The value of an SRES agent
Terry and Sheri Beckett hold the Seniors Real Estate Specialist (SRES) designation — an internationally recognized credential from the SRES Council of the National Association of REALTORS. The training covers senior housing options, the emotional and practical side of downsizing, and guiding clients through a major life transition with empathy rather than urgency. For a move like this, that experience matters as much as the paperwork.
The process, at your pace
- Clarify the goal — single-level living, lower maintenance, being closer to family or care, or freeing up equity.
- Sort and declutter — usually the longest part. Room by room, over weeks, deciding what to keep, gift, donate, or sell.
- Decide the timing — sell first (you know your budget, but may need interim housing) or buy first (you secure the new home, but may briefly carry two). Conditional offers, a longer closing, or bridge financing can smooth the gap.
- Coordinate the move — line up the lawyer, movers, and closing dates, keeping the sale and purchase close together.
The money side — and some good news
For almost every senior selling a long-time home, the sale is tax-free. Canada’s Principal Residence Exemption eliminates capital gains tax on a home that was your principal residence for the years you owned it. You still report the sale on your tax return (Schedule 3 and Form T2091), but you owe no tax on the gain.
And to settle a common worry: the proposed increase to the capital gains inclusion rate was cancelled. The rate stays at 50% — and for your principal residence, the exemption usually means no capital gains tax at all.
When you buy the smaller home, remember the buyer pays Ontario land transfer tax (on a sliding scale from 0.5% to 2.5%). The first-time buyer refund will not apply if you have owned before. The good news for Oxford County: outside Toronto there is no municipal land transfer tax, so you pay only the provincial amount.
A senior program worth claiming
The Ontario Senior Homeowners’ Property Tax Grant provides up to $500 a year toward property tax on your principal residence. For the 2026 grant you generally must have been 64 or older on December 31, 2025, within the income limits (the full grant goes to single seniors with prior-year income up to $35,000, or couples up to $45,000 combined, reduced above that). You claim it on Form ON-BEN with your income tax return.
Your housing options
The right fit depends on your budget, how much independence you want, and any care needs. We are glad to walk through the trade-offs before you ever look at a listing.
- Bungalows and single-level homes — no stairs, aging-in-place friendly, still full ownership and a yard.
- Condominiums and condo townhomes — ownership with exterior maintenance, snow, and lawn handled for a monthly fee; a lock-and-leave lifestyle.
- Adult-lifestyle and 55+ communities — age-targeted neighbourhoods, often bungalow or townhome style.
- Life-lease housing — you buy the right to occupy a unit (usually through a non-profit) and pay a monthly fee; common in Oxford County.
- Retirement residences — rental suites with meals, housekeeping, and optional care.
The part that isn’t about money
A long-time family home holds decades of memories, and leaving it is real grief as well as logistics. There is no need to rush. Go room by room, photograph keepsakes before letting them go, pass heirlooms to family, and take the pace that feels right. That patience — treating the move as a life transition, not just a sale — is the whole point of working with an SRES team.
Frequently asked questions
Will I owe tax when I sell my home?
For almost all seniors selling a long-time home, no. The Principal Residence Exemption eliminates capital gains tax on your principal residence. You still report the sale on your return (Schedule 3 and Form T2091), but you owe no tax on the gain.
Didn’t the capital gains tax go up?
No. The proposed increase to the inclusion rate was cancelled; it stays at 50%. And for your principal residence, the exemption usually means no capital gains tax at all.
Who pays land transfer tax when I buy my smaller home?
The buyer does, in Ontario, on a sliding scale from 0.5% to 2.5%. Outside Toronto there is no municipal land transfer tax, so in Woodstock and Oxford County you pay only the provincial amount. The first-time buyer refund does not apply if you have owned before.
Is there any tax help for senior homeowners in Ontario?
Yes — the Ontario Senior Homeowners’ Property Tax Grant gives up to $500 a year toward property tax if you are 64 or older and within the income limits ($35,000 single, $45,000 combined for a couple, for the full amount). Claim it on Form ON-BEN with your tax return.
Should I sell first or buy first?
Both are valid. Selling first fixes your budget but may need interim housing; buying first secures the new home but can mean briefly carrying two properties. Conditional offers, a longer closing, or bridge financing can bridge the gap — we help structure it around your situation.
What if I don’t want another full house?
There is a whole spectrum: bungalows and condos (ownership with less maintenance), adult-lifestyle 55+ communities, life-lease housing (common in Oxford County), and retirement residences with meals and services. The right fit depends on care needs, budget, and how much independence you want.
Want your real number?
We'll look at your home and your neighbourhood and give you a clear, no-obligation estimate before you make a move. Talk to Team Beckett.