Downsizing in Toronto

Downsizers

Downsizing in Toronto

Downsizing in Toronto usually means selling a family home you have lived in for a long time and buying a condo or smaller home that fits the next chapter. The Storey Team walks downsizers through both sides of that move at a pace that feels right, so the right building is chosen, the timing lines up and the equity in your home is protected.

We have been part of more than 1,000 transactions and we rank in the top 0.1% of Toronto real estate. We work with many downsizers moving from larger homes into good-sized condos, and because condos are our specialty, we know which buildings suit people who want space, quiet, good management and a strong concierge, not just a view.

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The NEXT Method

The NEXT Method is the four step process The Storey Team uses to help Toronto downsizers: Needs first, Equity plan, eXamine the building, Timing both moves.

N. Needs first

Before we talk about price, we talk about how you want to live: how many bedrooms, room for family visits, a home office, outdoor space, parking, pets, accessibility, and which neighbourhoods keep you close to the people and places that matter.

E. Equity plan

We estimate what your home will sell for and what you will net, then decide how much of that goes into the next home and how much is freed up for retirement, family or travel. Your accountant and financial planner are part of this conversation.

X. eXamine the building

For downsizers, the building matters as much as the unit. We review the status certificate, the reserve fund, fee history, management, elevators, accessibility and the community in the building before you commit.

T. Timing both moves

We line up the sale and purchase so you move once, with time to sort, give away and pack, rather than all at once in a rush.

Why downsizing is different

A downsize is rarely about money alone. It often follows a change: retirement, children moving out, the stairs getting harder, or simply wanting to spend less time on maintenance. The decisions are financial, practical and emotional at the same time. The families who do it well plan early, look at buildings before they need to, and give themselves enough time to sort through a home full of memories.

Deciding when and where to downsize

When is the right time to downsize?

When the home no longer fits your life, financially or practically, and before a change in health or circumstances forces a rushed decision. Many of our clients say the same thing afterwards: they wish they had done it a few years earlier, while the move was a choice rather than a necessity.

Should I downsize to a condo or a smaller house?

A condo offers low maintenance, security, amenities and often elevator access to everything, which is why it is the most common choice. A smaller freehold, such as a bungalow or townhouse, keeps a yard and more privacy but still involves maintenance. Condo townhouses sit in between. The right answer depends on how much upkeep you want and how important outdoor space is to you.

Will I actually save money by downsizing in Toronto?

Usually, but not always as much as people expect. Large, well located condos in good buildings are not inexpensive, and you will pay land transfer tax, commission and condo fees. The savings tend to come from freeing up equity, lower utilities and maintenance, and lower property taxes. Our Cost of Ownership calculator lets you compare monthly costs side by side.

Is it a good time to downsize in Toronto?

For many downsizers, 2026 has been a favourable time to buy. Condo prices have corrected, with TRREB reporting a City of Toronto condo apartment average of $649,330 in the first quarter of 2026 compared with $711,258 a year earlier, and buyers have more choice. Larger units have held value better than small ones, but the selection is the best it has been in years. If your house sells for close to recent values, the trade into a condo can work well.

How big a condo should I buy when downsizing?

Most downsizers moving from a house are happiest in at least 1,000 to 1,400 square feet with two bedrooms, so there is room for guests or an office and space for furniture you want to keep. Measure the pieces you are bringing before you buy. A floor plan with a separate dining area and a proper entry hall often feels much larger than the square footage suggests.

Should I stay in my neighbourhood or move downtown?

Staying close to friends, family, your doctor and the places you know is often the right call, especially in the first move. Many Toronto neighbourhoods now have mid-rise condos and boutique buildings within walking distance of established family areas. Others want the energy of downtown, the theatres, restaurants and the lake. We will show you options in both and let you feel the difference.

Selling and buying in the right order

Should I sell my house before buying a condo?

In most of today’s market, selling first or at the same time is the lower risk choice, because there are plenty of condos to choose from and you know exactly what you have to spend. Many downsizers also buy first with a long closing, using a home equity line or bridge financing, so they can move in before listing the house. That lets them empty the house properly and show it at its best.

Can I buy a condo before selling my house?

Yes, and it can make the move far less stressful. You get the condo, move in at your own pace, then prepare and sell the empty house. The trade-off is carrying both properties for a period and financing the condo purchase before the house money arrives, usually through a home equity line of credit or bridge financing. We plan the numbers with your lender first.

How long does it take to downsize?

From the first conversation to moving day, most downsizes take three to nine months. The real estate itself can move quickly. Sorting a family home, deciding what comes with you and preparing the house for sale usually takes the longest, and it is the part worth starting early.

What if I cannot find a condo I like?

Then do not rush. Look at buildings before you need to, attend open houses, and ask us to watch specific buildings for units that fit. The right two bedroom in the right building is worth waiting for. If your house sells first, a longer closing or a short rental gives you time.

Choosing the right condo

What should downsizers look for in a Toronto condo building?

Professional management, a healthy reserve fund, reliable elevators, a 24 hour concierge, good soundproofing, accessible entrances and parking, and a building community that suits you. Fewer, larger units per floor are often quieter. Check whether the building allows pets and what its rules are on renovations and moving.

What is a status certificate and why does it matter?

A status certificate is the condo corporation’s disclosure package. It shows the fees and whether they are increasing, the reserve fund, any special assessments, legal actions, insurance and the rules. A corporation can charge up to $100 for it and must provide it within 10 days. No downsizer should buy a condo without a lawyer reviewing it first.

What will my condo fees be?

That depends on the size of the unit, the building’s age, amenities and what the fee includes. As a rough guide, many Toronto condos run between about $0.60 and $1.00 per square foot each month, so a 1,200 square foot unit might be around $700 to $1,200. Older buildings with large units often include heat, hydro or water in the fee, which changes the comparison.

Is a new condo or an older building better for downsizers?

Older buildings from the 1980s and 1990s often have larger units, more storage and solid construction at a lower price per square foot, but higher fees and bigger maintenance projects ahead. Newer buildings have modern systems and warranties but often smaller rooms. For most downsizers, a well maintained mid-age building with generous floor plans is the sweet spot.

Can I bring my pet to a condo?

Most Toronto condos allow pets, but the declaration and rules may limit size, number or breed. Check the documents before you buy, not after. If you have a large dog, look for buildings near parks with easy elevator and exterior access.

Do I need parking in a condo?

If you still drive, yes. Parking spots are tied to specific units or sold separately in many buildings, and adding one later is not always possible. A unit with parking and a locker is also easier to resell to the next downsizer.

Money, taxes and estate planning

Do I pay tax when I sell my house to downsize?

Usually not. If the house has been your principal residence for every year you owned it, the principal residence exemption generally covers the whole capital gain. You still report the sale on your tax return. If part of the home was rented, used for business, or you owned another property you designated in some years, speak to your accountant before you sell.

How much land transfer tax will I pay on the condo?

In Toronto you pay both the Ontario and the Toronto municipal land transfer tax. On a $900,000 condo, that is about $14,475 each, or roughly $28,950 in total. First-time buyer refunds do not apply to most downsizers.

What should I do with the money left over after downsizing?

That is a question for your financial planner and accountant, and it is worth asking before you sell. The freed up equity might fund retirement, help children buy their first home, or be invested. How and when you take the money can affect taxes and government benefits, so plan it rather than leaving it in a chequing account.

Can I help my children buy a home with the proceeds?

Yes, and many downsizers do. A gift is the simplest option, and lenders will want a signed gift letter. A loan or co-ownership is more complicated and can affect principal residence exemptions, first-time buyer status and estate planning. Have your lawyer and accountant structure it properly.

Should I update my will when I downsize?

It is a very good time to review it. If your will mentions the family home specifically, selling it can change how your estate is divided. Your estates lawyer can update the will and your powers of attorney so they reflect what you own now.

Are there property tax programs for seniors in Toronto?

The City of Toronto offers property tax and utility relief programs, including deferral and cancellation options, for eligible low-income seniors and low-income persons with disabilities. Eligibility and amounts change, so check the City of Toronto website for the current criteria.

Selling the family home

Should I renovate my house before selling?

Rarely. Buyers of long-held Toronto family homes often plan their own renovations. Focus on what will make the house show well and pass inspection: decluttering, a deep clean, paint, repairs to anything that looks like a defect, and making sure the furnace, roof and windows have no obvious problems. Big renovations seldom pay for themselves.

Should I empty the house before listing?

Not necessarily empty, but much lighter. A home full of decades of belongings makes it harder for buyers to picture themselves there. Most downsizers do well with a sorted, simplified house and some professional staging. If you buy your condo first and move out, an empty house can be staged from scratch, which often photographs best.

What should I do with the furniture and belongings I cannot take?

Work through them in order: family first, then appraisal of anything that might be valuable, then an estate sale or consignment, then donation, then removal. Starting early takes the pressure off. We can connect you with downsizing and move management services, estate sale companies and charities that pick up.

How do I price my house when I have lived there for decades?

Based on what comparable homes have sold for recently, adjusted for condition and updates, not what the house means to you or what a neighbour received at the peak. A long-held home often needs updating, and buyers price that in. A realistic list price attracts the most buyers and usually produces the best final result.

Do I need to disclose problems with my home?

In Ontario, sellers must not misrepresent the property and must disclose known latent defects that make it dangerous or unfit to live in. Completing a Seller Property Information Statement is optional. Your lawyer and our team will help you decide what to disclose and how, so you are protected.

The move itself

How do I move into a condo in Toronto?

Book the elevator and loading dock with management well in advance, since most buildings require a reservation and a deposit and restrict moving hours. Measure doorways and elevators for large pieces. Arrange insurance, utilities and your parking and fob access before moving day.

Is there help available for seniors moving to a condo?

Yes. Move managers and senior move specialists can plan the layout of your new home, sort and pack, coordinate movers and even unpack and set up. It costs more than a standard move but takes a great deal of physical and emotional strain off you and your family. We can recommend people we trust.

How can my family help without taking over?

Involve them early, give everyone clear roles, and make the big decisions yourself. Adult children are often most helpful with sorting, logistics and viewing condos with you. Having one point person who talks with us and your lawyer keeps everyone on the same page.

Working with us

What makes a good realtor for downsizers?

Patience, condo expertise and the ability to handle both sides of the move. A good downsizing realtor knows the buildings that suit people coming from houses, reads condo documents carefully, coordinates timing and works respectfully with family members, lawyers and financial advisors.

Can you handle selling my house and buying my condo?

Yes, and that is how most of our downsizers work with us. One team managing both transactions means the timing, the numbers and the move are coordinated from start to finish.

How do we get started?

Start with a conversation at your kitchen table or on the phone. We will talk through what you need, what your home is worth today, and what the right next home looks like. There is no cost, no obligation and no pressure on timing.

Call or text The Storey Team at 416-670-2432, or email tom@storeyteam.ca.

Where Toronto downsizers move

We help downsizers across the city. Into larger condos in Yorkville, the Annex, Rosedale, Yonge and St. Clair, Davisville, Yonge and Eglinton, St. Lawrence Market, the Waterfront and Humber Bay. Into boutique and mid-rise buildings close to established neighbourhoods like Leaside, the Kingsway, High Park, the Beaches, Leslieville, Bayview Village and Don Mills. And out of family homes in North York, Etobicoke, East York, Scarborough and central Toronto.

Talk to us before you decide

The most useful conversation happens long before moving day. We will help you see your options clearly, with no pressure to act until it is right for you. There is no cost and no obligation.

Call or text 416-670-2432 or email tom@storeyteam.ca