Episode 42: The 3 Things Every Ontario Homeowner Needs to Know Before Downsizing

Published November 3, 2025

Thinking about downsizing? For many Ontarians, it’s not just about a smaller home—it’s about unlocking

equity, reducing expenses, and preparing for the next stage of life. Darren breaks down the 3 essential things every homeowner should consider before making the move.

Darren Devine, CFP®, CLU®

Financial Planner, Sun Life
President of Devine and Associates Financial Services Inc.

Thinking about downsizing?

Darren here, Financial Planner with Sun Life and President of Devine and Associates. I have been working closely with people like you for over 20 years.

Whether it’s moving to a condo, a smaller home, or even a retirement community, there are three things every Ontario homeowner should know before making the move:

  1. Your Home Is an Investment — but Not a Piggy Bank
    Yes, your house has likely gone up in value. But remember selling costs, land transfer fees, and moving expenses can eat into that equity. A $600,000 sale doesn’t always mean $600,000 in your pocket.
  2. Taxes Still Apply
    If your home is your principal residence, the profit may be tax-free. But if you’ve rented it out or own a second property, capital gains could come into play. Planning ahead helps avoid surprises.
  3. Lifestyle First, Finances Second
    Don’t just downsize to save money. Think about what lifestyle you want: Do you want less maintenance? Walkability? To be closer to grandkids? Choosing the right spot helps ensure downsizing feels like a step up, not a step back.

Downsizing can unlock new opportunities — but only if it’s planned the right way.

Thanks for tuning into Money Monday. Don’t forget to like and comment for more episodes filled with tips to help make your financial journey a breeze. Until next time, I'm Darren Devine, and you can always talk to us today at DevineAndAssociates.ca!