month.

What Does It Cost to Live at Retirement Residence #1 In Mississauga with Assisted Care?

The next level of service included all three meals, cleaning twice per week, and weekly linen changes, daily checks, medication aid, some support with daily living activities from a Personal Care Aide.

The cost was $8 270 per month.

This cost was not including cable for TV, telephone service or internet access in the suite. With those services included, the cost was

$8 470 per month.

What Does It Cost to Live at Retirement Residence #1 In Mississauga with Memory Care?

The next and highest level of service included all the assisted care items plus additional care specifically for people with severe cognitive impairment. The suite is no longer a one bedroom unit but just a small studio (single room for all uses except the separate bathroom.)

The cost was $7 400 per month.

This cost was not including cable for TV, telephone service or internet access in the suite. With those services included, the cost was

$7 600 per month.

What About Taxes and Inflation on the Costs of Retirement Residences?

These prices include the HST.

The price increases for the rental of the actual suites is controlled under Ontario rent control legislation. It will generally rise only 1-3% a year. Still that is a faster increase than many pensions. An unindexed pension will not increase at all!

It was not clear how much the costs for meals, medical and support services could increase each year. Given the sudden increase in the minimum wage, I suspect they could increase more dramatically than the rent.

What Other Costs Do I Need to Consider When Budgeting for a Retirement Residence?

The costs of the rooms and services are obviously very high. My parents spend only about 3 months’ worth of “rent” to live in their own house for a year. There are other costs to consider too, when budgeting:

Consider the cost of

  • Non-prescription drugs and supplements and any co-pays for prescriptions
  • Tenant’s insurance
  • Cable TV, internet and telephone in the suite
  • Laundry
  • Dental care
  • Hair styling
  • Taxis to appointments
  • Clothing
  • Snacks and beverages
  • Household items (toilet paper, shampoo, etc.)
  • Gifts
  • Charitable donations
  • Pet food, walking, grooming, insurance and veterinary care, if applicable

If you are still driving, you should also include

  • Car insurance
  • Car maintenance
  • Driver’s license
  • License plates
  • Gasoline
  • Parking

Can I Afford to Move Into a Retirement Residence?

Ironically, as a working couple, my husband and I cannot afford to move into a retirement residence even now, while we are employed!

It will be difficult for many people to afford these types of rents.

For some people, it is obvious they could literally use up their entire life savings and have nowhere to live. Access to long term care homes is based on medical need and beds are often not available. It’s a frightening thought to know you could end up homeless in your nineties.

I’m sure many people do the math and decide on not moving from their home. Despite the benefits of improved access to potential new friends and activities, they are reluctant to use up their life savings too quickly.

It’s not a happy thought.

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