When is it a Good time to Downsize

Downsizing can be a difficult, no matter what the reason for taking this step in your life is. Whether you have had enough of dealing with a large property, want the convenience of a condo or townhome, need to move due to mobility reasons or retirement, or due to unfortunate circumstances such as bankruptcy, downsizing is a huge undertaking. There is a tremendous list of positives when downsizing though, and you may find it is the right option for you.


Downsizing usually means a property or condo that is easier to maintain than your current living arrangements. When moving from a house into a condo you no longer have to worry about roofs, flooded basements, gardens, and more. The space inside your condo is also easier to maintain, partly because it is a smaller space and partly because some things are covered under your condo agreement, such as hydro.

One thing that everyone will enjoy about downsizing is the smaller amount of time that spent cleaning. Cleaning is a hassle, and with large properties – especially ones where most of the space is out of use – it can take an incredible amount of effort. Downsizing means that you will have much less time cleaning and a lot more to do what you really want.

Smaller properties are also less expensive than larger ones. If you have a mortgage on your new property it will be significantly smaller. The amount owed on property tax, hydro, and water will also be much smaller when it comes time to pay. The savings will add up and will allow you to plan for the future with more flexibility than before.

Downsizing can be life changing because it forces you to let go of things and really figure out what things you want to keep because they are important to you, and which things were just taking up space. It can be freeing to allow yourself permission to let go and fall into a minimalist lifestyle. With less space in your new home, there will also be less temptation to accumulate things that you do not need. When space needs to be utilized in the best way possible, it is unlikely you will be filling your home with junk.

For Those Retiring: 

The costs of moving into a retirement community can be substantial. Downsizing when the market is hot is a great way to take advantage of your investment and get as much out of it as you can. If you wait until moving is a must you are at the mercy of the market and will have less control over your downsizing experience.

Condo living or living in a retirement community are both great places to make friends. Living in a house can be isolating, especially if you are living on your own. By downsizing and moving into a community where you are more connected to your neighbours can alleviate loneliness.

At a certain point, getting around a big house with multiple flights of stairs can be challenging. Instead of installing stair lifts it may be time to say goodbye to the big house and hello to a smaller, more manageable condo without a set of stairs. A smaller home also means it is easier to keep clean, and that the laundry facilities will be close by, and not a treacherous trek to the basement.

Downsizing does not have to be done with sadness. It is a new chapter in your life, and there are an incredible amount of positives associated with taking the plunge. Let Olena Feoktistova, sales representative at Bosley Real Estate, show you how downsizing can make your life better.  

Local Real Estate News

Stay updated about the latest listings and get regular Toronto market updates as well as exclusive industry insights when you join my newsletter.