Can a Condominium Make It Easier for Your Parents to Leave the Family Home?

My in-laws considered moving for almost ten years. They knew where they wanted to go, but there was never much urgency. They were healthy, the house worked for them and there was no obvious reason that this year had to be the year.

Then one of them suffered an injury that meant months of very limited mobility. Their multi-level house immediately became a problem. The bedroom and shower were upstairs and getting there was no longer realistic.

I don't think that proves they should have moved years earlier. It does illustrate the risk of waiting until something happens. A decision they had been able to make entirely on their own terms was suddenly being influenced by an injury.

That led me to look more closely at the question. When does it actually make sense to leave a family home? What are you giving up by leaving? What are you gaining? What does it mean financially to sell a $1.2 million house and move into something worth $600,000? And can a condominium, rental apartment or 55+ community make the decision easier before it becomes necessary?

The research does not support the idea that healthy people in their 60s should move simply because they may have health problems later. What it does support is planning before health, mobility or another crisis starts making the decision for them.

The National Institute on Ageing's 2025 Ageing in Canada Survey found that 85% of Canadians aged 65–79 living in the community wanted either to remain in their current home or move to a smaller, more manageable home as they aged.[1] That distinction is important. “Aging at home” does not have to mean staying forever in the detached house where the family was raised. Moving into a smaller house, condominium or apartment while continuing to live independently can still accomplish the same thing.

Canada's Plan Now to Age in Place guidance encourages people to think about what their home and life may look like 10, 15 or even 20 years ahead.[2] Research involving people moving much later in life has also found that health problems and cognitive decline can reduce how much control an older person has over the decision.[3]

So I don't think the message is “move while you're healthy.” I think the better message is: decide what you want while you're healthy.

There are very good reasons to stay in the family home. You know the neighbourhood. You may have friends nearby. You have room for children and grandchildren. You may use the yard, basement, extra bedrooms or home office. If the mortgage is paid off, the cost of staying can also compare very well with buying a condo or paying rent.

The house can also be modified. Research supports things like handrails, improved accessibility and removal of hazards as ways of reducing fall risk and helping people remain independent.[4] So I don't think age alone tells you very much. The better question is whether the house still works for the life you want.

The financial side is where the decision gets more interesting.

Take someone living in an 1,800-square-foot detached home worth $1.2 million with no mortgage. Compare that with a 1,200-square-foot condo or apartment worth $600,000.

That example is actually close to the current GTA market. In September 2026, the average GTA detached home sold for about $1.29 million, compared with roughly $605,000 for a condominium apartment.[5] In Southwestern Ontario the prices are lower, but the spread can still be substantial. In the London–St. Thomas region, September 2026 benchmark prices were about $600,700 for a single-family home and $317,100 for an apartment.[6]

Selling the house and buying something for $600,000 does not create another $600,000 of wealth. You already had that money. It was in the house. What changes is the form of the wealth. A large amount that was tied up in the property becomes liquid.

For someone who already has substantial investments, that may not matter much. They may value the space more than the additional liquidity.

For someone whose house represents most of their net worth, it can be a very different calculation. That money can fund travel, winters somewhere warm, help for children or grandchildren, future home support, unexpected expenses or simply more spending flexibility in retirement.

Neither answer is automatically right.

The same applies to the extra space. I could not find credible research saying that a typical 65-year-old needs 1,200 square feet but not 1,800. That would be an assumption.

For one person, the extra 600 square feet may be a formal dining room nobody uses and a basement full of things they haven't looked at in years. For someone else, it may be a guest room, office, gym and workshop that they use every week.

The issue is not really how many square feet someone “needs.” It is whether the space is useful enough to justify the money and work tied up in it.

This is where condominiums become interesting.

The appeal is not simply that they are smaller. A condominium can remove a lot of the work that comes with a detached house. There is no lawn to cut, driveway to clear, roof to replace personally or exterior to maintain on your own. For someone who wants to travel more, spend part of the winter somewhere warm or simply stop organizing their life around home maintenance, that matters.

A good condominium can also offer things the house may not: newer finishes, secure parking, fitness facilities, common areas, walkability and the ability to lock the door and leave for several weeks without thinking very much about the property.

But there are trade-offs. Condo fees can be substantial. Decisions are shared with other owners. Special assessments can happen. You may have less privacy and less outdoor space.

Renting is another option. It removes even more maintenance responsibility and can leave more of the house proceeds liquid, but you give up ownership and take on rental-market risk.

A 55+ or active-adult community adds something different again. There may be more people at a similar stage of life and more organized social activity. That can be valuable, but I would not assume that a condo or 55+ community automatically provides more community than a detached house. Someone with good neighbours, nearby family and a strong social network may already have exactly what they need.

After looking at the research, I think there is a better way to frame the decision:

If you were choosing your home from scratch today, knowing what you want the next 15 years to look like, would you still choose this one?

Would you still want the stairs? Would you buy this much space? Would you choose this location if driving became less important? Do you actually enjoy looking after the property? Would you rather have some of the money tied up in the house available for other things? And if something changed tomorrow, do you already know what your alternatives are?

For some people, the answer will be that the family home still makes perfect sense. There is no reason to leave a good house simply because of age.

For others, the answer may be that the house made perfect sense for the previous stage of life but is no longer the obvious choice for the next one.

My in-laws had already done most of the thinking. They had talked about moving. They knew where they wanted to go. They just kept putting it off because there was no immediate reason to do it.

Until there was.

That does not mean everyone should move early. It does mean there is a strong argument for making the decision before an injury, health problem or loss of mobility starts making it for you.

This article was originally published on LinkedIn.

Sources

[1] National Institute on Ageing. Perspectives on Growing Older in Canada: The 2025 NIA Ageing in Canada Survey.

[2] Federal/Provincial/Territorial Ministers Responsible for Seniors. Thinking About Your Future? Plan Now to Age in Place — A Checklist.

[3] When Frail Older People Relocate in Very Old Age, Who Makes the Decision? Innovation in Aging.

[4] Crosby KM, Rodriguez CA, Canas MA, et al. The influence of home modifications on falls in community-dwelling older adults: A systematic review.

[5] Toronto Regional Real Estate Board. Market Watch — September 2026.

[6] London and St. Thomas Association of REALTORS®. September 2026 MLS® HPI benchmark data.