June 6th, 2022 | Downsizing

Top FAQs About Downsizing in Toronto

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Toronto is one of the best places in Canada for all ages. Everyone from single professionals to young couples comes to the city for various reasons. One group of people, in particular, have fallen in love with this great city; the downsizers. Why? 

They want to be close to the many exciting attractions and activities, or they like the convenience of the nearby amenities. In Toronto, you have the best of everything. 

You have access to some of the best medical care in the country, and you’ll never lack for something exciting to do. Today’s retirees are active and committed to living life to the fullest.

The best downsizing experience begins by maximizing the sale of your current home. Here are some resources to help make the most of your sale:

However, before you pack up your house to move, there are some questions to ask yourself first.

How Much Will it Cost to Downsize in Toronto?

Toronto has incredible amenities and attractions, but they do come with a price. If you own a detached house, you may be in an excellent position to retire in the city comfortably. According to the Toronto Regional Real Estate Board (TRREB), the average price of a detached house has risen to $1,632,832 in March 2022. 

Currently, condos sell at an average price of $760,410. Selling your detached home in favour of a condo can leave you with significant funds to enjoy your retirement without financial strain. If you want a little more space, you can find a townhouse at an average of $1,079,798.

Knowing the value of your home will help you budget for your next step. Get a free home evaluation here.

I Feel Overwhelmed. What Should I Do First?

When you’re downsizing, it can be difficult to say goodbye to the place where you raised your family. The best way to start is to ease yourself into the process so you’re not rushing against harsh deadlines.

Think of some of the neighbourhoods that might be a good fit for your new lifestyle. Do you want to retire to a condo on the waterfront where you can walk by the lake every day? Or do you want to get further away from the downtown core where there is less traffic and a sense of community? Imagining the joy and excitement of your new life can help you to feel excited about your next step.

How Do I Get the Best Results When Selling My House?

The more you get for your home, the more empowered you will be to buy your next property. Ideally, you want to sell at a high enough price to pay off your mortgage and have significant funds left over to live on.

Fortunately, there are many little things you can do to earn more when selling your house. Even in a strong seller’s market, you want to make the best possible impression on a potential buyer. Working with a real estate agent will help you know what improvements and updates will give you the best value. Full-service Realtors® like the Olea Group will even do everything for you.

Every house is different, and some will need more work than others to get the maximum value. However, there are some things every seller should do before putting their home on the market:

Thorough cleaning: Cleaning is a basic step, but nothing makes a better impression on a potential buyer than walking into a home that is neat and organized. Even if you do nothing else to prepare, a thorough cleaning and decluttering will increase the perceived value of your home.

Minor repairs: Before showing your home, make any minor repairs like re-caulking the bathtub and fixing nail holes. At the very least, a fresh coat of paint will help to make an excellent impression.

Improve your curb appeal: Don’t forget about the outside of your home! Make your place warm and inviting by cleaning up any debris or even planting some flowers and decorative plants.

When Should I Start Looking For My New Home?

Before you begin your search in earnest, we recommend listing out the features that are important to you. Knowing how many bedrooms and what amenities you want will help narrow your search and save you a lot of time. The next decision to make is when to buy your new home. Should you sell first, so you know how much to budget? Or should you buy first so you’re not rushed? In a competitive market, many people want to secure their purchase before listing their current home. For others, the financial strain of carrying two properties can be too overwhelming.

Your real estate agent can help you analyze your finances and the current market to help you make the best decision.

What Are Some of the Best Attractions in Toronto?

Now we come to the fun part! What is there to do in Toronto? No matter what your age or activity level, you will never face a dull moment. Let’s talk about a few of the many attractions and amenities that make Toronto such a desirable destination for downsizers. 

The waterfront: You will never get tired of spending time at the Toronto waterfront. There are many places you can sit and watch the sunset over the lake or browse the many shops along the Lakeshore. 

Do you want to know more about buying on the Toronto waterfront? You can read our article about it here.

The parks and trails: For a busy city, you will be amazed at how many parks and beautiful trails you can explore. The cherry blossoms at High Park are a must-see, and there are many other places you can relax and enjoy nature. If you’re feeling active or adventurous, you can join the avid cyclists and inline skaters gliding along the Martin Goodman Trail.

Toronto Island: The Toronto Islands are a breathtaking destination in the summer. Relax at the beach, rent a bike or enjoy a picnic in the shade. Though busiest in the summer, the Islands are also beautiful in the winter. Activities include snowshoeing, skating and cross country skiing. If you prefer something more low-key, snap some pictures of the frozen wonderland as you stroll about. 

The downtown core: You will never run out of things to do in downtown Toronto. There are restaurants, boutiques and theatres galore. You can shop for hours at the Eaton Centre or visit Ripley’s Aquarium. The Art Gallery of Ontario and Royal Ontario Museum are also nearby and always feature exciting exhibits throughout the year.

Are you ready to begin your downsizing journey? We are happy to help by answering any questions you may have. You can book a free consultation with us below with no obligation.