Buying Your Next Home After 60

Buying a home after 60 is different from buying your first one. You are not just looking for a place you like today; you are looking for a home that will still work for you at 75, 85 and beyond. That means thinking about stairs, elevators, bus routes and condo rules as carefully as you think about kitchens and closets.

This guide walks you through what to look for when buying a condo or a smaller home later in life, the paperwork that deserves a close read, and how the purchase fits together with selling the home you have now.

Start with how you want to live

Before you look at listings, picture your ordinary week: where you shop, which doctor and pharmacy you use, and who you see. The right next home keeps the parts of your life that matter and removes the parts that have become a burden.

An example: a retired couple selling a two-storey house in Agincourt may love the idea of a condo downtown near the lake. But if their friends, their church and their family doctor are all in Scarborough, a condo near the Scarborough Town Centre area might give them the easier lifestyle they want without cutting them off from the people they rely on.

Accessibility: buy for your future self

A home that is easy to live in today can become difficult after a fall, a knee replacement or a stroke. Look at every property as if you might one day use a walker, and you may save yourself a second move.

• Step-free entry. Can you get from the street or parking spot to your front door without steps? In a condo, check the lobby, the parking garage and the path to the garbage room.
• Elevators. How many are there, and how old are they? A building with only one elevator can leave residents stuck during repairs.
• Stairs inside the home. Townhouses and “stacked” townhouses often have several levels. A bungalow or a single-level condo is usually easier over the long run.
• Bathrooms. Is there a walk-in shower, or room to add one? Are doorways wide enough for a walker?
• Laundry. Is it in the unit, or down a hall or in a basement?

Location: transit, health care and daily errands

Location matters even more later in life, because it decides how independent you can stay if you stop driving. Look for a home within easy reach of a grocery store, a pharmacy, your doctor and public transit.

Think about the people as well as the places. A widow moving from a large house in Willowdale may choose a condo two subway stops from her daughter rather than a cheaper one further away, because being close to family is worth more to her than the price difference.

Buying a condo: the status certificate

When you buy a resale condo in Ontario, one of the most important documents is the status certificate. It contains key information about the unit and the condominium corporation, including its finances, and it should always be reviewed by your real estate lawyer. According to the Condominium Authority of Ontario, the condo corporation must provide a status certificate within 10 days of a request, and the standard fee is capped at $100, including taxes. Some corporations offer a faster “rush” service for a higher fee.

Most buyers make their offer conditional on their lawyer reviewing the status certificate and being satisfied with it. Your agent and lawyer can explain how that works in your situation.

Maintenance fees and the reserve fund

Every condo owner pays monthly common expense fees (often called condo fees or maintenance fees). These pay for shared upkeep, services such as cleaning and management, and contributions to the reserve fund, which is the building’s savings for major repairs like roofs, elevators, windows and garages. If the reserve fund is too small, or something unexpected happens, the corporation may charge each owner a one-time special assessment.

On a fixed retirement income, this matters. Ask your lawyer to look at the reserve fund, any planned increases in fees, any special assessments, and any lawsuits involving the corporation. The Condominium Authority of Ontario’s guidance for buyers is a helpful plain-language starting point.

Condo rules

Every condo has its own declaration, by-laws and rules. These can cover pets, smoking, renovations, parking, guests, storage lockers and even what you can put on your balcony. Read them before you buy, not after. If you have a dog, plan to have a caregiver stay overnight, or want to install grab bars and a walk-in shower, make sure the rules allow it.

Buying a smaller house or bungalow

Not everyone wants a condo. A bungalow, a semi or a townhouse can give you a little garden and more privacy without the size of the family home. If you buy a freehold house, remember that you are responsible for the roof, furnace, windows, snow and lawn yourself. Ask:

• How old are the roof, furnace, air conditioner and windows?
• Is there a main-floor bedroom and full bathroom?
• Who will clear the snow and cut the grass, and what will that cost?
• If it is a townhouse, is it freehold or part of a condominium corporation with fees?

How the purchase fits with selling your current home

For most people downsizing, the money for the next home comes from selling the current one. That raises the classic question: do you buy first or sell first? Buying first means you know where you are going, but you may need to carry two homes or arrange bridge financing. Selling first gives you certainty about your budget, but you may need a temporary place to live. Our guide Buy First or Sell First? explains the trade-offs in detail.

1. Know your numbers. Get a realistic idea of what your current home may sell for and what you can comfortably spend, including fees, moving costs and land transfer tax.
2. Talk to a lender early. If you will need a mortgage or bridge financing, speak with a mortgage professional before you start shopping.
3. Line up your lawyer. Choose a real estate lawyer who can review a status certificate quickly and handle both the sale and the purchase.
4. Coordinate the dates. Where possible, plan closing dates so you are not moving twice or paying for two homes for long.
5. Plan the move. Decide what furniture fits the new space before moving day. See Movers, Estate Sales and Donations.

Common mistakes to avoid

• Buying for today only. A third-floor walk-up or a three-level townhouse may be lovely now and hard later.
• Skipping the paperwork. Never firm up a condo purchase without your lawyer reviewing the status certificate.
• Looking only at the price. A cheaper unit with high fees, or a building facing big repairs, may cost more in the end.
• Moving far from your support network. Friends, family and familiar doctors are hard to replace.

Frequently asked questions

Can I get a mortgage after 60?

Many people do, but every situation is different. A mortgage professional can tell you what options may be available to you.

Is a condo always the best choice for downsizing?

No. A condo removes outdoor work and often adds security, but it comes with monthly fees and shared rules. A bungalow or townhouse may suit someone who wants a small garden or more privacy.

Should my children be involved in the purchase?

That is your choice. Many people find it helpful to have a trusted family member see the home and hear the advice. If they will help pay or go on title, read Adding Children to Title: Know the Risks and speak to a lawyer first.

How Irina can help

As a Seniors Real Estate Specialist®, Irina helps older adults find homes that fit both their budget and their future, and coordinate the sale of their current home at the same time. She is happy to talk through your plans, in English or Russian, in a relaxed conversation with no obligation. Contact her whenever you are ready.

Related guides: Buy First or Sell First? · Your Housing Options Compared · Life Leases, Co-ops and 55+ Communities