If you or a loved one is considering trading the family home for a condo, read on as we take a frank look at what’s involved in downsizing to a condo in Toronto.

Why Consider the Big Downsize?

First things first: why are you even entertaining this idea? Common reasons we hear include:

The kids have (finally) moved out, leaving you with more space than you need (or want to clean).
You’re tired of shovelling snow and mowing lawns.
You want to free up some equity for travel or enjoying your retirement.
The stairs in your house are becoming your nemesis.

Sound familiar? Before you start packing, let’s break down the good, the bad, and the ugly of downsizing to a condo in Toronto.

The Pros of Condo Living:

Lock-and-Leave Lifestyle: Want to spend winters on a beach without worrying about burst pipes or break-ins? Condo living makes it easy to lock up and leave (but you’ll still have to let your insurance company know your home is vacant).
Reduced Maintenance Headaches: In a condo, you don’t have to worry about the stresses and unexpected costs of a new roof or plumbing problems – the condo board handles that. Part of every monthly condominium fee you pay goes towards planned repairs, updates and emergency fixes to the common elements – the parts of the building that are jointly owned by all the owners. When you live in a condo, you’re just responsible for maintenance inside the walls of the condo unit.
Amenities at Your Doorstep: Many Toronto condos have gyms, pools, rooftop terraces, private theatres and shared social spaces like party rooms. Meet other residents and expand how you entertain friends and family…without the mess!
Location, Location, Location: Want to be steps from the St. Lawrence Market or a stone’s throw from the AGO? Toronto condos often offer prime locations that houses can’t match.
Built-in Community: Condo living offers opportunities for social interaction, whether you want it or not (more on that later).

The Cons:

Less Space, More Creativity Required: The whole point of downsizing is to move to a smaller space, so expect to downsize your possessions.
Privacy: By its very nature, communal living requires you to give up some privacy and sharing walls means potentially sharing your neighbour’s taste in music or their late-night TV habits. Soundproofing varies significantly between condos in Toronto, so choose your building carefully.
Rules, Rules, Rules: Condos come with rules, and you’ll need to follow them. Condo rules may specify the number (and types) of pets you can own, the colour of your window coverings or what you can store on your balcony.
Condo Fees: As a condo owner, you’ll pay monthly condo fees based on the square footage of your unit. The fees cover the operating costs of the common elements (for example, garbage removal, water, landscaping, janitorial staff, concierge, insurance, etc.) and a contribution to the reserve fund for planned and unexpected repairs and updates. Some condo fees include heat and/or electrical too. Condo fees usually increase every year, and are impacted by inflation and planned expenditures. Related: All About Condo Fees
Less Outdoor Space: While many Toronto condos have balconies or terraces, some only offer shared outdoor spaces or proximity to parks.

Money Matters: Condo vs. House Costs in Toronto

Your REALTOR will play a critical role in helping you understand condo prices. While the price per square foot in the building is an important factor, there are plenty of other things to consider when comparing one condo to another, including:

What floor the unit is on
View
Exposure (north/south/east/west)
Layout
Location on the floor (eg across from an elevator or on the corner)
Upgrades and renovations
Ceiling height
Maintenance fees
Parking/locker/outdoor space
Building amenities
Location
The ratio of owners to renters
The reputation of the building

Related: How Much is a Condo Worth?

Condo prices vary significantly across the GTA. Click on the community/region name to see average condo prices by community.

Other Costs

You’ll also need to budget for:

Property Taxes: Generally lower for condos than houses
Utilities: Often lower in condos due to smaller space
Maintenance: While you’re not directly responsible for major repairs, condo fees in Toronto range from $0.65 to $1.00+ per square foot per month. On a 1,000 sq ft condo, that’s $650 – $1,000+ monthly.

Pro Tip: Before you buy a condo, your lawyer should review the status certificate, the document that summarizes the legal and financial health of the condo corporation. A poorly managed building can lead to special assessments – one-time fees that all owners have to pay. You can read more about the Status Certificate here.

How to Downsize From a House to a Condo

We put together a detailed guide about How to Buy a Condo here. The process of buying a condo is a bit different than buying a house:

Get financing: If you’re getting a mortgage, your lender will consider 50% of the condominium fees when determining how much you can afford. You’ll also need to be ready to pay 5% of the purchase price as a deposit within 24 hours of your offer being accepted.
Be prepared for closing costs. On the buyer side, closing costs include provincial and municipal land transfer taxes, legal fees and moving costs. If you’re also selling your house, budget for realtor commissions and more legal fees. You can read more about closing costs here.
Read the status certificate and have it reviewed by your lawyer. The status certificate includes the condo corp’s rules and regulations, legal framework, and financial statements. It also outlines past or present issues in the building, planned repairs and updates, and special assessments.
You probably won’t need a home inspection. In most condos, plumbing, mechanical, electrical, and roofing – the things most home inspections focus on – are owned and managed by the condo corporation. Most condo buyers don’t get a home inspection – they focus their due diligence on the status certificate instead.
It helps if you have a REALTOR: Whether you buy a resale or pre-construction condo, your REALTOR can help! Toronto condos vary in quality, construction, finishes, layouts, services and amenities, and your agent’s expertise can make or break your purchase. Choose your agent wisely.
So many condo options! While we typically think of the word ‘condominium’ to refer to tall buildings containing apartments, the word actually refers to a legal structure, not a type of dwelling. You can find “condos” that are townhouses; “condos” in industrial buildings that have been converted into lofts, and occasionally, “condos” might make up units within a house. Condo buildings may be home to 500 apartments in a 30+ storey tower or cater to those seeking a quieter lifestyle in a boutique low-rise building. Resident amenities vary significantly between buildings, and you’ll find everything from dog washing stations, media centres, guest suites and billiards rooms to golf driving ranges, fitness facilities, pools and bowling alleys. Alternatively, some condo buildings have no amenities or staff at all.
Parking and lockers – Owned parking spots in Toronto can be expensive, adding anywhere from $25,000-100,000 to the cost of your condo. Private lockers usually cost $3,000-$25,000, depending on the size and type of locker.

Choosing the Right Neighbourhood

As with all real estate decisions, location, location, location is key. Consider:

Transportation options, demographics in the area and building and the stage of development of the neighbourhood
Proximity to grocery stores, parks, restaurants, shopping, culture and nightlife are not only important for your enjoyment, but they’re also critical for resale.
Read our guide about How to Choose a Neighbourhood: 88 Considerations for more details.

Choosing the Right Condo Building

Ontario is home to over 13,000 condominium buildings, 2,700 of which are in the Greater Toronto Area. With almost 900,000 condominium units across the province, condo buyers are spoiled for choice. While your REALTOR will be your most important source of information to help you make the right downsizing choice, it’s important to consider:

Developer Reputation – Who originally constructed the condominium? What’s the builder’s reputation and history with similar condominiums? Not all developers are great, and there are plenty of mediocre builders out there who build cheap condos.
Quality of Construction – Just like there are good and bad developers, there are good and bad condo buildings – buy a good one! The quality of the construction doesn’t only impact appearance – it impacts maintenance, costs, noise and resale values. Work with a REALTOR who’s familiar with the condos and builders in your target area – they’ll have great intel about the buildings that may not be obvious to you.
The Good, the Bad, The Ugly – It’s important to assess the pros AND cons of a building and unit. Look for things that might detract from value – small windows and dark spaces with minimal natural light, bad odours coming from neighbouring businesses, bad views and noises from ground-level tenants or nearby garbage facilities.
Owner/Occupiers vs Tenants – You’ve probably never considered the impact tenants can have on property values, but usually, the higher the percentage of owners who live in their suites, the better maintained the building (which usually translates to a better appreciation of prices). Owners tend to take better care of the common elements (hallways, pools, the gym, etc.) because they know that if they need to be replaced, it’s their $$$. The percentage of tenanted units is identified in the condominium’s status certificate.
Condo Management – Property management companies vary in quality, and well-managed buildings hold their value better and are more pleasant to live in. The condo board is responsible for hiring and managing the property management company, who then hire the staff (on-site property manager, concierge, cleaning company, etc.). Find out who the property management company is and do some research.
Building History – You can tell a lot about how a condo is run by looking at its history. Is the progression of maintenance fee increases in line with what’s normal? Have there been special assessments? Lawsuits? Are they hiring a new property manager every year? Related: 5 Things to Know About a Condo’s History
Building Appearance and Maintenance – Toronto is home to some of the most beautiful – and the ugliest – condos. Will the building you’re considering buying in be attractive to other buyers? Is it in a good state of repair? When you walk into the lobby after a long day at the office, will it feel like home?

Choosing the Right Condominium Unit

View – Don’t ever get attached to a view (unless it’s the lake, and even then…). In a city that’s changing as fast as Toronto, anything can happen. Above all else, never trust a parking lot – there’ll probably be a condo there in a few years.
Neighbours – While your neighbours will come and go, it doesn’t hurt to find out what you can about them. Do they have a lonely chihuahua who barks all day? Do they work at a bar and entertain at 3 am?
Use all your senses – What do you hear? What do you smell? What do you see?

Read My True Story About Downsizing to a Condo: A few years ago, I sold my house and downsized to a condo. Here’s how it went.

Is Downsizing to a Condo Right for You?

Downsizing to a condo can be a smart move for many Torontonians. It can free up equity, reduce responsibilities, and offer a vibrant, low-maintenance lifestyle. But it’s not for everyone. Be honest with yourself about what you really want in this next phase of life.

Remember, there’s no one-size-fits-all solution. Whether you decide to take the plunge into condo life or downsize to a smaller house, the key is making an informed decision that’s right for you.

The No-Nonsense Guide to Downsizing From a House to a Condo