After decades in a family home, many seniors are ready for a fresh start—one with less upkeep,
more convenience, and a lifestyle that suits their next chapter. With the sale of a longtime
home often yielding substantial equity, the big question becomes:
should you rent or buy your next place?
Condos are a popular choice for downsizers especially in the GTA, offering security,
accessibility, and community. But deciding whether to rent or buy depends on your financial
goals, lifestyle preferences, and long-term plans.
Buying a Condo:
Pros:
Equity Preservation: Buying allows you to reinvest proceeds from your home sale and
potentially grow your wealth.
Stability: No risk of rent increases or landlord changes.
Customization: You can renovate or decorate to suit your taste.
Legacy Planning: You retain an asset to pass on to family.
Cons:
Upfront Costs: Includes land transfer tax, legal fees, and condo fees.
Responsibility: You’ll still need to manage repairs and maintenance inside your unit.
Market Risk: Property values can fluctuate.
Renting a Condo:
Pros:
Flexibility: Easier to relocate if your needs change.
Low Commitment: No property taxes or maintenance responsibilities.
Liquidity: Keeps your home sale proceeds accessible for travel, healthcare, or gifting.
Cons:
No Equity: Monthly rent doesn’t build ownership.
Less Control: Subject to lease terms and potential rent hikes.
Limited Personalization: Restrictions on renovations or decor.
What to Consider
Health & Mobility: Look for buildings with elevators, accessible layouts, and nearby
healthcare.
Lifestyle: Do you want amenities like a pool, concierge, or social events?
Financial Planning: Speak with a financial advisor to assess how renting or buying fits
into your retirement strategy.
At Brick & Bloom, we understand that downsizing isn’t just about square footage—it’s about
finding comfort, freedom, and peace of mind. Whether you choose to rent or buy, we’ll help
you find a space that feels just right.