Downsizing in Simcoe County: A Plan for the Move

Downsizing can free up money and cut down on upkeep, but the gain is usually smaller than the gap between two asking prices. Selling costs, moving costs and land transfer tax on your next home all come out of it. The moves that go best start early, with real numbers for both homes and a timeline you control. Here is how to plan one in Simcoe County, whether you are in Barrie, Innisfil, Midhurst, Oro-Medonte or Bradford.

This is general information, not legal, tax or financial advice. Confirm your own numbers with your lawyer, accountant or lender.

What the numbers look like here

Average prices differ a lot by home type. In September 2026, across Simcoe County (TRREB):

Prices also differ by town. The average sale price for all home types that month was $686,941 in Barrie, $747,652 in Innisfil, $894,945 in Oro-Medonte, $913,635 in Bradford West Gwillimbury and $957,985 in Springwater, which includes Midhurst (TRREB).

These are averages across very different homes, not a value for yours. They do show why the type of home you move to matters as much as its size. Moving from a detached house to a townhouse in the same town can free up a different amount than moving to a condo, or to a smaller detached home in a town with lower prices.

Costs that come with the move

Before you count on the difference, take these off the top.

• Selling costs. Commission, legal fees and paying off your mortgage all come out of your sale price. Our guide to the costs of selling a home in Ontario walks through each one.
• Land transfer tax on your next home. Ontario charges land transfer tax when you buy, on a sliding scale from 0.5% to 2.5% of the price, with the 2.5% rate applying only to the part of a home price above $2 million (Ontario Ministry of Finance). On a $481,808 condo, the Simcoe County average in September, that works out to about $6,111 by our own calculation using the provincial rates.
• Ongoing costs in the new home. A condo or townhouse may come with monthly fees that a detached house did not have. Ask for the fee history before you buy.
• Moving and setting up. Movers, storage, and anything you replace to fit a smaller space.

There is also one tax step that is easy to miss. If the home was your principal residence for every year you owned it, you generally do not pay tax on the gain. You still have to report the sale on your tax return, and the Canada Revenue Agency only allows the exemption if you do (CRA). Confirm the details with your accountant.

A simple timeline

1. A year to six months out: sort and decide. Go room by room and decide what comes with you. A smaller home means less furniture, and it is easier to choose before you are packing.
2. Three to six months out: get your numbers. Get a realistic value for your home and talk to your lender about your next purchase. Then shortlist the type of home and the towns that fit.
3. Choose your order. Selling first is often the lower-risk choice, because you know exactly what you have to spend. Our post on whether to sell first or buy first explains the trade-offs and how bridge loans work.
4. List and set your dates. A longer closing on your sale gives you time to find and move into the next home.

FAQ

How much money will I free up by downsizing?
It depends on both homes, your mortgage and your costs. Start with a realistic value for your current home, then subtract selling costs, land transfer tax and moving costs from the difference.

Do I pay tax when I sell my home?
If it was your principal residence for every year you owned it, generally not, but you must still report the sale on your tax return (CRA). Check with your accountant.

Is a condo or a townhouse better for downsizing?
It depends on what you want to give up. In Simcoe County this September, condo apartments averaged $481,808 and townhouses $576,432 (TRREB). Condos usually mean less upkeep, and townhouses usually mean more space.

Start with what your home is worth

Every downsizing plan starts with one number. Request a home value review and we will help you work out what you could free up and when to move. Our downsizing page explains how we help with the sale, the move and the next home. You can also call us at 705-500-5333 or email contact@sarinteam.ca.

Sarin Team
Royal LePage PRG Real Estate, Brokerage

Sources

• Toronto Regional Real Estate Board, Market Watch, Simcoe County, September 2026 (all home types by town; sales and average price by major home type).
• Ontario Ministry of Finance, "Calculating Land Transfer Tax" (last updated April 22, 2026).
• Canada Revenue Agency, "Principal residence" (modified February 5, 2026).
• The land transfer tax example ($6,111 on $481,808) is our own calculation using the provincial rates. It excludes any first-time buyer refund and any municipal tax.

General information only. It is not legal, tax or financial advice, and it is not an appraisal.