The topic of “downsizing” is nothing like it used to be. The word once evoked feelings of wistfulness or even sadness. However, the idea has become much more positive and trendy as homeowners start reconsidering their options – and they’re doing it at younger ages than ever.
Downsizing has changed so much that many real estate agents don’t even use the term anymore. Instead, you’ll hear words such as “rightsizing” and “smartsizing.”
Whatever you decide to call it, downsizing in Toronto has always felt more exciting than nostalgic. When you think of all of the incredible amenities, the views, and the stunning natural beauty this city has to offer, moving to a new location becomes an exciting new chapter in your life.
There’s More to Life Than Condos
It’s easy to see why downsizing has started to feel like a negative in some situations. For example, imagine you’re currently living in a five-bedroom, four-bathroom house with a balcony and backyard that’s to die for. Now, someone tells you it’s time to sell it and move to a cramped one-bedroom condo. Why? Because that’s what we’ve always done before.
Those days are long gone. Rightsizing no longer means downgrading or pouring over your beloved possessions and keepsakes to decide what few items you’re going to keep. Now, it’s more about simplifying your life and freeing up your time and empowering you financially. And there are many options besides moving to a condo or apartment.
Here are a few ideas:
- You could move to a townhouse with even more square footage and outdoor living space. The difference is there is a condo corporation to handle all of the maintenance. No more shovelling snow or mowing the lawn – not when there are people to visit and new experiences to enjoy in your vibrant new neighbourhood.
- If you need a smaller home, a bungalow can do the trick. You’ll spend less time on cleaning and maintenance. However, you still have enough space to live and breathe and a backyard where you can relax and entertain.
- Consider adding a secondary suite to your existing home and inviting a best friend or close family member to live with you. Maybe you live in the new unit, or perhaps they do. Either way, you still have access to the whole house, plus you remain in the community you know and love.
Of course, there’s nothing wrong with the “traditional” path of moving to a condo, particularly if it features a spectacular view of the city or even the waterfront. Toronto also boasts plenty of lofts that are full of individual character and offer plenty of living space. In Toronto, your options are endless and intriguing. Now let’s take a look at some of the incredible neighbourhoods that downsizers and empty-nesters in Toronto love.
Why is Toronto one of the most sought-after cities in Canada? The posts below will give you some insight:
- Top Family-Friendly Activities in Toronto for All Seasons
- Hiking in the East End: Our Favourite All-Season Trails
- Skating in Toronto: A Guide to the Our Favourite Rinks
Danforth Village
Also known as “Toronto’s Greek Town”, Danforth Village is quickly becoming a sought-after neighbourhood for everyone, from first-time buyers to active retirees. A significant Greek population provides an abundance of culture within the community, where you’ll also find some of Toronto’s top restaurants and highly anticipated festivals like Greektown and Taste of the Danforth.
Danforth Village offers a variety of housing options to suit the taste of every “smartsizer,” whether you’re looking for a more manageable detached home or condo. Public transit is also readily accessible, with subway stations at Greenwood, Coxwell, Woodbine, Main, and Victoria Park. A Go Train station at Danforth and Main makes it easy to get in and out of the city.
Mimico
If you’ve always dreamed of retiring near the waterfront, Mimico offers breathtaking views and a lifestyle that is far more affordable and laid back than downtown Toronto. The Martin Goodman Trail is practically outside your door, making it easy and fun to stay active as you stroll or cycle along the beautiful shores of Lake Ontario.
Mimico offers a picturesque and peaceful setting, but you’ll still find every amenity you need nearby. A variety of shops and popular restaurants are right in the neighbourhood, and downtown Toronto is easily accessible via the Go Train.
Annual festivals such as the Mimico Village Tulip Festival and the Mimico Party in the Park give you something to look forward to each year. Plus, there are a variety of recreational activities for every day of the year.
The nearby Ourland Community Centre offers a gymnasium, fitness center, and numerous sports and arts programs throughout the year. There’s even an outdoor swimming pool where you can splash away your cares on hot summer days.
Mimico offers a wide mix of housing options that include bungalows, townhouses, rental apartments, and, of course, modern condos with gorgeous views of the lake!
Riverdale
Do you love history and architecture? If so, you will be right at home in the Riverdale neighbourhood. Walking down streets lined with breathtaking heritage buildings and residences feels like a journey through time! However, the availability of world-class amenities and public transit allow for a modern lifestyle full of comfort and convenience.
Moving into a spacious two or three-storey Victorian or Edwardian residence might not fit the traditional picture of downsizing. However, this could be that opportunity to live with your friends or favourite relatives. Everyone has lots of space without ever having to feel isolated or alone.
The Riverdale neighbourhood tends to be quiet and peaceful, but the nearby shopping and dining districts mean there is always something exciting on the agenda. Plus, you will never get tired of the view of the fantastic Toronto skyline.
St. Lawrence Market
St. Lawrence Market isn’t just an iconic Farmer’s Market. It’s also one of the most highly sought-after neighbourhoods in Toronto! The location in the heart of downtown provides such an exciting lifestyle that you’ll forget that you’ve just “downsized.”
Every day brings something new, whether it’s a trip to the ever-evolving market or to one of the vast number of eateries you’ll find nearby. Though you are right in the bustle of downtown, you still have beautiful green spaces to escape to, including St. James Park, where you’ll find expansive walking paths that take you through scenic trees, gardens, and a water feature.
Your real estate options are wide and varied, including everything from luxurious heritage homes and upscale townhouses to modern condos. This is downtown living at its best, which makes St. Lawrence Market one of the best neighbourhoods for retirees and downsizers.
Are you thinking about purchasing your forever home in Toronto? The posts below might help:
- Why Now Is the Time for Toronto Buyers
- Maintenance Fees: What Every Condo Buyer Should Know
- Has Buying a Home in Toronto Gotten Easier?
Summerhill
Summerhill is one Toronto neighbourhood that is starting to attract a lot of attention. Located along the Yonge Street Corridor, Summerhill offers a quiet and scenic setting with easy access to all of the entertainment districts and other amenities of downtown Toronto.
Peaceful, tree-lined streets with beautiful homes make Summerhill one of Toronto’s most walkable neighbourhoods. No matter where you go, you’re steps away from shops, restaurants, and services, all while being surrounded by nature and lush green spaces.
Summerhill is known for its spacious Victorian and Edwardian-style homes. However, you will also find an abundance of smaller homes, modern townhouses, and even some low-rise luxury condos in the mix. Wherever you land when downsizing in Toronto, you will quickly feel right at home in your new neighbourhood. The neverending entertainment options and outstanding convenience, all while being surrounded by scenic beauty, allow for an elevated lifestyle you can look forward to.
Do you want to explore your options for downsizing in Toronto? Reach out to us at 416.443.0300 or Erica@EricaReddy.com to start the conversation today.
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