Does your pension still pay out if you live outside the country? Some don't. Either way, 250k isn't very much money to survive on for 20-30 yrs. You'd lose your CPP and OAS, and assuming your pension will pay you out of country, you lose whatever bridge benefit you get from your job for CPP as you wouldn't be earning it.

You can live in many warmer climates for as little as $30k/yr (each) but you'll be far from comfortable and you should factor in you'll likely want to return to Canada a few times a year and flights aren't cheap. If you plan on buying somewhere warm, that will eat up all of your 200k equity and then some anywhere, unless you plan on living in a mud hut.

Retiring and living in a cheaper warm climate like Costa Rica or a southern American country sounds amazing, but that's something you need to think about before you're a couple years from retiring. At your ages you should have at least 10x in savings plus your pensions. As it stands now, one or two major repairs on your home would wipe out the entirety of your savings. Assuming you're going to work until you're mid 60s, at least of of your roof, furnace, ac and/or hot water tank are going to go. Plus you'll likely have to replace every appliance in your home twice, as well as renovations to update and modernize your home especially if you're planning to sell your home to finance your retirement. That completely drains your savings as they currently stand.