Buying a Condo After 65: A Retirement Buyer’s Guide (Oakville, Burlington & Mississauga)

Buying a condo after 65 comes with a few extra questions you may not have had when you purchased a freehold home. Like: Who runs the building? How many overnight visitor parking passes do I get? And; who is responsible for backed up plumbing or broken doors?

But condos also come with some extraordinary perks… condos can allow you to downsize, save money, and move to a better location (like steps to the lake), they also offer an almost maintenance fee lifestyle, and the right condo can be incredibly safe.

Today we’re going to do a quick run-through of the major differences between freehold and condo ownership for anyone considering downsizing to a condo in retirement.

For the step-by-step buying process itself, see our complete guide to buying a condo.

 

What Owning a Condo Actually Means

A condo isn’t just a smaller home. It’s a shared ownership structure. You own your unit outright, but you collectively share ownership of the building’s common elements (hallways, elevators, the roof, the amenities) with every other resident in the building. While this structure can seem overwhelming, it’s set up for the community’s greater good. There are four levels of law and regulations that protect your interests as a condo owner, so you can rest assured that if you abide by the rules and regulations of the condo, anyone who does not abide by them will get sorted out by the condo board.

If you decide to live in a condo, the first level of protection comes in the form of the provincial Condominium Act. This act outlines exactly how the condo should run, with time-tested processes and a strict timeline for financial audits and mechanical inspections. This act is the overarching framework for all condominiums in Ontario, and any declaration, bylaw, or rule made in a condo is enforceable through this act. However, any bylaw, declaration, or rule which opposes or removes rights granted to individual owners in this act is null and void, and cannot be enforced.

The four levels of governance are:

1. Ontario Condominium Act. We’ve written a whole guide on this: What is Ontario’s Condominium Act? How Does It Impact Condo Buyers.
2. Condo Declaration. This is set out at the onset of the building registering, and these rules cannot be amended without a significant portion of residents consenting to them. The declaration outlines your unit’s boundaries, your share of common expenses, and which parts of the building are for your exclusive use versus shared use. (Tip: Some condo parking spots are exclusive use parking spots, you don’t own the parking spot, instead, you are granted the exclusive use of the parking spot in the condo’s declaration).
3. Condo Bylaw. These are rules that require a large portion, but less than the condo declaration, to change. A condo’s bylaws outline the administrative governance and operational procedures of the condominium corporation, including board director qualifications, voting processes, meeting protocols, and common expense collection.
4. Condo Rules. These change with the tides of society, and are managed by the condo board themselves, so they can be amended when necessary. These usually outline the hours of the gym and pool, what type of pets are allowed, and how many visitor parking spots you can register a month. The condo rules can be changed quite easily, so the condo board can change them as necessary. This means the building can pivot quickly if a new trend (like Airbnb) emerges and the building wants to ban it to protect the interests of the owner-occupants of the building who don’t want short-term visitors frequenting the building.

Always review the condo rules and bylaw prior to having a firm offer on a home. You want to know whether you can bring your dog to your next home, or how many visitor parking spots you can reserve a week.

Freehold or Leasehold Condos? Know the Difference Before You Fall for a Unit

Most condos in Ontario are freehold, meaning the owners jointly own the land the building sits on. Leasehold condos are far less common: the land underneath the building is leased, so you own an interest in your unit and its common elements, but not the land itself. This distinction affects long-term value and is worth confirming early in your search. (We haven’t found a leasehold condo in Oakville or Burlington yet, but the Toronto Waterfront has leasehold condos.)

Even within freehold condos, there are a few different structures. The most common one is the standard condominium most people picture: a tall tower with shared common elements like the lobby, amenities, garage, and concierge. However, you can also find condo townhomes, and even condo-detached properties.

Condo townhomes are our second most common property type, and within the condo townhome subsection, there are many different structures. Some condo townhomes have the corporation in charge of repairs and maintenance for the exterior of the units, like windows, roof, and driveways. Other condo townhomes only have the corporation responsible for garden maintenance and garbage pickup; this type of condo is called a parcel of tied land (POTL).

Condo detached homes are quite rare, but they offer a very unique structure. In Burlington, up Skyview Rd, there’s a condo complex of detached bungalows. The condo corporation covers lawn maintenance and general upkeep in the community. Detached condos are quite common in retirement communities, because the condo board can impose an age minimum for all residents.

If you want to read more about townhomes, and the three different types: freehold, condo, and POTL, check out this blog discussing the pros and cons of each. 

Buying Resale vs. Buying Pre-Construction as a Retiree

Most of our 65+ clients buy resale condos rather than pre-construction, and for good reason: you can see exactly what you’re getting, walk the halls, meet the neighbours, and move in on a predictable timeline. Pre-construction comes with real advantages too, like a brand-new unit and warranty coverage, but it also comes with construction delays, interim occupancy fees before you legally own the unit, and a wait that can stretch years. Pre-construction units also come with risk… the building could be delayed, or it could be outright cancelled. Imagine this: you purchase a preconstruction condo today, 2026, with an estimated delivery date of 2031. However, 2031 rolls around and they have not broken ground, the new estimated delivery is 2033, and you have no recourse. When 2033 rolls around, construction still has not started, and the cost to build has skyrocketed, so the developer cancels all purchase agreements and refunds everyone their deposits (without interest), all buyers are now back to square one. (This is why we mostly tell our clients, unless the building is already under construction, a preconstruction condo is best suited for an investor looking to take the risks that come with it. For investors, it makes a great purchase because they place their deposit today, and benefit from appreciation for 4+ years without dealing with tenants, taxes, maintenance, etc.).

 

For resale purchases, it’s important to remember you’re not just buying the unit, you’re also buying a proportionate share of a corporation that owns and maintains the whole building. So while the unit may look fantastic, it’s very important to make sure the building you’re buying into is in excellent financial health. That’s why it’s very important to review the status certificate for any condo that you purchase. The status certificate discloses the building’s finances, the reserve fund, any pending special assessments, and whether the corporation is involved in any legal proceedings. We’ve written full breakdowns of what that covers in our complete guide to condo status certificates and reserve fund studies, so we won’t repeat all of it here.

Condo Governance: Who’s Actually Running the Building

Every condo is governed by a board of directors, typically volunteers, elected by the owners. The board requires a minimum of three volunteers, but can have up to seven. The condo act requires more than 50% of directors to approve a decision for the decision to be implemented, so a board of 3 or 5 members can avoid stalemates. The board requires a president, who acts as the main contact; the board also requires a secretary who keeps records,  notes and issues notices; and the final requirement is a treasurer who handles the budget, and bills.

Owners are allowed to request meeting minutes, and the board is required to conduct community meetings to discuss budgets, repairs, and anything else pertaining to the condos management.

In rare cases, condos can be mismanaged, and when repairs can no longer be paid out of the reserve fund because it was underfunded, the superior court can remove the condo board and replace it with paid professionals. This is a rare case, and if you find a building in such a circumstance, it’s best to walk away. Most of the major banks won’t even finance a building that is managed by a court-appointed president, and if the bank won’t lend on it, it should be a sign to you that it’s not a good investment.

A Practical Note on Voting While You Travel

If wintering somewhere warm is part of your retirement plan, you don’t have to miss important votes. Ontario allows condo owners to appoint a proxy, someone who attends the meeting and votes on your behalf according to your instructions. Proxies don’t need to be owners in the building themselves. Many corporations also allow electronic or telephonic voting, depending on their bylaws. My condo board hosts a zoom meeting for major decisions, and we can either elect a proxy to vote on our behalf, or we can log-in live during the meeting and vote for ourselves.

 

Condo Finances on a Fixed Income

Every buyer needs to understand condo fees and reserve funds, and we’ve covered the mechanics of both in detail in the guides below. What’s different at this stage of life isn’t the math, it’s what a monthly fee increase or a surprise special assessment actually means for your household.

• Status Certificates: Everything You Need To Know When Buying A Condo
• What Is A Reserve Fund Study And Why Is It Important When Buying A Condo
• Special Assessments In Condos: What Happens When Your Building Runs Out Of Money (Or Needs Extra Funds)

 

If you’re managing retirement income, pension payments, and investment withdrawals rather than a working salary, we know it’s very important for you to know how much to budget each month. One of the major benefits of condo living is the steady maintenance fee which covers the major expenses in a home… you just pay the monthly maintenance and you can rest assured the roof, windows, garage, etc. will all be in good working order. However, sometimes, the condo runs low of funds, or there is an unexpected repair which was not budgeted for. In a circumstance like this, it’s not unusual for a condo to levy a special assessment. This is unfortunately one of the risks of homeownership. Whether you own a freehold home, or a condo, there are always unexpected repairs and maintenance, and that uncertainty needs to be budgeted for.

 

Repair and Maintenance: Who Fixes What In A Condo

Generally, condo corporations are responsible for maintaining and repairing common elements and the “standard unit” components (outlined in the declaration). Owners are responsible for maintaining their own units, including normal wear and tear, unless the declaration says otherwise. Anything behind the walls, like plumbing or electrical, can go either way depending on the building’s specific declaration.

In most condos, the declaration outlines that the building is responsible for windows, the unit’s main door, as well as the components responsible for heating or cooling in your unit. That means you’re only responsible for your walls, floors, plumbing (within the unit), electric, and the finishes in your own unit.

 

Insurance: What’s Yours to Cover In A Condo

The corporation’s insurance covers the building’s common elements and the “standard unit”, which makes insurance in a condo way cheaper. However, the building’s insurance does not cover your personal belongings, upgrades you’ve made, or your personal liability. Instead, when living in a condo, you need to get insurance to cover your liability, your belongings, and the finishes in your condo (like your wood floors, kitchen, washroom etc).

Don’t skimp out on the liability policy. Some insurance providers will offer small policies of $500,000, but a $2m policy is only a few dollars extra each month and it provides significantly more coverage. In condos, a simple flood can easily surpass $1m, because of the remediation costs of preventing mould or damp after several units are impacted by a flood. There are cases in buildings where a residents cat turned on a tap, and the flood damage exceeded $2m.

 

The Bottom Line

Buying a condo after 65 isn’t more complicated than buying one at 35, but it does come with a different set of priorities. Accessibility, financial predictability, and flexibility to travel without worry tend to matter more than square footage or finishes, and they’re worth weighing at least as heavily as price when you’re comparing buildings.

If you’re exploring downsizing in Oakville, downsizing in Burlington, or downsizing in Mississauga, we’re happy to walk you through specific buildings, their pros and cons, and their financial health before you make an offer.

 

Frequently Asked Questions

Can I get a mortgage after I’ve retired?
Yes. Lenders will look at pension income, RRIF withdrawals, and investment income instead of employment income, but you’ll typically need to show that income is stable and expected to continue. A mortgage broker familiar with retirement income can help structure this properly.

Do I need a bigger down payment as a retiree?
Not necessarily, the standard minimum down payment rules apply regardless of age. That said, many retirees choose to put more down using proceeds from selling their house, which can also help offset monthly payments.

Is a condo or a bungalow better for retirement?
It depends on what you’re looking for. A condo typically means lower maintenance and lock-and-leave convenience; a bungalow means no stairs while keeping a private yard. We’ve broken down the trade-offs in our guide to downsizing to a bungalow.

What happens to my condo fees as I get older and the building ages?
Well-run buildings raise fees gradually, roughly 2 to 4% a year, to stay ahead of major repairs. Unfortunately, condo maintenance fees do climb a bit faster than inflation, so that is something to factor into your long-term financial plan.