Downsizing in Unionville: A Practical Guide for Homeowners

The short answer

• Most Unionville downsizers move from a detached or semi into a condo, townhome or bungalow within the same general area.
• You will likely walk away with sale proceeds after paying off any mortgage, commission and legal fees and that amount drives what you can afford next.
• Land transfer tax, legal costs and moving expenses apply on the purchase side, so budget for both transactions, not just one.
• Decluttering a home you have lived in for decades takes longer than people expect, so start that process months before you list.
• Deciding whether to sell first or buy first is one of the biggest decisions in the whole process and it depends on your risk tolerance and current market conditions.

Why homeowners in Unionville choose to downsize

Unionville has a lot of long-time owners who bought their homes when their kids were young and the neighbourhood was still filling in. Now those same homes, often four or five bedrooms with a big yard, no longer match how people actually live day to day.

The most common reasons I hear are straightforward. Stairs and yard work become a chore rather than a pleasure. The kids are gone and three or four bedrooms sit empty most of the year. Property taxes and utility bills on a larger home add up and some owners would rather redirect that money toward travel, family or retirement savings.

There is also a financial angle. Home values in Unionville have grown considerably over the years and downsizing lets you convert some of that built-up equity into cash without leaving the area you know.

What downsizing in Unionville actually looks like

Downsizing does not have to mean leaving the neighbourhood. Unionville offers a genuine mix of housing types, which is part of why so many long-time residents are able to stay local when they scale down.

Condos near Old Unionville

Condo buildings around the Kennedy and Highway 7 corridor and closer to the GO station, give buyers low-maintenance living within walking distance of Main Street shops and restaurants. Monthly condo fees cover exterior maintenance, so you trade a mortgage-free yard for a predictable monthly bill.

Townhomes and bungalows

Freehold and condo townhomes throughout Unionville and neighbouring pockets of Markham offer more space than a condo with less upkeep than a detached home. True bungalows are harder to find and tend to move quickly when they do come up, since they appeal to both downsizers and young families who want single-level living.

Moving outside Unionville

Some clients decide the equity works harder somewhere else, whether that is a smaller town further from Toronto, a condo closer to family or a rental while they figure out the next stage. There is no wrong answer here. It comes down to what matters most to you: staying near familiar streets and neighbours or maximizing what the sale proceeds can buy elsewhere.

Selling a house in Unionville: what to expect financially

Before you commit to a plan, it helps to work out roughly what you will net from selling and roughly what the next property will cost you all in. I put these numbers together with clients early, before we even talk about listing dates, because the answer often shapes the whole strategy.

On the sale side, expect real estate commission (negotiated between you and your agent), legal fees and any costs for staging, minor repairs or a home inspection you choose to have done. If you still have a mortgage, that balance and any discharge fee come off the top too.

On the purchase side, land transfer tax applies in Ontario on the new property and Toronto adds its own municipal land transfer tax if you buy within the city (Markham does not have a separate municipal tax at this time, but always confirm current rules before you budget). Add legal fees again, plus moving costs and possibly condo status certificate review fees if you are buying into a building.

None of these figures are fixed. They depend on your sale price, purchase price and the professionals you use. Ask your agent and your real estate lawyer for a written estimate based on your actual numbers rather than a rule of thumb.

Selling first or buying first: the core decision

This is the question I spend the most time on with downsizing clients, more than staging or pricing. There is genuinely no single right answer, only trade-offs.

Selling first tells you exactly how much money you have to work with. You lose nothing to guesswork. The downside is that if your next home is not ready, you may need a short-term rental or a stay with family, along with a second move.

Buying first avoids that double move and lets you take your time finding the right condo or townhome. The risk is carrying two properties, even briefly, if your current home takes longer to sell than planned. In a slower market, that gap can stretch on.

Some buyers bridge this with a longer closing on the sale, a rent-back arrangement with the buyer or bridge financing through their bank. Each option has its own cost and paperwork, so it is worth discussing early with your mortgage broker or bank.

Approach	Main advantage	Main risk
Sell first, then buy	You know your exact budget for the next home	May need temporary housing between closings
Buy first, then sell	One move, more time to find the right property	Carrying two properties if the sale takes longer than expected
Bridge financing or rent-back	Smooths the gap between closings	Added cost and dependent on lender or buyer agreement

Downsizing your belongings, not just your address

The physical part of downsizing often takes longer than the real estate part. A family that has lived in the same Unionville home for twenty or thirty years usually has decades of belongings to sort through and rushing this is where most stress comes from.

Start early, ideally three to six months before you plan to list. Go room by room rather than trying to tackle the whole house at once. Sort items into four groups: keep, give to family, sell or donate and discard. Furniture that fit a large family room rarely fits a condo living room, so be realistic about what will actually work in the new space.

For larger homes or clients without nearby family to help, a professional move manager or downsizing specialist can be worth the cost. They handle sorting, coordinate donation pickups and manage the physical move, which frees you up to focus on the real estate decisions.

Tax and legal points worth confirming

Most people selling their primary home in Canada do not pay capital gains tax on the sale, because of the principal residence exemption. That said, situations involving a second property, a rental unit within the home or a period when the home was not your primary residence can change the picture. This is worth a short conversation with an accountant before you list, not after.

If you are over 65 or approaching that age, ask about property tax deferral programs, which some municipalities and provinces offer to reduce the burden of holding onto a larger property a bit longer while you plan your move. Rules and eligibility vary, so check directly with the City of Markham or the Region of York for current programs.

What to do next

If downsizing in Unionville is on your mind this year, here is where to start this week:

• Get a current, realistic estimate of your home’s value so you know your starting equity.
• Have a short conversation with a mortgage broker about bridge financing options, even if you think you will not need them.
• Walk through your home and make a rough room-by-room list of what you plan to keep versus let go.
• Decide, at least loosely, whether staying in Unionville or looking further afield fits your goals better.
• Book a call with an accountant if your ownership situation is anything other than one primary home.

I have helped a lot of long-time Unionville homeowners work through exactly this decision, from figuring out timing to finding the right condo or townhome nearby. If you are starting to think about downsizing and want a straightforward, no-pressure conversation about your options and your numbers, reach out to me, Kirby Chan and let’s talk through what makes sense for your situation.