Where do Torontonians retire? Senior citizens live across Toronto. There are over 425,000 seniors in the city, comprising 13 percent of the population, making it the city in the GTA with the second-highest percentage of senior citizens (after Hamilton).
There are a lot of reasons to stay in the city when you retire: walkable neighborhoods, long-standing communities, familiarity with services, and a great transit system for those who want to give up their cars.
However, for seniors who want to downsize, staying in Toronto becomes more of a challenge. Selling your single-family home can net you a major payday in Toronto, but condo prices have climbed considerably, and will take a major bite out of the funds freed up by home sales. Moving out of Toronto’s overheated real estate market can be a very smart move for retirees who want to maximize their savings.
Toronto seniors looking to downsize have a lot of options for senior retirement housing across Ontario, where they can stretch their budgets further.
Senior Living: Toronto vs. Stratford
Stratford is a popular destination for retirees across Ontario. There is plenty to do in Stratford, and in the old part of town, everything is walkable and convenient, a great asset for anyone used to enjoying Toronto’s downtown neighbourhoods. Enjoy walks through the park along the Avon River, dinner at Mercer Hall, antique shopping along York Street, or spend the weekend at the farmer’s market by city hall. Downtown Stratford has a wealth of charming old buildings that you will simply fall in love with.
Theatre season makes Stratford the perfect locale for anyone with a passion for dramatic arts, and the draw from tourists has made this town a culinary and cultural destination beyond the stage.
Retirement Housing in Ottawa
The nation’s capital is another popular destination for retirees who want to enjoy a city with a vibrant cultural life and great dining, but without many of the problems that come with big cities like congestion and affordability.
When it comes to medical services, no city in Canada can compare. Ottawa has a higher number of doctors and specialists per capita, as well as some of the country’s leading hospitals and medical institutions.
With real estate prices considerably lower than Toronto’s, Ottawa is becoming a popular destination for seniors who want to stretch out their budgets without giving up city life.
The Perks of Retiring in London
London, Ontario is one of the best places in North America to retire, in part thanks to its reputation as the “Forest City.” London offers an abundance of green space and leafy walks, especially along the Thames River, as well as cultural institutions like events, festivals, and museums that keep things lively all year round.
There’s also the medical facilities and expertise brought to the city by Western University, one of the leading healthcare research universities in Canada. Plus, London is far enough from Toronto that it’s real estate market hasn’t been nearly as affected as closer locations like Waterloo.
Leaving Toronto when you downsize is a great financial move. Plenty of young families are also making the move out of the expensive city, and if your family has sought out more space in another city in Ontario, it might make sense to follow them. There are plenty of amazing places to retire across Ontario.