If you’ve been thinking about downsizing, you’ve probably asked yourself the million-dollar question: Should I sell my home now, or wait?
As someone who works closely with homeowners 50 and older, I know that this decision is about much more than timing the market. It’s about lifestyle, finances, and future plans. Still, understanding the current real estate landscape can help you make a more confident, informed choice.
What’s Happening in the Market Right Now?
In many parts of Ontario and the Greater Toronto Area, we’re seeing a real estate market that’s shifting. Interest rates have remained higher than we’ve been used to in the last decade, which has cooled buyer activity somewhat. However, there’s still a strong demand for move-in ready homes in desirable neighbourhoods — especially bungalows, condos, and townhomes that appeal to both downsizers and first-time buyers.
Inventory remains tight in many communities, and that can work in your favour. With fewer listings available, a well-presented home in a good area can still attract strong interest.
Reasons You Might Want to Sell Now
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You’re Ready to Make a Change: If maintaining your current home has become more work than joy, now could be the right time to move on to something that better suits your lifestyle.
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You Want to Cash In on Equity: Many longtime homeowners have built up significant equity. Selling now could free up funds for travel, retirement, or simply peace of mind.
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You Have a Plan: If you already know where you want to go — whether it’s a smaller home, a condo, or a rental — acting now can help you avoid future uncertainty in the market.
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You Want to Avoid Costly Repairs: The older a home gets, the more it typically costs to maintain. Selling sooner might save you from having to invest in major updates just to attract buyers later.
Reasons You Might Consider Waiting
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You’re Not Sure Where You’d Go: The supply of smaller, affordable homes isn't always consistent. If you haven’t found the right place yet, it may be smart to wait while continuing to monitor the market.
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You Want to Maximize Your Profit: If you believe home values in your area are on the rise or will rebound strongly, waiting a little longer might yield a better sale price.
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Life Circumstances Aren’t Lining Up Yet: Maybe you’re still working, caring for a loved one, or just not emotionally ready. That’s okay. Timing isn’t just about the market — it’s also about you.
A Few Tips for Making the Decision
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Talk to a Real Estate Professional: A local expert who understands the downsizing journey can help you evaluate your options realistically.
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Know Your Numbers: Understand how much equity you have, what your next home might cost, and what monthly expenses could look like post-move.
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Explore Different Living Options: Downsizing doesn’t always mean buying a smaller house. Condos, rentals, retirement communities — there are many choices, each with pros and cons.
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Take Your Time, But Have a Plan: Even if you're not selling this year, it's wise to start preparing now. Decluttering, updating, and researching your next move early can make the process far less stressful when the time comes.
Final Thought:
There’s no universal answer to “Should I sell now or wait?” — but there is a right answer for you. The key is to weigh market conditions alongside your personal needs and goals.
If you’re starting to think about downsizing and want help exploring your options, I’d be happy to have a no-pressure conversation. Whether you’re ready now or just starting to plan, I’m here to help you make the move that’s right for your next chapter.
