Personal Finance

Are you considering a retirement in a third world country?

  • Last Updated:
  • Dec 6th, 2018 10:20 pm
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pmcd wrote:
Oct 5th, 2018 2:20 pm
Why would you want more land and a larger home when you are old? Just more things to maintain. I agree that moving from Toronto or Vancouver will result in lower housing, but that entails starting over from scratch. Nothing familiar, family at a distance, etc... In any case, you’d have to move really far from Toronto to make it worthwhile. There’s a reason why you pay less in various parts of Canada. Basically, fewer people want to live in those areas.
You are entirely missing the point of my post.

You want to move into a small condo, fine. There are condos in other cities in Canada. You can buy a condo in Fredericton or Halifax for 1/3 the cost of your condo in Toronto.

"Family at a distance" ? Its a 2 hour direct flight. With all the money you will save you could fly home every single weekend if you so chose.

The point of my post is there is no reason to consider retiring in a third world country when you can just move somewhere lower-cost in this country.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
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brunes wrote:
Oct 9th, 2018 10:40 am
You are entirely missing the point of my post.

You want to move into a small condo, fine. There are condos in other cities in Canada. You can buy a condo in Fredericton or Halifax for 1/3 the cost of your condo in Toronto.

"Family at a distance" ? Its a 2 hour direct flight. With all the money you will save you could fly home every single weekend if you so chose.

The point of my post is there is no reason to consider retiring in a third world country when you can just move somewhere lower-cost in this country.
The people who consider retiring to a third world country usually are from there or are looking for warm weather.

I agree that you can find places in Canada where the cost of housing is lower. But you will be in a place totally unfamiliar, away from family ( an airplane trip is hardly being close), probably lower quality health care, etc... For some people this might be worth it. Halifax is not as inexpensive as you might think.

In any case, moving to some smaller town in Canada is really not for everyone. Young people are trying to get out of many of them. There is a reason why housing is cheaper.

A lot depends on your family situation, the neighbouhood you currently live in, your age, your health and where you have friends.

In general, if you are 65+ moving to a totally unknown environment strikes me as either very brave or plain silly. By moving I don’t mean spending 3-4 months in a warmer climate.
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Just came back from my hometown, Shanghai, China.... I would say forget about it, at least for China

The amenities(groceries, stores, healthcare) were all great and not that expensive, much better than toronto

BUT , a big BUT:

The house price there was insane!!! insane! a 500sqft apartment (NOT condo! no fancy halls , gyms or centralized AC) costs $2 million Canadian dollars! a decent detached house costs over $50 millions Canadian dollars. My dad originally thought of retiring there, but now it seems to be impossible.

maybe Vietnam, or somewhere in the southeast asia.
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xuanzh wrote:
Oct 9th, 2018 3:18 pm
Just came back from my hometown, Shanghai, China.... I would say forget about it, at least for China

The amenities(groceries, stores, healthcare) were all great and not that expensive, much better than toronto

BUT , a big BUT:

The house price there was insane!!! insane! a 500sqft apartment (NOT condo! no fancy halls , gyms or centralized AC) costs $2 million Canadian dollars! a decent detached house costs over $50 millions Canadian dollars. My dad originally thought of retiring there, but now it seems to be impossible.

maybe Vietnam, or somewhere in the southeast asia.
That's a house in Shanghai though. The most highly populated city in the most highly populated country on the planet. If your dad bought in Changchun the situation would be quite different.

Although China does have a long, long history of rampant abuses by landlords to the detriment of society as a whole, so maybe things are the same there, too. One has to wonder if there will be a cultural revolution part 2 when things hit a breaking point.
Could HAVE, not could OF. What does 'could of' even mean?
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Piro21 wrote:
Oct 9th, 2018 5:15 pm
That's a house in Shanghai though. The most highly populated city in the most highly populated country on the planet. If your dad bought in Changchun the situation would be quite different.

Although China does have a long, long history of rampant abuses by landlords to the detriment of society as a whole, so maybe things are the same there, too. One has to wonder if there will be a cultural revolution part 2 when things hit a breaking point.
50 mil for a detached .., think how many homes they can buy in Toronto Smiling Face With Open Mouth And Tightly-closed Eyes
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Piro21 wrote:
Oct 9th, 2018 5:15 pm
That's a house in Shanghai though. The most highly populated city in the most highly populated country on the planet. If your dad bought in Changchun the situation would be quite different.

Although China does have a long, long history of rampant abuses by landlords to the detriment of society as a whole, so maybe things are the same there, too. One has to wonder if there will be a cultural revolution part 2 when things hit a breaking point.
China is not Canada and you think any Chinese citizen can just buy a property in Shanghai? Properties purchasing are only restricted to people who held a Hukou in Shanghai, so if your Hukou is from a different city you are not allow to buy in Shanghai, you talk about china a lot but I don't think you understand how their system work.
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Piro21 wrote:
Oct 9th, 2018 5:15 pm
That's a house in Shanghai though. The most highly populated city in the most highly populated country on the planet. If your dad bought in Changchun the situation would be quite different.

Although China does have a long, long history of rampant abuses by landlords to the detriment of society as a whole, so maybe things are the same there, too. One has to wonder if there will be a cultural revolution part 2 when things hit a breaking point.
Yea...great reasoning....


But that's a house in Shanghai....then but that's a condo in Hong Kong...then.....but that's New York....then.....but that's a house in Moscow.

Face it....Toronto is dirt cheap by international standards and it's only to get more expensive. It's not going down. Ever.
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Gboard2 wrote:
Oct 9th, 2018 7:18 am
Huh? Is that a thing? If so, is that different in 3rd world countries?
Yeah. Women in non-Westernized countries don't have the same sense of entitlement, and divorce rates are a lot lower. Big difference.
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brunes wrote:
Oct 9th, 2018 9:45 am
Arizona is expected to be uninhabitable by 2050 due to climate change, due to both the temperature increase and drying of the colorado river. I would pick elsewhere.
Who is predicting that?
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To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
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pmcd wrote:
Oct 9th, 2018 2:24 pm
The people who consider retiring to a third world country usually are from there or are looking for warm weather.
They are? I haven't seen that mentioned in this thread *at all* to date. Everyone is talking about cost of living in nearly every reply.
I agree that you can find places in Canada where the cost of housing is lower. But you will be in a place totally unfamiliar, away from family ( an airplane trip is hardly being close), probably lower quality health care, etc...
You think that moving to a third world country will be MORE familiar and give BETTER health care than moving to another part of Canada?

You must be smoking the good stuff....

Health Care in Canada is basically equal country-wide. That is why the Federal government provides health care equalization payments. And your medicare in any province is valid in any other to boot.
Halifax is not as inexpensive as you might think.
Actually, it is, compared to Toronto. Source: I live in the Maritimes & have my whole life, yet travel all over the place for work and thus have very good idea about costs.... You move out here your cost of living will drop by 50%. Food is cheaper, gas is cheaper, insurance cheaper, entertainment cheaper, electricity cheaper, housing FAR FAR FAR cheaper.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
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Halifax is not as inexpensive as you might think
brunes wrote:
Oct 22nd, 2018 1:37 pm

Actually, it is, compared to Toronto. Source: I live in the Maritimes & have my whole life, yet travel all over the place for work and thus have very good idea about costs....

You move out here your cost of living will drop by 50%. Food is cheaper, gas is cheaper, insurance cheaper, entertainment cheaper, electricity cheaper, housing FAR FAR FAR cheaper.
curious on that point about 'cheaper'

the Maritimes is a large area 130,017 km² , way bigger than the GTA 7,124 km², with Toronto 630.2 km².

be interested to know where is it you live that all those things that you mentioned are "cheaper" than Toronto?

I would like to see those individual items priced to 'your town' in the Maritimes' to Toronto?
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porticoman wrote:
Oct 22nd, 2018 1:58 pm
curious on that point about 'cheaper'

be interested to know where is it you live that all those things that you mentioned are "cheaper" than Toronto?

I would like to see those individual items priced to 'your town' in the Maritimes' to Toronto?
They're all cheaper EVERYWHERE in NB and NS. Gas prices are regulated and thus significantly lower on avg. Real estate is obviously far lower, just go to CREA and do basic comparison. Energy prices in NB and NS are some of the lowest in North America due to low population and overproduction. Food staples and other commodities are lower for reasons obvious, wages and the economy in the whole region are depressed so the prices are therefore depressed in tandem. But if you're retiring then wages are irrelevant.

There is a reason so many people from the Maritimes travel out west to work labour for 5 years then come home and live like kings.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
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"Are you considering a retirement in a third world country?" of course.
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stniagara wrote:
Sep 7th, 2018 10:01 am
What makes you think Canada is first world?

It is a third world country masquerading as a first world country. The infrastructure is slowly crumbling with no money to fix it, and cities, provinces, country in huge debt.

Extremely high taxes, expensive unaffordable housing, high car insurance, high gas prices ,high groceries, no jobs or mostly low level, low paying, low skill service industry type of jobs, horrible and miserable weather. No innovation, No hi-tech industry - just selling its natural resources - mostly Alberta oil and metal like copper, nickel etc from Northern territories.

Free healtcare is a joke too. Months and years to get specialist and doctor's appointments. Ofcourse paid through your high taxes, so not free.

You are already retiring in a third world country, if you retire or live here.

I'm glad to see I'm not the only one that thought / thinks this!

You can also add in we're a vacation destination for many tourists just like Mexico (because of our weak Canadian dollar / currency)

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