For many homeowners in Toronto, retirement marks the best time to sell their longtime family home and transition to a smaller, more manageable space. One of the best parts of retiring in a diverse and vibrant metropolitan area like Greater Toronto is that downsizing your home doesn't mean sacrificing your quality of life.
What Makes a Great Retirement Neighbourhood?
Everyone has a different idea of what their perfect retirement neighbourhood looks like, and some communities will work better for you than others. That said, popular retirement neighbourhoods in the GTA typically share a few things in common: Good overall walkability (measured by a Walk Score), strong transit access (a high Transit Score), essential amenities within a short distance, and an abundance of quality housing for downsizers. Luckily, the GTA has plenty of amazing neighbourhoods that fit this mould.
Refined Retirement Living
An alternative to independent living, retirement condominiums offer a unique downsizing path. The GTA’s best retirement condominiums boast spacious suites or units, a myriad of on-site amenities, and above all else, a thriving social community composed of other downsizers who are at a similar stage in their life.
One popular retirement condo is Hearthstone by the Bay. Located along the Etobicoke lakeshore, Hearthstone provides residents with a unique, highly-convenient retirement lifestyle. They offer valuable services designed for seniors such as meals in the on-site restaurant, housekeeping, hair salon, pub, movie theatre, fitness programs, social programs and a private shuttle service to downtown.
Have you been out of the real estate market for a while? Explore these blog posts for a refresher on what you can expect from the buying and selling processes.
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Our Top Neighbourhoods For Retirees
Mimico
While Mimico makes an amazing community for residents of all ages, it is particularly well-suited to retirees. Nestled on the waterfront away from the noise of downtown, Mimico is perfect for retirees who appreciate spending time outdoors. The neighbourhood’s countless parks, outdoor trails, and green spaces provide plenty of opportunities for outdoor recreation. Despite being outside of the city centre, Mimico residents still have easy access to downtown via transit. As a quickly modernizing area, Mimico has lots of housing options for retirees, including independent condominiums and townhouses, as well as designated retirement properties.
High Park
High Park has long been one of Toronto’s most desirable neighbourhoods, and for a good reason. Home to the city’s largest park, the community is scenic, tranquil, and a great fit for retirees with an affinity for outdoor recreation. With a remarkable transit score of 94, the neighbourhood is also great for retirees who want fast and easy access to downtown and other parts of the city. In recent years modern condominium developments have become increasingly prominent in High Park, offering even more housing options for retirees and downsizers.
With rising interest rates greatly impacting buyer financing in today’s market, it’s important to understand your mortgage inside and out. Have a look at these blog posts to learn more.
Swansea Village
Located across from High Park, Swansea Village is a uniquely charming neighbourhood popular with retirees. Despite its quaint small-town ambience, Swansea Village is overflowing with amenities. The locals - affectionately called “villagers'' love the neighbourhood's high-convenience lifestyle and reliable transit access. Like Mimico, Swansea Village offers all the perks of waterfront living. Along the shores of Lake Ontario, a variety of modern condo developments offer incredible views of the skyline and High Park.
Bloor West
Bloor West is not just a sought-after residential community but also a popular destination for visitors and tourists. Best known for its charming local shopping district, Bloor West’s countless boutique shops, independent bakeries, butchers, fruit stands, cafes, and grocers make the neighbourhood one of the most walkable areas in all of Toronto. Served by two TTC subway stations, Bloor West has remarkable transit access. For retirees looking to embrace a car-free lifestyle, this is the perfect neighbourhood to do that.
Looking to sell your family home and downsize? As local Realtors® with decades of experience, we can help! Give us a call at 416-985-1486 today!
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