Downtown Toronto is an incredible place to live – regardless of your age or where you’re at in life. However, for downsizers in particular, moving into the city centre can unlock a whole heap of advantages. 

If you’re looking to rightsize your Toronto home, you may enjoy the downtown lifestyle. In this blog post, we’ll touch on everything you need to know before making the move. 

To us, rightsizing means taking a proactive approach to creating a living space that’s perfect for you, at any stage of life. Click here to download our ultimate rightsizing guide. 

Unlock Your Best Chapter

Speaking generally, moving to a home with less square footage means less time spent on chores like cleaning and maintenance – giving you more opportunities to engage in activities you enjoy most. With that in mind, rightsizing is your ticket to a cleaner, more simplified lifestyle.

In addition to the lifestyle advantages, rightsizing often goes hand in hand with financial freedom. The cost of maintaining a larger family home, both in terms of mortgage payments and ongoing maintenance, can be a lot. Moving to a smaller home in downtown Toronto allows you to unlock the equity built in your current home and redirect those funds toward enriching your life in other ways.

Of course, moving to a smaller home still allows you to continue building wealth for yourself – marking an opportunity to invest in a property that not only suits your current lifestyle but also has the potential for future appreciation. The downtown core, in particular, remains a prime location for real estate investment.

Getting ready to rightsize your home? Explore these blogs for helpful advice. 

• Uncovering Hidden Wealth in Your Home
• What to Expect From Rightsizing
• A Guide to Interim Occupancy in Toronto

Why Rightsize Downtown?

It’s hard to encapsulate what makes living in downtown Toronto so exciting in just a few sentences. As the core of Canada’s cultural hub, life downtown is fun, overflowing with opportunities and just as down-to-earth and neighbourly as more suburban areas. 

As an empty nester, there are plenty of pursuits to immerse yourself in as you enjoy the freedoms of your new chapter. From joining community clubs and classes to participating in local events and beyond, downtown living provides a rich tapestry of opportunities for personal growth and social engagement.

The city’s parks and waterfront areas offer serene retreats for those seeking a balance between urban living and natural beauty. Whether it’s a morning yoga session in Trinity Bellwoods Park or an afternoon stroll along the waterfront, downtown Toronto provides spaces for relaxation and rejuvenation – that;s your thing. 

Live Car-Free

Another huge perk of downtown Toronto is that it’s a pedestrian’s paradise. If you’re embracing a car-free lifestyle as part of your downsize, or are just looking for a high degree of local walkability, it’s hard to find an area more convenient than the city centre. 

The freedom from the responsibilities of car ownership not only reduces stress but also contributes to a more environmentally sustainable lifestyle. The City’s commitment to urban planning has resulted in a landscape that encourages walking and cycling – allowing for a laid-back lifestyle that prioritizes health and well-being.

Beyond walkability or cycling, one of the major draws of downtown living is the unparalleled transit access. TTC access in downtown Toronto covers all the bases, with an extensive network that includes buses, streetcars, and the subway. 

Downtown’s Top Neighbourhoods For Downsizers

One of the best things about rightsizing is having the opportunity to live in a vibrant and close-knit community. As you may expect, downtown Toronto is brimming with unique and lively neighbourhoods that provide an exciting and enjoyable way of life. 

Here are a few of our top neighbourhoods for downsizers. 

1. Cabbagetown

Located at the eastern edge of downtown, Cabbagetown is one of Toronto’s most charming neighbourhoods. Although the area boasts North America’s largest collection of preserved Victorian houses, there are also many new condos and townhomes as a result of new developments in recent years – providing lots of great options for downsizers. 

In addition to being one of the city’s most beautiful areas, Cabbagetown is also one of the friendliest. The community has become known for its neighbourly, down-to-earth vibe. For fans of the outdoors, Cabbagetown features great walkability and green spaces, with Riverdale Park just steps away. 

2. The Waterfront

Known for both its abundance of outdoor activities and proximity to the downtown core, the Waterfront communities offer the best of both worlds. Being more recently developed, the Waterfront’s residential layout mainly consists of condos, offering lots of options for downsizers. 

With parks, bike paths, skating rinks and easy access to Toronto Islands via ferry, the neighbourhood is perfect for those who love the outdoors. Plus, the Waterfront is only going to get better as the City has announced even more initiatives to preserve the lake shore and bring new green spaces to the area. 

3. Liberty Village

Liberty Village is one of Toronto’s newest and fastest-growing neighbourhoods. Although it is located just outside the downtown core, the community has an undeniable urban feel. In addition to great transit access, Liberty Village offers its residents unmatched walkability. With a variety of boutiques, supermarkets and restaurants located across the neighbourhood, all the essentials are only steps away. 

From a real estate perspective, Liberty Village is unique in its volume of condos and townhomes. This makes it great for downsizers as there are plenty of housing options to meet your needs. 

Want to know more about Toronto’s dynamic range of neighbourhoods for rightsizers? Explore these other blogs from our site. 

• What Are the Best Toronto Neighbourhoods For Cyclists?
• Top 5 Toronto Neighbourhoods For Empty Nesters
• 5 Things to Know Before You Buy a Home in Downtown Toronto

New Housing Options For Rightsizers

Downsizing doesn’t mean compromising on comfort or style, and downtown Toronto offers a plethora of housing options that cater specifically to the needs and preferences of empty nesters. Condominiums, townhouses, and smaller single-family homes dot the downtown landscape, each presenting a unique set of advantages.

In Toronto, condo living in particular, has become increasingly popular among rightsizers. The convenience of a maintenance-free lifestyle, coupled with fantastic amenities like fitness centres, social spaces, storage and security. creates a sense of community without the hassles of traditional homeownership.

Because it offers many of the same perks as owning a condo, we’ve also seen an uptick in the popularity of purpose-built rental apartments in Toronto’s core neighbourhoods. 

What About Garden Suites?

Garden suites are a newcomer in the Toronto real estate landscape. If you haven’t heard of them before, garden suites are essentially separate, self-contained living spaces built on an existing property (usually in the backyard). 

Given their compact size, garden suites have become a first-choice option for some rightsizers. However, they do come with their fair share of special considerations. 

As a rightsizer, your options for living in a garden suite are twofold. The first option is to find a for-rent garden suite that’s available in downtown Toronto. Or, if your current property has the space, you could build your own. 

Looking for outside-of-the-box housing options as a downsizer? Check out these blog posts for unique insights. 

• Not Ready For Condo Life? 3 Alternatives For Downsizers
• Downsizing as a Snowbird
• Your Questions About Garden Suites Answered

Rightsizing With Silver Burtnick & Associates

As experts in helping clients discover their best lives, we’ve got the rightsizing process down to a T. Because it’s a little more complex than your average move, we’ve created a dedicated system to make the process as seamless as possible. 

Our approach to rightsizing is end-to-end. We understand both parts of the process – selling and buying inside and out. It’s our goal to not only help you achieve a great result but to also take the weight off your shoulders. We’ll coordinate all the logistics and moving parts on your behalf so you can focus on enjoying your transition. 

When you’re ready to make the jump to an exciting new chapter in your life, we’re here to help!

As an experienced and collaborative real estate team, we can help you navigate the process of rightsizing. When you’re ready to begin your next chapter, get in touch. Click here to send an email or call 416-587-3300. 

Space in Toronto comes at a premium, and as a homeowner, this means making the most out of what’s available. Garden suites, also known as laneway homes, present a unique opportunity to unlock the untapped potential of your property.

These auxiliary housing units, often found in the back of a property, offer a vast range of advantages – and not just for homeowners. As a result, the City of Toronto has also recognized the numerous benefits of garden suites and introduced new policies to encourage their construction. 

In this blog, we’ll cover some of the primary benefits that come from building a garden suite. We’ll also mention some of the important considerations that anyone who is serious about building one should know before getting started. 

We recently interviewed a professional expert who helped us answer some of the burning questions Torontonians have about building garden and laneway suites. Click here to read it. 

Why Garden Suites Work

Although garden suites and laneway homes are a relatively new addition to Toronto’s housing profile, one of the main reasons for their early success is that they benefit everyone. For homeowners, they provide a unique range of advantages (which we’ll dive into shortly), but they also positively impact Toronto’s growing pool of renters. 

In a rental market that’s known for being competitive, garden suites offer a comfortable and stable housing option for renters. It’s no surprise that as garden suites have become more prominent across the city, they’ve become a hot commodity among renters. 

Searching for more investor-focused resources that can help you build personal and generational wealth? Check out these blog posts. 

• Building Equity in Luxury
• Uncovering Hidden Wealth in Your Home
• Best Toronto Neighbourhoods to Invest In

Earn Rental Income

One of the foremost perks of owning a garden suite is the opportunity to earn reliable rental income. Toronto’s real estate market has seen steadily rising rental averages and property values, making it an attractive destination for real estate investments. 

With the construction of a garden suite, homeowners can tap into this lucrative market with ease, earning impressive returns in a hurry. Further, in Toronto’s hot rental landscape, this type of investment can ultimately pay for itself as the rental income earned by the garden suite can directly offset the costs of construction and maintenance. 

A New Pathway to Investing 

Investing in Toronto real estate can be incredibly lucrative. That said, the sheer demand for real estate in the city, coupled with other economic factors can make purchasing a dedicated income property a more challenging endeavour – especially in today’s market. 

Garden suites offer you the opportunity to side-step the local real estate market by constructing an investment property yourself. Rather than paying a premium for property somewhere else in the city, building a garden suite in your own backyard can be a relatively economical solution. 

Thinking about becoming a landlord in Toronto? There’s a lot you’ll want to know first. Explore these blogs for helpful advice. 

• How to Screen Tenants For Your Toronto Rental Property
• Should You Lease Your Home Instead of Selling?
• Basement Apartments: Retrofit Doesn’t Mean Legal

Boosting Your Property Value

Adding a garden suite to your Toronto property can also significantly enhance its overall value. A well-designed and functional garden suite not only provides extra living space but also increases the property’s overall appeal. Down the line, potential buyers will be willing to pay a premium for the convenience, income potential, and flexibility that a garden suite offers. As a result, the addition of a garden suite can substantially boost your home’s resale value in the long term.

Total Flexibility 

Finally, one of the best perks of building a garden suite on your Toronto property is flexibility. While most garden suite owners may choose to use it as a dedicated rental suite, that’s far from the only option. 

For instance, Toronto’s fast-paced growth has led to an uptick in multigenerational living. Families are increasingly looking for ways to accommodate multiple generations under one roof while maintaining privacy and independence. A garden suite can be a perfect solution for this, allowing elderly parents or adult children to live separately while remaining close to the main family home. 

Alternatively, you could use a garden suite as your primary living space while utilizing your main home as an income property. This could help you achieve even greater monthly returns while simultaneously curbing your personal living expenses. 

Considering adding a Garden Suite to your property? As seasoned experts in Toronto real estate, our team would be happy to assist you. Call 416-587-3300 to get in touch or email office@torontoism.com. 

Are you looking for a new way to check out real estate in Toronto? Downloaded Listed, a new real estate app that lets you work directly with your agent to buy or sell seamlessly. It’s as easy as using Instagram! Download the app via our exclusive link right here.

Modernizing your condo is a fantastic way to breathe new life into your home, creating a more comfortable, functional, and visually appealing space. 

Whether you’re looking to enhance your condo’s aesthetics, improve functionality, or incorporate the latest technology, we’ve got tips to help you spruce up your Toronto condo. 

Weighing the pros and cons of upgrading your condo vs moving? Click here to read our blog about the advantages and disadvantages of older condos in Toronto. 

Why Modernize?

Comfort & Livability:

One of the main reasons why condo owners choose to upgrade their space is for comfort. Toronto has a lot of great older condo buildings, many of which offer spacious units. By making a few select improvements, you can make your condo better suited to your needs and tastes. In turn, this can help you get greater longevity out of your condo, delaying the need to move or relocate. 

Boost Your Property Value:

In addition to making your condo feel more like home, modernizing can also help you boost its value. When you choose to sell down the line, the rejuvenations you’ve made will help your unit stand out from others on the market. 

Looking for more condo-focused insights? Check out these other blog posts.

• Buying a Condo? Here’s What You Need to Know About Status Certificates
• A Condo Buying Guide For Millenials

Before You Start

While upgrading your condo can be an exciting process, it’s important to highlight what steps you must take before getting started. 

First and foremost, any modernizations that you make to your condo must be approved under the condo bylaws. For larger projects, you will need to receive direct approval from the condo board or corporation. 

Like any type of home renovation, it’s important to recognize that some of your ideas may not be possible – either due to regulatory restrictions, budget constraints, or practicality. While frustrating, it’s important to accept any restrictions your condo board or corporation may impose as they impact the safety and interests of other residents in the building. 

Think About Your Needs

Before embarking on the journey to modernize your condo, take a step back and evaluate your space. Consider your current needs, lifestyle, and preferences. 

Are you aiming to create a more open and spacious feel? Are there particular areas that need a functional overhaul, such as the kitchen or bathroom? Setting clear goals will provide a roadmap for your modernization project.

Budget Carefully

You’ll also want to carefully consider what upgrades you can afford to make. While some modernizations will pay themselves off when you sell, not all projects will have the same degree of ROI. 

With this in mind, you should also consult a local real estate agent before making any improvements to your condo (along with your condo board and corporation). As an expert in home values, they can help you determine which projects will suit your budget and how they may pay off down the road. 

Hoping to buy a condo? Check out these other posts from our blog. 

• What to do if Your Pre-Construction Condo is Delayed
• A Condo Buying Guide For Millenials
• Everything You Need to Know About Interim Occupancy in Toronto

Inspiration For Your Modernization 

Natural Light & Fixtures

Lighting plays a pivotal role in modernizing any living space. Consider replacing outdated fixtures with contemporary alternatives that offer both functionality and style. Incorporate a combination of ambient, task, and accent lighting to create depth. 

Smart lighting systems, equipped with adjustable brightness and colour settings, can add a touch of modern sophistication to your condo. Not to mention, there are plenty of eco-conscious lighting options that can help you save on energy costs. 

Smart Home Technologies

As real estate agents in Toronto, one of the most popular methods of home modernization we see is the embrace of new and innovative technologies. Transform your condo into a smart home by integrating devices such as smart thermostats, automated blinds, voice-controlled assistants, and smart appliances. 

Sleek Storage 

Sleek, clutter-free living spaces are a cornerstone of modern interior design. Not only do effective storage solutions help you maintain an organized living space, but well-designed contemporary furnishings like built-in shelving, multi-functional furniture with hidden compartments, and wall-mounted storage units can keep your condo looking stylish.

Looking to modernize your Toronto condo or buy something new? As knowledgeable and locally leading real estate agents, we can help. Call us at 416-587-3300 or click here to send an email.

Whether you’re adding a secondary suite to your home, purchasing a dedicated rental property such as a condo, or exploring other routes or property management, you’ll want to familiarize yourself with the ins and outs of being a landlord in Toronto. We’ve put together a list of dos and don’ts to help you get started. 

Garden suites (also known as laneway homes) are a newcomer to Toronto’s rental landscape. To learn more about this unique, high-potential type of income property, click here to read our blog post on the topic. 

Do Ensure Your Property is Legal 

While getting your income property set up is exciting, it’s essential to avoid cutting corners. Operating a rental property that isn’t up to code could land you in big trouble – legally, financially, or from a safety perspective. 

Secondary suites and rental properties are governed by the city and province. Meaning there are two layers of rules and regulations to adhere to. Before you make your property available to tenants, you’ll need to ensure it’s up to code. 

If you’re making modifications to the property in order to create new or additional suites, you’ll also need to apply for and obtain the necessary permits. You’re also required to have it inspected by the city during construction – on more than one occasion. 

Don’t Sell Yourself Short

Right now, there are not many better places to own an income property than in Toronto. With a consistently rising demand for rental housing, average market rents continue to reach new heights almost monthly. With that in mind, there are countless opportunities to maximize the income stream earned from your property. 

Instead of guessing what someone may be willing to pay to rent your place, research local rental rates and nearby properties. With this info in your back pocket, you’ll ensure aren’t leaving money on the table.

Looking for more tips about real estate investment? You might like these blog posts. 

• What Canada’s Home Flipping Tax Means For Sellers
• The Best Toronto Neighbourhoods to Invest in
• 5 Things to Know Before You Buy in Downtown Toronto

Do Screen Your Tenants Carefully

The key to a smooth, low-stress, and ultimately profitable income property is finding the right tenant. While you’ll still have certain landlord duties, hosting a responsible and reliable tenant can make your investment feel automated. 

Once tenant applications begin rolling in, don’t skip out on doing your due diligence. Be sure to request proof of income, employment, and references from past or present landlords. Yes, this will involve some work, but trust us – it’s well worth the effort. 

Don’t Break the Rules

This is a big one. As a landlord, you have a healthy list of rights. However, just because it’s your property doesn’t mean there aren’t rules you’ll need to follow. 

Key rules include not entering the unit without 24 hours’ notice, not enforcing illegal rent increases, providing adequate heat, and other tenant protections. Once your unit or property is up and running, take the time to review the Ontario Residential Tenancies Act (RTA). This resource is a handy go-to guide for information on managing your property and tenants. 

Want to know more about high-potential income properties in Toronto? Explore these other posts from our blog. 

• What to do if Your Pre-Construction Condo is Delayed
• Our Guide to Interim Occupancy in Toronto
• A Condo Buying Guide For Millenials

Do Take Good Care of Your Property

Your income property is an extremely valuable investment asset. With this in mind, you’ll want to take good care of it. Not only can keeping the property in top condition maximize its long-term value, but it will also be helpful in attracting and retaining quality tenants. 

Minimizing routine maintenance begins with fine-tuning your property early on. Ideally, you’ll want to make any necessary repairs or major upgrades before finding tenants. Once the property is up and running, completing small maintenance tasks or minor repairs will be a breeze. 

Don’t Be Afraid to Ask For Advice

Being a first-time landlord can feel intimidating but it doesn’t need to be. If you need help or feel lost, don’t be afraid to ask an expert.

As veteran real estate agents and investors ourselves, Silverburtnick & Associates can provide you with invaluable guidance to begin your journey as a landlord. Whether you need help sourcing and vetting tenants, adding income units to your property, or maximizing your returns, we’re your one-stop shop for helpful advice. 

Looking to purchase or build a profitable income property? As seasoned experts in Toronto real estate, our team would be happy to assist you. Click here to get in touch.

Whether buying or selling real estate, it’s important to work with an agent who understands your unique position, your goals, and your desires. With an abundance of agents in the Toronto real estate market, it can be difficult to find the right one. However, at Silver Burtnick & Associates, we believe that the best way to find an agent who will work for your needs is to listen to reviews, interview your candidates, and look for active and present agents in the industry.

Want to learn more about ways to find the right agent? Read our blog about listening to real estate referrals here. You can also learn how to read between the lines of agent reviews here.

We’re so excited to announce that our very own Richard Silver has been named as a new Global Brand Ambassador for Inman.

What does this mean for our clients?

Our recognition and association with one of the most innovative real estate news sources mean we are always at the forefront of tech, best practices, industry shifts, and more. By keeping our fingers on the pulse of real estate, we are able to pass along our expert observations, strategy-driven mindset, and cutting-edge tips to our clients. We keep track of everything, so you don’t have to.

You can learn more about Richard’s newest role as an Inman Global Brand Ambassador in the press release below!

June 20, Toronto, Ontario, Canada–Inman announces new Global Brand Ambassador, Richard Silver

Today, Inman is proud to announce that Richard Silver, global real estate advisor of Sotheby’s International Realty Canada, has been named an Inman Global Brand Ambassador. Inman is the leading real estate news source for real estate agents, brokers, real estate executives and proptech leaders, all part of a large network of progressive collaborators that brings leaders together across the globe.

Along with leading Silver Burtnick & Associates at Sotheby’s International Realty, Richard is an industry-wide leader throughout Canada. He is a past Director-at-Large for the Canadian Real Estate Association, past president of the Toronto Real Estate Board, and he is founding past president of the Asian Real Estate Association of America, Toronto Chapter. Inman News named him one of the Top 100 Most Influential People in Real Estate for 2013, and he’s been a frequent speaker and writer about the use of technology in real estate as well as the international real estate market.

Since its inception over a decade ago, the Inman Ambassador program has grown in prestige and global reach. It has fostered relationships that have launched industry startups, elevated the Inman community, and served as a catalyst for raising brand awareness for the leaders, disruptors, and organizations in real estate through Inman events, publishing, and creative social media influence. 

“It’s a privilege to continue building this incredible network and Ambassador Program with incredible industry professionals like Richard. His own thriving international network, and adoption of technology, is just an example of the connections and insight he brings to the Inman community. Inman Ambassadors like him have played a huge role beyond Inman events to nurture and support our industry. They have been invited to the program based on their influence, knowledge, high standards of experience in the industry, incredible humanity and authentic relationships.” — Laura Monroe, Inman’s global head of community.

This global network of 30 Ambassadors will embark on an experience together with Inman,  hosting exclusive events, sharing speaking opportunities, and connecting with other Inman community leaders and real estate brands.

Richard will be joining other Ambassadors and thousands of real estate professionals at Luxury Connect Aug. 2-3, and Inman Connect Las Vegas, the leading real estate conference, Aug. 3-5.

About Inman

Real estate industry professionals from around the world turn to Inman first for accurate, innovative and timely information about the business. Known for its award-winning journalism, cutting-edge technology coverage, in-depth educational opportunities, and forward-thinking events, Inman is the industry’s leading source of real estate information.

Media Contact:

Laura Monroe

Inman Global Head of Community

laura@inman.com 

There comes a time in the lives of many when your current living situation just doesn’t suit your needs anymore. It happened to our very own Richard Silver just last year. Shortly before the pandemic, Richard and his partner made the decision to rightsize. 

Here’s how they did it. 

What Prompted Their Decision to Rightsize?

“We had lived in our house for 16 years,” Richard said. “When we moved in we did a ton of work, installing a new furnace and AC unit.” Since the typical lifespan of these appliances is about 15-20 years, Richard says he knew that they were coming up on the time to replace the units–a task that he was dreading. 

At the same time, he was re-assessing what was important in his life. With such a large home, Richard’s property had become the venue for many parties and events. And while he loved hosting friends and family on a regular basis, it was becoming a lot of work. 

“We had landscapers coming in every week,” he said. “It was a lot of maintenance and as I looked at the prospect of all the other things we would need to do in the next 2 years, I realized that I didn’t want to take it on.”

“We opted for a smaller footprint for more freedom,” he said. 

How Did They Do it?

Richard and his partner knew they wanted to make a change. They wanted the ability to pick up and go on vacation when they wanted, and not have to worry about maintaining a huge house. They knew that as they got older, it would become harder and harder to keep up with the maintenance, and the house just wasn’t serving them anymore. They wanted to make the changes when they were in control of the decisions. 

So, they contacted professional downsizers–stagers and decluttering experts–and got to work! They decided what items they would donate and what they could sell. Although, because of COVID-19, they couldn’t host yard sales, they were able to sell a lot of their unused furniture on Facebook Marketplace. 

They decided to relocate to a pre-construction condo. Since it wasn’t ready yet, they moved into a purpose-built rental building for the transition period. “We knew this rental would be a stop-gap for us, and our new condo is actually about 300 square feet bigger than our apartment now,” said Richard.

However, they have had to stay at the apartment for slightly longer than expected, as their condo construction was delayed due to the pandemic.

For everything, you need to know about rightsizing, read our comprehensive blog right here.

The Biggest Challenge? 

“It can be overwhelming,” said Richard. “Sure, you can do everything yourself, but if you outsource and get professionals to help you, downsizing can be so much easier.” 

His biggest piece of advice? “If you have a ton of stuff in your basement, and you know you’re going to move, why not sell it and get it out of there before listing your house?” He says that doing this is helping from a listing perspective and peace of mind. 

Start decluttering now by reading our blog all about it here.

The Results

Since rightsizing and moving into a purpose-built apartment building, Richard and his partner enjoy more freedom. “We can go away on vacation and not worry about the house, the land, the security, we feel free to come and go as we please.”

He also enjoys the amazing amenities at his current apartment. “We have a pool, a gym, party rooms, a restaurant downstairs, we didn’t have these things with our house,” Richard said. 

For Richard, an important part about rightsizing is knowing when to do it. “You have to be pro-active,” he said. “Be a leader, not a follower.”