Is now the time to downsize? We’ve been getting this question a lot from our long-term clients lately, as they sift through the market headlines and wonder what’s to come as fall approaches. What’s happening with the condo market in downtown Toronto? Are houses still selling for record numbers? There is a lot to break down here so let’s get started.
Upsizing to a House
With many empty nesters sitting in their giant homes outside of the city wondering if now is the time to downsize by selling and moving into a luxe condo in downtown Toronto, pay attention to this. NOW IS THE TIME TO DOWNSIZE!!
It is very rare to see the market split into two totally different trends, which is what we’re seeing now. The condo market isn’t performing as well as we thought it would. Why? Well let’s play this scenario out.
You work downtown in a corporate job and have just been notified that the likelihood of you returning to the office in a traditional 9-5 way is pretty much done. You’ll be working from home, with the chance of going into the office every so often for a quarterly meeting.
You live in a condo but have dreams of a big backyard and multiple bedrooms for your expanding family and visiting parents and in-laws.
Your next move is to likely put your condo up for sale and look to greener pastures outside of the city.
Any challenges you see here? Think about the number of people in that exact situation. There are plenty of them. And they’re willing to take slightly less for their luxe condo to make their expansive home dreams come true.
Downsizing to a Condo
Now imagine you’re one of those families that have finally realized a bit of freedom as your children have moved out on their own or are off to college. You’re got a giant house all to yourself but realize that 4000+ square feet is just too much.
You’re dreaming of an easy way of living in a luxe condo in downtown Toronto, close to all the city has to offer. Amazing restaurants, parks by the waterfront and markets just down the street. And best of all, if you have the desire to travel, you have the world at your fingertips with a simple lock of the door.
What you’re able to take advantage of is all of the families looking to move out of the city into a sprawling home with the giant backyard and proper office space we all dream of.
See where we’re going here? You would think it’s an even trade and the condo market would balance out the housing market but that’s not what the numbers tell us.
The trend points to many more home buyers than downsizers, making the house prices jump and the condo prices slightly fall. There is a lot of condo inventory downtown, especially those looking for 3-bedroom suites. Room for guests and family but small enough to provide that lifestyle downsizers are looking for.
Benefits of Downsizing
There are many benefits to downsizing that you can take advantage of as you move into the next exciting phase of your life.
Built in Security
Most new condo developments in the GTA are very focused on resident security. You would be challenged to find a new building that doesn’t have a 24-hour concierge, as well as additional measures to make you feel safe. Key scanning entrances and security cameras are becoming the norm, as is secured parking and diligent neighbours who are always keeping a watchful eye.
Lower Housing Expenses
Many new condo owners are shocked at the monthly fees that are associated with living in a condo. Think about your monthly maintenance fees that you typically spend on your home – they can be quite high, especially when your house is of a substantial size. Think about all of the seasonal costs associated with snow removal or the swimming pool in your backyard. When doing a side-by-side comparison, you’ll typically find that these numbers end up being quite similar.
Moving into a condo means you won’t have to worry about shovelling your walks, mowing your lawn, putting the garbage to the curb and weeding your gardens. Your condos yearly maintenance fee will cover all of these, leaving you with more time to do the things you really want to do.
Another consideration is that you won’t need to worry about any issues with an aging home – no roof to replace, no deck to replace and no trees to maintain.
So, if you’re thinking is now the time to downsize, it may be the best opportunity to take advantage of a market that can optimize both the sale of your current house and the purchase of your new condo.
Get in touch with us today by filling out the form below for a full home valuation and to look at condo options that would be hard to pass up.