Downsizing questions and answers

There's no right age. Common signs include stairs becoming difficult, unused rooms, maintenance becoming a burden, wanting to be closer to family, or wanting to free up money. Many people find it easier to move a little before it's necessary, while they have the energy to plan.

Not always. Selling and buying costs (commission, land transfer tax, legal fees, moving) and the price of the next home can reduce the money freed up, especially if the smaller home is in a pricier area or is new. Add up all the costs before deciding.

If your home can be adapted affordably, for example with a main-floor bathroom, grab bars and snow and lawn services, staying may make sense. If key rooms are upstairs and major repairs are due, moving may be simpler.

Bungalows are found across many established London neighbourhoods built in the 1950s–1980s, and in newer bungalow and bungalow-townhouse communities, including some aimed at adults. Good ones are popular, so it helps to be prepared to act.

In an adult lifestyle community you usually own your home and live independently, sharing amenities. A retirement residence is a rental community offering services like meals, activities and care, regulated in Ontario by the Retirement Homes Regulatory Authority.

A life lease gives you the right to occupy a unit, typically in a community sponsored by a non-profit or similar organization, in exchange for a lump sum and monthly fees. It isn't full ownership. Resale and refund terms vary, so have a lawyer review the agreement.

Long-term care in Ontario is accessed through Ontario Health atHome, which assesses eligibility and manages waitlists. Wait times can be long, so start early if you think it may be needed.

Selling first gives certainty about your budget. Buying first lets you move at your own pace but may require carrying two homes briefly. Many downsizers negotiate a longer closing on their sale to give themselves time to find the next home.

Usually not. Decluttering, cleaning, small repairs and fresh neutral paint tend to offer the best value. Many buyers of older homes plan to renovate to their own taste.

It depends on the home, the price, the neighbourhood and the season. A local agent can show you how long similar homes nearby have recently taken to sell, which is the best guide for planning your timeline.

Often, yes. Many sellers negotiate a longer closing date, and occasionally a short "lease-back" after closing can be arranged. It needs to be agreed with the buyer and written into the agreement by your lawyer and agent.

The gain on your principal residence is generally tax-free under the principal residence exemption, but you must report the sale on your tax return. Special rules apply if you own more than one property or rented part of the home.

It can have serious legal and tax consequences, including exposure to a child's creditors or relationship breakdown. Always get legal advice first.

Ontario's estate administration tax is generally $15 per $1,000 of estate value above $50,000. Assets passing through the estate, often including a home, are usually included.