Condo vs Retirement Home: Comparing the Costs in Markham

The short answer

The condo vs retirement home question is really a question about what you are paying for each month. A condo owner pays a common expense fee, a property tax bill, unit insurance and some utilities. They buy the care they need separately. A retirement home resident pays rent plus fees for the care services they choose, all to one operator. A third path, staying in the house and adapting it, keeps your current bills and adds whatever renovations and home care you arrange.

This post explains what each monthly cost is made of so you can compare like with like. It does not quote private retirement home prices, because those are set by each operator and are not published by any regulator. Our downsizing in Markham guide covers the wider decision, from timing to sequencing a sale and a purchase.

Three paths for a Markham homeowner

Most people weighing this decision are choosing between three options.

1. Stay and adapt the house. You keep the home and change it to suit you, for example with a main floor bedroom or bathroom changes. You arrange help at home as needed.
2. Sell and buy a condo. You trade the house for a smaller unit with shared building maintenance, then arrange any care you need yourself.
3. Move to a retirement home. You rent a suite in a home that also offers meals and care services you can purchase.

Long-term care is sometimes mentioned in the same breath, but it is a separate, provincially funded system with its own application process. We cover it below so the difference is clear.

None of these paths is right for everyone. The choice depends on health, care needs, family support and finances, so talk it through with the people who know your situation, including your doctor where care is involved.

Staying and adapting the house

Staying put is often the path people consider first, because there is no sale, no land transfer tax and no move. Your monthly costs stay familiar: property tax, home insurance, utilities and ordinary maintenance, plus any mortgage still outstanding.

What changes is the cost of making the house work. Renovations are one time costs quoted by contractors, so there is no standard figure. Help at home is the other piece. Ontario.ca says Ontario Health atHome can arrange for nurses and other health professionals to visit you at home. It adds that some of these services are government funded, some require a client co-payment and others are offered by private companies for a fee.

The house itself also keeps asking for attention: roof, furnace, snow and lawn. Those are the costs a condo fee or a retirement home’s rent would otherwise cover in part. When you compare, count them honestly.

What a condo costs each month

A condo turns some of a house’s unpredictable costs into a fixed monthly fee, but it does not remove your other bills. Here is what goes into the monthly figure.

The common expense fee

The Condominium Authority of Ontario says common expenses fees are used for maintaining the condo corporation’s common elements, contributions to the reserve fund and services such as cleaning, building maintenance and condo management. Each unit’s share is set by a percentage in the corporation’s declaration, applied to the corporation’s annual budget. The fee is set by the condo corporation, not by you or the seller.

The CAO also explains that a condo board can levy a special assessment, an additional payment collected from owners in case of an unexpected shortfall. That is why the status certificate matters. It includes the current budget, a statement on the reserve fund, the common expenses for the unit and any increase in common expenses with the reason. Our condo status certificate guide walks through what your lawyer checks.

Property tax

A condo unit has its own property tax bill. The City of Markham calculates property tax by multiplying the MPAC assessment by the applicable tax rate. The bill is shared among the City of Markham, York Region and education. Ask the seller for the most recent tax bill on the specific unit rather than estimating.

Insurance

The condo corporation insures the building, but the CAO says unit owners should have their own separate insurance policy to cover damage to their personal possessions and any upgrades or changes to the unit. Get a quote from your insurer for the specific unit.

Utilities

Some buildings include certain utilities in the fee and others meter them separately. The building’s budget in the status certificate and the listing details show what is covered, so confirm it before you compare.

The purchase itself

For a sense of scale, TRREB publishes market reports every month in its Market Watch at trreb.ca. Figures change monthly and vary by property type and neighbourhood and a specific building can sit well above or below them. Our Markham downsizing costs post covers the one time costs of buying, including land transfer tax. You can browse current condos for sale in Markham to see what is available.

What a retirement home costs each month

Ontario.ca describes retirement homes as typically privately owned, renting housing to seniors and offering services such as meals and help with dressing. It also says plainly that the government does not fund retirement homes. You pay rent, plus fees for any extra services you buy.

Rent and care services

The monthly figure has two parts. Rent covers your suite and, depending on the home, items such as meals. Care services are charged on top. Ontario.ca lists examples of care services a home may offer, including assistance with bathing, dressing, personal hygiene, ambulation and feeding, continence care, skin and wound care, administration of a drug, pharmacy service, nursing care, medical care and dementia care.

Ontario.ca says each home should have an itemized list of its types of accommodation and care services with prices readily available. Ask for it in writing. As your needs change, the care portion is the part most likely to change with them.

Who regulates retirement homes

The Retirement Homes Regulatory Authority licenses and inspects retirement homes under the Retirement Homes Act, 2010. Its FAQ is clear on one point that surprises many families: the RHRA does not have authority to set or limit fees for rent or care services. Ontario.ca also says the relationship between a resident and the home is governed by the Residential Tenancies Act, 2006, as a landlord and tenant arrangement.

Under the Act, a retirement home is a building occupied primarily by people 65 or older, by at least six people not related to the operator, where the operator makes at least two of 13 care services available. Confirm your rights under any agreement with a lawyer before you sign.

What the RHRA public register shows

The RHRA Retirement Home Public Register lets you search licensed homes in Ontario by name or address. For each home it shows licence status, the care services offered and enforcement actions such as registrar orders, prosecutions and licence conditions. You can also filter by home size and by care service.

Ontario.ca recommends checking the register to confirm a home is licensed and reviewing its record before you visit. It does not show prices.

How long-term care is different

Long-term care is not a more intensive retirement home. It is a separate system. Ontario.ca says residents in retirement homes are usually more independent and need less medical care than residents in long-term care, who need nursing care on site 24 hours a day.

The money works differently too. The Ontario government pays for personal and nursing care in a long-term care home. Residents pay a co-payment for accommodation and meals. The Ministry of Long-Term Care sets maximum co-payment fees each year. Effective July 1, 2026, the basic accommodation rate is $70.00 a day or $2,129.17 a month. A rate reduction program is available to eligible residents in basic rooms. Confirm the current rate on ontario.ca, since it is updated every year.

You also cannot apply directly to a long-term care home. Ontario.ca directs applicants to Ontario Health atHome. Retirement homes, by contrast, take applications directly and may have their own wait lists.

The monthly costs side by side

This table shows what each path’s monthly cost is made of and who sets it. It does not show dollar amounts, because most of these figures depend on the specific home, building or care plan.

Cost category	Stay and adapt	Condo	Retirement home	Long-term care
Housing	Mortgage, if any	Mortgage, if any	Rent, set by the operator	Co-payment, maximum set by the Ministry of Long-Term Care
Building upkeep	Paid by you as needed	Common expense fee, set by the condo corporation	Ask what rent includes	Part of accommodation, ask the home
Property tax	Your own bill	Your own bill	Ask the home	Ask the home
Insurance	Home insurance	Unit owner policy	Ask the home	Ask the home
Utilities	Paid by you	Depends on the building	Ask what rent includes	Part of accommodation, ask the home
Meals	Paid by you	Paid by you	Ask what rent includes	Covered by the co-payment
Care	Arranged at home, some government funded	Arranged at home, some government funded	Care service fees, set by the operator	Nursing and personal care paid by the province
Unexpected costs	Repairs	Special assessments	Changes in care needs	Optional services

Questions to ask before you choose

Questions for a retirement home

• Is the home licensed and what does the RHRA register show for it?
• Can I have the itemized list of accommodation and care services with prices?
• What does the rent include, such as meals, utilities and housekeeping?
• How are care services charged and what happens to the cost if my needs change?
• When could I move in and is there a wait list?
• Can I speak with current residents?

Questions for a condo

• What does the status certificate show about the reserve fund and any special assessments?
• Which utilities does the common expense fee cover?
• What is the most recent property tax bill for the unit?
• What would unit owner insurance cost for this suite?

Questions for staying

• What renovations would make the house work and what do contractors quote?
• What home care could Ontario Health atHome arrange and what would be private?

What to do next

1. Write down your current monthly costs in the house, including maintenance, so you have a true baseline.
2. Search the RHRA register for licensed homes you are considering and ask each for its itemized price list.
3. If a condo is on the list, review status certificates for specific units with your lawyer.
4. Read about life lease housing in Markham, another option some downsizers compare.
5. Confirm tax, legal and care questions with your accountant, lawyer and the relevant agency before you decide.

If selling the house is part of the plan, our downsizing guide and downsizing costs breakdown cover the steps and bills involved. Contact us when you would like to talk through how a sale would fit with any of these paths.