Downsizing From a House to a Condo in Toronto: Where Do I Start?
November 9, 2026
By Tom Storey, Sales Representative and Team Leader, The Storey Team at Royal LePage Signature Realty. Updated November 2026.
Start with the numbers, not the listings. Work out what your house will net after selling costs, decide what you want to spend on a condo and keep in savings, then choose two or three neighbourhoods and a short list of buildings. Selling and buying can then be timed so you only move once.
Key takeaways
- Know your net from the house sale before you shop for a condo.
- Monthly condo fees replace many house costs, so compare total monthly costs, not just the price.
- The building matters as much as the unit: its finances, rules, elevators and amenities.
- Decide early whether you will buy first or sell first, and plan the financing for either path.
- Start sorting belongings months before you list. It is the step people underestimate most.
Many of the downsizers we help have lived in their homes for 20 or 30 years. The decision is emotional, so a clear plan makes it much easier.
A downsizing plan in seven steps
- Get a realistic value for your house and an estimate of your net after commission, legal fees and any mortgage payout.
- Set your condo budget, including land transfer tax on the purchase and the monthly condo fees.
- Write your must-haves: number of bedrooms, a den for guests, parking, a locker, pet rules, step-free access and outdoor space.
- Pick two or three neighbourhoods near family, your doctors and the places you go every week.
- Short-list buildings and review each one’s fees, reserve fund and rules through the status certificate.
- Choose your timing: buy first, sell first, or line up both closings.
- Prepare the house and sell while you sort, donate and move what you are keeping.
House costs vs. condo costs
| Cost | House | Condo |
|---|---|---|
| Property tax | Usually higher | Usually lower |
| Roof, windows, exterior repairs | You pay when needed | Covered by condo fees and the reserve fund |
| Snow removal and landscaping | You pay or do it | Included in fees |
| Building insurance | Full home policy | Building covered by the corporation; you insure the unit contents and improvements |
| Utilities | All paid by you | Some may be included in fees |
| Monthly condo fee | None | Varies by building and unit size |
What downsizers ask us most
The most common surprise is space. A two-bedroom condo can feel small after a four-bedroom house, so measure the furniture you want to keep and compare it with the floor plan before you buy. The second is the building itself. Two units that look the same can carry very different fees and very different reserve funds.
About Tom Storey
Tom Storey leads The Storey Team at Royal LePage Signature Realty in Toronto. He has been licensed since 2014 and has been part of more than 1,000 Toronto real estate transactions. The Storey Team ranked #1 for downtown Toronto condo sales in 2024 and 2025 (based on the number of condos sold on TRREB MLS® in downtown Toronto, districts C01 and C08, January 1 to December 31; how we measure), and Tom has earned seven consecutive Royal LePage Chairman’s Club awards. Read what clients say in 190+ five-star Google reviews and on Rate-My-Agent.
Frequently asked questions
Should I buy my condo first or sell my house first?
It depends on your finances and the market. Selling first gives you certainty about your budget. Buying first gives you certainty about where you are going, but you may need bridge financing.
How much will I have left after downsizing?
Take your house sale price, subtract commission, legal fees and any mortgage, then subtract the condo price, land transfer tax, legal fees and moving costs.
Do I pay capital gains tax when I sell my house?
Generally not, if it was your principal residence for every year you owned it. You still report the sale on your tax return.
What should I look for in a condo building as a downsizer?
Healthy finances, reasonable fees, good elevators, step-free access, a locker, parking if you drive, and rules that suit your lifestyle, such as pets.
How early should I start planning?
Six to twelve months ahead is ideal, mostly to give yourself time to sort belongings and prepare the house.
Sources
- Condominium Authority of Ontario: What is a status certificate?
- Ontario Ministry of Finance: Land transfer tax
- Canada Revenue Agency: Principal residence
This article is general information, not legal, tax or financial advice.
