Downsizing in Waterloo, Ontario

Overview of downsizing in Waterloo

Waterloo shares the Region of Waterloo with Kitchener and Cambridge, and the Region also includes four townships. The City of Waterloo bills your property tax and runs its own revenue office, while the Region sets some policy that applies across all seven area municipalities. See our Waterloo and Wellington overview for how the pieces fit.

Ontario Downsizing is an information resource written by real estate agents on the operating team at eXp Realty. This page is general information, not legal, tax or financial advice.

Condos and townhouses in Waterloo for downsizers

The smaller-home choices in Waterloo are the usual ones: a condominium apartment, a townhouse, a single-storey house or a licensed retirement home. We do not name buildings or give prices because we have not verified them for this page. Ask your agent for current listings and, for any condominium, the status certificate and reserve fund study before you remove conditions.

Our condo, townhouse or house guide compares upkeep and costs, and buying a condo in Ontario explains the paperwork. Some buyers also consider life lease homes, which work differently from ownership; see life lease and land lease homes.

Getting around Waterloo

Grand River Transit serves the Region with buses and ION light rail, and it lists an older adult day pass. Use its trip planner with a specific address, since routes and schedules change and we have not listed them. Try the trips you make weekly, such as to a doctor or a grocery store, before you choose a home. More options are in getting around Ontario after 65.

Hospitals near Waterloo

The Waterloo Regional Health Network, formed from Grand River Hospital and St. Mary's General Hospital, has emergency departments at its Midtown campus (835 King Street West) and Queen's Blvd campus (911 Queen's Boulevard), both in Kitchener. The Region of Waterloo's hospitals page lists the hospitals in the Region. Ontario Health atHome (1-833-515-1234) coordinates home care and long-term care placement.

Everyday life in Waterloo

The City of Waterloo's website is the place to find parks, trails, libraries and recreation programs. We have not verified individual facilities here, so look at what is near each address and visit before you decide. A home that suits you now should also suit you with fewer stairs and less driving.

Flood mapping and storm insurance in Waterloo

The Grand River Conservation Authority's Map Your Property tool covers Waterloo by municipality and address. Use it for each property you consider. Ontario insurers often sell overland flood and sewer backup as optional extras, so see our flood and storm insurance guide and get a quote for the specific address before you remove conditions.

Waterloo property tax deferral and land transfer tax

The City of Waterloo's page on tax rebates and deferrals lists a deferral for seniors receiving the Guaranteed Income Supplement and for people on the Ontario Disability Support Program, with applications accepted year-round. The same page notes the provincial Senior Homeowners' Property Tax Grant of up to $500 for eligible low-to-moderate income seniors. Contact Revenue Services at revenue@waterloo.ca or 519-747-8718 to confirm your case.

Sellers do not pay land transfer tax in Ontario; buyers do. Our land transfer tax guide explains what you would pay on your next purchase. For the sale itself, read estimating net proceeds and use the net proceeds calculator.

Selling a Waterloo home and moving out

Before you list, work out what you will keep. Clearing decades of belongings is often the slowest part of a move, and our guide to clearing out your home and moving day sets out a timeline. Silver Lining Senior Advisors lists Waterloo Region as part of its service area for downsizing and moving help, and Visbids lists Kitchener-Waterloo for estate and content sales. We name them for information only, so confirm coverage, fees and references yourself.

Fees on your own sale include the agent's commission, on which registered agents must charge GST/HST, and your lawyer's fees. Ask for these in writing. Lenders can also charge a prepayment penalty if you pay off a mortgage early, usually the higher of three months' interest or an interest rate differential, so check your mortgage terms. Our net proceeds guide walks through the arithmetic.

Questions to ask before you buy in Waterloo

• Is the property inside a conservation authority regulated area, and what flood coverage can I get?
• For a condominium, what do the status certificate, budget and any planned special assessment show?
• How far am I from the hospital campuses in Kitchener, and how would I get there without driving?
• Would I qualify for the City's senior tax deferral, and how is it repaid when I sell?
• Is the building or street suited to fewer stairs and a longer stay?

When you are ready to compare options with an agent on the eXp Realty operating team, contact us.