Published 29 September 2026 · By Jatin Dua, Broker of Record, RE/MAX Quantum Realty
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For many people, yes, especially if you want to stop driving. Toronto is the only GTA city with a subway, seniors pay $2.25 a trip on the TTC with PRESTO, and since 31 August 2026 every trip after 47 fares in a month is free. Its 2026 residential tax rate of 0.767311% is lower than Mississauga’s 1.087901%, and the city cancels or defers tax increases for owners 65+ with household income up to $62,000. The catch is price: the August 2026 median was $1,170,000 for a detached house and $550,000 for a condo apartment, and buyers pay land transfer tax twice. Toronto suits people who value transit, hospitals and being near family over space.
Toronto at a glance for retirees
Prices are TRREB’s figures for the single month of August 2026 across the whole City of Toronto, which includes Etobicoke, North York and Scarborough.
| Item | Toronto figure |
|---|---|
| Detached median | $1,170,000 (550 sales) |
| Condo apartment median | $550,000 (885 sales) |
| 2026 total residential tax rate | 0.767311% of MPAC assessed value |
| Senior TTC fare (65+) | $2.25 PRESTO; free after 47 fares a month |
| Residents aged 65+ (2021) | 476,990, or 17.1% |
| Long-term care, basic | $2,129.17 a month (province-wide) |
To compare with other cities, see the GTA retirement comparison.
What housing costs in Toronto
TRREB splits the city into three districts, and the gaps are large:
| District | Detached median | Condo townhouse median | Condo apt median |
|---|---|---|---|
| Toronto West (incl. Etobicoke) | $1,100,000 | $647,500 | $525,000 |
| Toronto Central (incl. midtown) | $1,800,000 | $730,000 | $576,900 |
| Toronto East (incl. Scarborough) | $950,000 | $645,000 | $482,000 |
Condo townhouse counts are small (36 to 45 sales per district), so read them as rough. High prices make buying in hard, but a long-time owner usually has a lot of equity to work with. The street-level picture is in best Toronto neighbourhoods for retirees.
Property tax: a lower rate than most of the 905, plus relief
Toronto’s 2026 total residential rate is 0.767311% of MPAC assessed value, not market price. Mississauga’s is 1.087901%. On a $1,000,000 assessment that is $7,673 a year against $10,879 (my arithmetic). The City also offers:
- Tax increase cancellation for owners 65+ (or 60 to 64 on GIS) with household income up to $62,000 and an assessment below $975,000, who have lived there a year.
- Tax increase deferral on the same income limit, also open to people 50+ on a pension.
The 2026 deadline is 2 November 2026; reapply every year. See property tax relief for seniors.
Getting around without a car
- Seniors 65+ pay $2.25 with PRESTO or $2.30 cash.
- Senior monthly and 12-month passes ended on 31 August 2026. Now, after 47 eligible fares in a calendar month, the rest of that month is free.
- Cash fares do not count toward the cap; PRESTO and bank card taps do.
- Wheel-Trans serves people with disabilities.
Ontario’s Seniors’ Public Transit Tax Credit returns up to $450 a year for people 65+. Mississauga, Brampton, Oakville and Burlington now let seniors ride local buses free, but Toronto’s network covers far more ground.
Hospitals and care
Etobicoke has Etobicoke General (Osler) and Queensway Health Centre (Trillium); North York has North York General and Hennick Humber Hospital; Scarborough has Scarborough Health Network’s General, Birchmount and Centenary hospitals. Downtown adds the large teaching hospitals.
Retirement homes are private and residents pay the full cost. CMHC’s last survey, in 2021, put the Toronto-area average for a studio or private room with meals at $4,016 a month; it has since been discontinued, so get current prices from each home. Long-term care co-payments are provincial: from 1 July 2026, $2,129.17 a month basic, $2,567.17 semi-private, $3,041.97 private. The industry association reports more than 50,000 Ontarians waiting. See retirement home vs long-term care.
Community and daily life
In 2021, 17.1% of Torontonians were 65 or older, up from 15.6% in 2016, and the City now says there are more seniors than children under 15. It offers free and discounted recreation for adults 60+, and Seniors Active Living Centres run by not-for-profits (referral line 1-888-910-1999).
The downsides, honestly
- Double land transfer tax. Toronto buyers pay the Ontario and municipal taxes. On a $550,000 purchase each is $7,475, so $14,950 in total (my arithmetic on the published brackets; repeat buyers get no first-time rebate). Try the land transfer tax calculator.
- Renting is not cheap: Rentals.ca put Toronto’s average asking rent at $2,570 in August 2026.
- Transit is not free, unlike several 905 bus systems.
- Long-term care waits are a provincial problem Toronto shares.
Who Toronto suits, and who it doesn’t
It suits you if you want to stop driving, want hospital choice, have family in the city, or already own here. It may not if you need a big garden, your budget depends on a cheap detached house, or you prefer a small-town pace; start with places to retire near Toronto. Area guides: Etobicoke, North York, Scarborough, midtown.
The money and your next steps
Median to median, before costs and illustrative only, a detached-to-condo move frees about $1,223,100 in Toronto Central, $575,000 in Toronto West and $468,000 in Toronto East. The downsizing money planner below uses your own numbers.
- Value your house from recent sales on your street, starting with what did my neighbour sell for.
- Apply for the City’s tax relief by 2 November if you qualify.
- Switch to PRESTO if you pay TTC fares in cash.
- Talk to your accountant and lawyer before you sell.
To talk it through, book a call or phone me at 833-330-1925.
Free tool — Downsizing money planner
Downsizing money planner
See roughly how much a move frees up, what the next place costs, and how long the money lasts. Prices start at TRREB’s August 2026 medians; change any number to match your home.
Want the line-by-line breakdown, plus what homes like yours actually sold for on your street? I’ll show the full breakdown here and send you a short written plan. No obligation, no spam.
Estimates only, not advice or a valuation. Starting prices are TRREB Market Watch August 2026 medians (one month, whole-municipality figures). Rent default: Rentals.ca August 2026 Toronto average asking rent. Retirement home default: CMHC’s last Seniors’ Housing Survey (2021, Toronto, studio or private room with meals; CMHC has since discontinued it), so expect higher today. Land transfer tax uses Ontario’s brackets, plus Toronto’s municipal tax for Toronto purchases; repeat buyers get no first-time rebate. Property tax is estimated on the price, but your bill is based on MPAC’s assessed value, which is usually lower.
Frequently asked questions
Is Toronto a good city for seniors to live in?
For many, yes. It has the GTA’s only subway, a $2.25 senior TTC fare with a 47-fare monthly cap, wide hospital choice, and free or discounted recreation for people 60 and over. The main drawback is cost, including land transfer tax paid twice.
How much is the TTC for seniors now?
Seniors 65+ pay $2.25 with PRESTO or $2.30 cash. The senior passes ended on 31 August 2026; instead, after 47 eligible fares in a calendar month, the rest of that month is free. PRESTO and bank card taps count toward the cap, cash does not.
Can seniors in Toronto get a break on property taxes?
Yes. The City cancels or defers tax increases for owners 65 and older (or 60 to 64 on GIS) with household income up to $62,000; cancellation also needs an assessment below $975,000. The 2026 deadline is 2 November, and you reapply every year.
How much does a retirement home cost in Toronto?
The last official figure is CMHC’s 2021 survey: $4,016 a month on average for a studio or private room with meals in the Toronto area. CMHC has discontinued the survey, so ask each home for current prices and what care costs extra.
Is it cheaper to retire in Toronto or Mississauga?
In August 2026 Mississauga’s condo apartment median was $500,000 against Toronto’s $550,000, and seniors ride MiWay free. But Mississauga’s 2026 tax rate is 1.087901% against Toronto’s 0.767311%, and Toronto adds a municipal land transfer tax. Compare monthly totals before deciding.
Sources
- TRREB — Market Watch, August 2026 — detached, condo apartment, semi, townhouse medians by municipality and Toronto district
- City of Toronto — Property Tax Rates & Fees — 2026 total residential rate 0.767311%
- City of Toronto — Property Tax, Water & Solid Waste Relief — tax increase cancellation and deferral rules, 2 November 2026 deadline
- TTC — Fares and passes — senior fare, end of senior passes, 47-fare monthly cap
- CMHC — Seniors' vacancy rate and average rent, studio/private rooms with meals (2021) — last survey before CMHC discontinued it
- Government of Ontario — Paying for long-term care — co-payment rates from 1 July 2026
- Ontario Long Term Care Association — The Data — waitlist of more than 50,000; half wait at least 165 days
- City of Toronto — 2021 Census Backgrounder: Age — 17.1% of Toronto residents aged 65+
- City of Toronto — Seniors services — more seniors than children under 15
- Government of Ontario — Calculating land transfer tax — provincial land transfer tax brackets
- City of Toronto — Municipal Land Transfer Tax rates — Toronto MLTT brackets as of 1 April 2026
- Rentals.ca — National Rent Report — Toronto average asking rent, August 2026
Related reading
- Best places to retire in the GTA
- Best Toronto neighbourhoods for retirees
- How much do you need to retire in Toronto?
- How much does a retirement home cost in Toronto?
- What makes a condo building good for seniors
- Property tax relief for seniors, city by city
- Downsizing in Toronto
About the author — Jatin Dua, Toronto and GTA real estate broker
I am Jatin Dua, Broker of Record and co-founder of RE/MAX Quantum Realty Inc., Brokerage, Unit 101, 799 The Queensway, Etobicoke. I work with buyers and sellers across Toronto and the GTA, and I have helped more than 100 families sell, many of them downsizing after decades in the same house. Four-plus years of active GTA transactions and over $100 million in sales volume. Every market figure here comes from TRREB’s published tables and every rule from the regulator or the legislation, so you can check all of it without asking me.
Reach me at connect@jatindua.com or 833-330-1925, or book a call.