Downsizing in Richmond Hill

Overview of downsizing in Richmond Hill

Richmond Hill is one of nine municipalities in York Region, between Vaughan to the west and Markham to the east. Because it is close to both, many shoppers compare all three cities. Visit streets at different times of day, since traffic on the main roads varies a great deal, and count the distance to the doctor, pharmacy and family you will use most.

Messages from this site go to agents on the operating team at eXp Realty. Start with the downsizing guide and the York and Durham overview if you have not yet chosen a city.

Condos and townhouses for downsizers in Richmond Hill

Smaller homes here include condominium apartments, townhouses and some bungalows. In a condominium you pay monthly fees to the condominium corporation and share the cost of repairs through its reserve fund, so read the status certificate before you commit. Our guide to buying a condo in Ontario lists what to ask, and condo, townhouse or house sets out the trade-offs. Names of specific buildings are not listed here. Ask your agent for current listings and request the fees and rules in writing.

Getting around Richmond Hill

York Region Transit runs local routes within Richmond Hill and the Viva rapid transit network, which links Richmond Hill with Markham, Vaughan, Aurora and Newmarket. Use the planner at yrt.ca for current routes. GO Transit operates a Richmond Hill rail line, and the Barrie line stops at Maple and Rutherford stations just across the city boundary in Vaughan. Check GO Transit for stations and train times, as rail service is concentrated around rush hours. If you plan to give up driving, read getting around Ontario after 65.

Hospitals near Richmond Hill

Mackenzie Richmond Hill Hospital is at 10 Trench Street and is open 24 hours a day. A Mackenzie Health long-term care home is co-located on the site. Mackenzie Health also operates Cortellucci Vaughan Hospital at 3200 Major Mackenzie Drive West. Home care and long-term care placement are coordinated through Ontario Health atHome at 1-833-515-1234. Our aging in place or moving guide helps you decide how much care access should shape your choice.

Parks and everyday life in Richmond Hill

Mill Pond Park, at 321 Mill Street, has a boardwalk around the pond, a playground and a gazebo. Check the City's website for current recreation centres, library hours and programs, which are not listed here.

Flood maps and storm insurance in Richmond Hill

The Toronto and Region Conservation Authority (TRCA) maps flood plains in the area. Enter an address in its flood plain map viewer and its regulated area search. Overland flood and sewer backup are optional coverages on many home policies, so ask for quotes before you shortlist. Our flood and storm insurance guide explains the difference.

Property tax relief and land transfer tax in Richmond Hill

The City of Richmond Hill's Tax Assistance Programs page lists a Senior Tax Grant for residents 65 and over, a property tax deferral program that delays tax increases without added interest until the property is sold or transferred, and the provincial Ontario Senior Homeowners' Property Tax Grant of up to $500. The City asks for deferral applications by September 30 each year. Read the page for who qualifies, as income and benefit tests apply.

A seller pays no land transfer tax. The buyer does, and Richmond Hill has no municipal land transfer tax. The land transfer tax guide sets out the rates and the costs and money page covers other closing costs.

Selling the larger home first or buying first

Most people downsizing in Richmond Hill sell a larger home to buy a smaller one, and the order matters. Selling first gives certainty about your budget but may mean a temporary rental or a long closing. Buying first avoids a gap but can mean carrying two homes for a time. Our guide to buying first or selling first sets out the trade-offs, and capital gains and selling your principal residence explains why the gain on a home that was always your principal residence is generally not taxed, as long as the sale is reported on your return. This is general information, not tax or legal advice. Ask a lawyer or accountant licensed in Ontario about your own situation.

Questions to ask before you buy a smaller home in Richmond Hill

• What do the condominium fees include, and are any special assessments planned or recent?
• Is the address inside a TRCA regulated area, and does the insurer offer overland flood and sewer backup cover?
• How would you reach the hospital, your doctor and a GO or Viva stop without driving?
• Does the unit have step-free access from the street to the front door?
• What are the building rules on rentals, pets and renovations?
• Which City tax programs could apply, and what is the deadline?

If you want help narrowing the choice, contact us to an agent on the eXp Realty team.