A lot of clients I meet want to explore renting as an option when they sell their home. That way they can use the equity in their home to travel, gift, invest or simply as funds to live on for their next chapter in life.
When we talk about rentals in the GTA I think it’s really important to understand what the rental market is really like.
Of course, if you’re like most people you probably haven’t rented since college; and things may have changed a lot!
What types of rentals are there?
- seniors apartments
- traditional apartment buildings
- private rentals from small landlords
- retirement residences like Chartwell & Amica etc.
What isn't available (generally) in Ontario:
In the US, unlike Canada there are lots of gated 'retirement' communities.
If you're looking for that type of rental here, they simply don't exist. Why? in Ontario, the Ontario Human Rights code prohibits discrimination in housing. So you simply cannot restrict most housing by age or demographic.
What about the Seniors apartments you see when you’re driving around?
These are generally made available to lower income seniors, so they are mostly not for profit communities or rent geared to income properties. Generally they can have long wait lists - I've heard 10 years or more!
Rental housing options: the pros and cons:
Rental Apartments - Available in various buildings, including senior-friendly options in Guildwood, Pickering, Ajax, Whitby (some also have on-site services geared to seniors).
Pros: Secure tenancy; you may live there as long as you like.
Cons: Some buildings may lack features like en-suite laundry etc.
Private Condo Rentals
Rented from individual owners, the landlord pays for maintenance fees and property taxes. Tenants pay rent plus any extra utilities.
Pros: Modern features like walk-in closets, en-suite laundry, amenities, underground parking, and social activities.
Cons: Limited availability in popular buildings, less security of tenancy, and lots of application paperwork requirements
Retirement Homes
Operated by companies like Chartwell and Amica, these offer private apartments with communal dining and various services (PSWs, medical staff, activities).
Pros: Age-in-place medical support, some newer buildings feature independent suites with full kitchens, strong social communities.
Cons: The most expensive option.
Pro tip: Do your research 6 months before you sell
If renting is on your wish list, I highly recommend you sit down about six months out from selling your house and see what’s available in your desired area.
Find out what the cost of renting is, check out different floorplans and layouts, or research private rentals come up in the area or buildings you would like to live.
Ask an expert
Not all realtors help with rentals, so if you have questions about your own situation (or if you’re helping parents or relatives through a move) you can always call to pick my brain at 416-562-5002.
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