We spend a lot of time worrying about first-time buyers not being able to enter the Greater Toronto Area’s (GTA) increasingly expensive housing market (though we have highlighted a few great options for them), but are there any communities for downsizers?
Of course there are options – definitely more than first-time buyers have – but there are certain things that retirees and downsizers need in a new community that don’t always come standard.
That said, here are five amazing new home communities for downsizers:
1) Fairview Condominiums in St. Catharines by Niagara Innovative Living
Fairview Condominiums is now under construction. There are 27 units in total and seven different floor plans from which to choose, ranging from 943 to 1,222 square feet.
One of the main struggles that downsizers experience is the shock of living in a smaller space. They are likely selling a 2,000+ to 3,000+ square foot home and buying something considerably smaller.
That’s why Niagara has been attractive for downsizers. They can get way more square footage for their dollar. Prices at Fairview Condominiums start at $330,900 for nearly 1,000 square feet! You won’t find value like that downtown Toronto.
2) Arbour Vale in St. Catharines by Pinewood Niagara Builders
This French-inspired condo development is your luxury option in St. Catharines. Arbour Vale will stand four storeys and feature two collections of residences; The Designer Collection and Garden Collection, comprised of condo units, bungalows, and two-storey condo units.
Arbour Vale is a great option for retirees looking to downsize their square footage but increase/maintain their luxury lifestyle. A few of the high-end features and finishes include 9’ and 10’ ceilings, hardwood flooring, custom cabinetry, and clawfoot soaker tubs.
Again, the beauty of living in St. Catharines is that you get way more for your money, and this still applies in the luxury home market.
3) PACE on Main in Stouffville by Geranium Homes
We recently went to Stouffville to celebrate the groundbreaking of PACE on Main. While we were there, we learned that the boutique condo is around 70% sold.
Stouffville has become a hot spot for new housing, so downsizers in the area are seeing PACE on Main as a great opportunity to sell their low-rise home and move into a smaller unit on Main Street in their beloved neighbourhood.
Another perk is the low maintenance fees. Once you’re retired, it’s important to keep monthly costs as low as possible. At PACE on Main, Geranium managed to keep the fees around $0.37 a square foot (compare that to $0.50 downtown Toronto).
4) Inverlyn Lake Estates in Kincardine by Reid’s Heritage Homes
At the end of August, we received news that only nine units remain at Inverlyn Lake Estates. It hasn’t been too long, so we’re hoping that there are still a few available for you.
This community appeals to downsizers because Reid’s Heritage Homes is specifically catering to retirees with mobility-friendly features. Many of these features, like step-free plans, wide doors and hallways, low windows, and lever style door handles, come standard with the homes! There are also additional features that can be added by request (some require an extra charge).
5) The Sumach in Toronto by Chartwell
First of all, The Sumach is a rental residence being built as part of the Regent Park revitalization. The Daniels Corporation and Chartwell decided that a rental retirement residence would be a good fit in the new fabric of the neighbourhood.
What we like about this retirement residence is that it promotes independent living by offering a number of support services. The building will rise 12 storeys and feature 332 units, including studios, one-bedrooms, two-bedrooms, and townhomes.
This rental option is great for downsizers and retirees if you have no interest in owning property at this stage in your life. You can simply sell your larger home and put all of the money into your retirement fund.
We hope these five options give you a lot to think about! These are just a handful of great downsizing options in and around the GTA – we’re positive you will find a home that suits your needs!