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.
