Planning Retirement in Toronto: Homes, Costs, Transit and Health Care

The short answer

Retiring in Toronto as a homeowner comes down to three sets of facts: what homes cost, what you pay to buy and keep one and which public services you can use. This guide sets out each one from the agencies that publish it, with the period or year each figure covers.

Home prices come from TRREB’s Market Watch for August 2026, the latest month on this site. Costs come from the City of Toronto and the Government of Ontario. Transit facts come from the TTC. Health programs come from ontario.ca. Confirm anything that affects your own plan with the agency, your lawyer or your accountant, since this post explains public rules and is not personal advice.

For the full order of steps in a move, our Toronto downsizing guide is the companion to this post.

Toronto home prices by type, August 2026

TRREB splits City of Toronto sales into five home types. The table shows the August 2026 figures.

Home type	Sales	Average price	Median price
Detached	550	$1,525,749	$1,170,000
Semi-detached	159	$1,110,639	$981,000
Freehold townhouse	45	$1,026,018	$962,000
Condo townhouse	120	$712,296	$661,650
Condo apartment	885	$651,648	$550,000

Source: TRREB Market Watch, August 2026, City of Toronto.

Across all home types, TRREB recorded 1,767 sales in the City of Toronto that month. The median was $770,000 and the average $979,684. Homes sold for 97% of their list price on average. Our August 2026 market report adds the district figures and the April to June 2026 community medians.

The median is the middle sale: half of homes sold for more and half for less. It is the better guide to a typical price, because a few large sales pull the average up.

Housing choices for a Toronto homeowner

Each type of home carries a different mix of price, upkeep and stairs. Here is what each one involves.

Condo apartments

A condo apartment was the most common sale in August 2026, with 885 sales at a median of $550,000. You own the unit and pay a monthly condo fee toward the shared building. Browse current Toronto condos for sale to see what is listed today.

Townhouses

TRREB reports two kinds. A freehold townhouse had a median of $962,000 in August 2026 and a condo townhouse $661,650. A condo townhouse owner pays a monthly condo fee and a freehold owner does not. Our townhouses for sale in Toronto page lists both kinds.

Bungalows

A bungalow keeps the bedrooms, kitchen and laundry on one level. TRREB does not report bungalows as their own type, so their sales fall within the detached and semi-detached rows above. Current listings are on our Toronto bungalows for sale page.

Staying in the house you own

Many owners compare a move with staying put. The house you own already has a known tax bill and a known location. The trade is upkeep, stairs and the equity held in the property. Our post on condo versus retirement residence costs in Toronto sets the monthly costs side by side.

To compare areas, our page on Toronto neighbourhoods for downsizing lists areas by the homes that sell there. The full set of Toronto neighbourhood guides breaks each community down by property type.

Property tax and land transfer tax in Toronto

The 2026 property tax rate

The City of Toronto lists a total 2026 residential tax rate of 0.767311%. It has three parts.

Component	2026 residential rate
City tax rate	0.605295%
Education tax rate	0.153000%
City Building Fund	0.009016%
Total	0.767311%

Your tax is the MPAC assessed value on your notice multiplied by that rate. As an example only, an assessed value of $500,000 gives a 2026 tax of $3,836.56. Your own assessed value is on your notice and is often lower than a recent sale price.

Relief for eligible owners

The City runs a Property Tax Increase Cancellation Program and a Property Tax Increase Deferral Program. Both are for eligible low-income seniors and people with disabilities. The City lists November 2, 2026 as the deadline for the 2026 tax year. Our Toronto property tax guide sets out the income limits and rules in full.

Two land transfer taxes on a purchase

A buyer of a home in the City of Toronto pays the Ontario land transfer tax. The buyer also pays Toronto’s municipal land transfer tax. Ontario’s rates for a home with one or two single family residences have applied since January 1, 2017. Toronto’s current rates took effect on April 1, 2026.

Rate band, one or two single family residences	Ontario	Toronto
Up to $55,000	0.5%	0.5%
$55,000 to $250,000	1.0%	1.0%
$250,000 to $400,000	1.5%	1.5%
$400,000 to $2,000,000	2.0%	2.0%

At the August 2026 condo apartment median of $550,000, each tax works out to $7,475. That is $14,950 in total. At the detached median of $1,170,000, each tax is $19,875 and the total is $39,750. These are worked examples on TRREB medians, not quotes for any property. Use our Toronto land transfer tax calculator for your own price.

Getting around Toronto: TTC fares and Wheel-Trans

Senior fares

The TTC says seniors aged 65 and older are eligible for discounted senior fares. The current fare table lists these single fares.

Payment	Adult	Senior (65+)
PRESTO card	$3.30	$2.25
Cash	$3.35	$2.30
Debit or credit card	$3.30	$3.30

A tap with a debit or credit card is charged the adult fare. To pay the senior fare, add the Senior fare type to a new or existing PRESTO card. The TTC says this can be done at Shoppers Drug Mart or a participating Customer Service Outlet. Proof of age is required.

When riding, carry photo ID as proof of age. The TTC accepts a driver’s licence, an Ontario Photo Card or an existing TTC Senior’s Photo ID.

Fare capping and transfers

Most TTC monthly and 12-month passes were discontinued on August 31, 2026, when monthly fare capping came into effect. Tap the same payment method each time. Once you reach 47 eligible TTC fares in a calendar month, the rest of your TTC trips that month are free. A tap with PRESTO, a PRESTO Ticket or a debit or credit card also applies a two-hour transfer. Cash does not.

Wheel-Trans

Wheel-Trans is the TTC’s accessible transit service. The TTC says eligibility is not based on disability type, income or age. It is based on a disability that affects a person’s ability to travel on conventional transit. There are three levels: unconditional, conditional and temporary. You can apply through the TTC’s self-serve portal or by email, fax or mail.

The rapid transit lines

Toronto’s rapid transit runs on these TTC lines:

• Line 1 Yonge-University, which meets Line 4 at Sheppard-Yonge and Line 5 at Cedarvale and Eglinton.
• Line 2 Bloor-Danforth, which meets Line 5 at Kennedy.
• Line 4 Sheppard, which runs east from Sheppard-Yonge.
• Line 5 Eglinton, which opened on February 8, 2026 and runs from Mount Dennis to Kennedy.
• Line 6 Finch West, which opened on December 7, 2025 with 18 stops between Finch West Station on Line 1 and Humber Polytechnic’s North Campus.

TTC station pages list whether a station is accessible and where its elevators are, as the Sheppard-Yonge page does. Our page on Toronto neighbourhoods for commuters shows which areas sit on which line.

Health care: OHIP, drug coverage, dental and home care

OHIP

OHIP is Ontario’s public health insurance. Ontario says there is no longer a waiting period for coverage. If you are eligible, coverage is immediate. You need to make Ontario your primary residence and meet the province’s presence rules, plus one status requirement such as Canadian citizenship or permanent residence. Applicants bring three documents: one for status, one for Ontario residency and one for identity.

Prescription drugs from 65

Ontario says you automatically join the Ontario Drug Benefit program on the first day of the month after you turn 65. You pay the first $100 of prescription costs each program year, which runs August 1 to July 31. After that you pay up to $6.11 for each prescription filled or refilled. Seniors with annual net income below set thresholds can apply to the Seniors Co-Payment Program. It waives the deductible and lowers the co-payment to up to $2.

The Ontario Seniors Dental Care Program

This provincial program covers routine dental care for eligible seniors. Ontario lists these requirements:

• 65 years of age or older
• a resident of Ontario
• annual net income of $25,480 or less for a single person
• combined annual net income of $42,290 or less for a couple

Ontario says covered services include check-ups, cleaning, fillings, x-rays, extractions and treatment for infection, pain and gum disease. Dentures are partly covered. Apply online or by mail. Ontario also notes that people who qualify for the federal Canadian Dental Care Plan may still be eligible.

Home care through Ontario Health atHome

Ontario Health atHome provides home care and helps people reach community support services. Ontario lists nursing, physiotherapy, occupational therapy, speech-language pathology, personal support and homemaking among the services. If you qualify, the Ontario government pays for home care. Community support services can carry a client co-payment. You can call Ontario Health atHome at 1-833-515-1234 or ask a health care provider to refer you. A case manager assesses what care you need.

City services: the library and recreation

Toronto Public Library

The library’s Home Library Service is free. It is for Toronto residents who are homebound for three months or longer due to age, mobility, illness or disability. Each month it delivers up to 20 items, including large print books, audiobooks, DVDs and DAISY Talking Books. To apply, call 416-395-5557 or email hls@tpl.ca.

City recreation for adults 60 and over

The City of Toronto says adults aged 60 and over can get free or low-cost access to sports facilities, recreation programs, social activities and hobby classes. Its seniors page lists Seniors Active Living Centres and the Toronto Seniors Helpline. It also lists Learn4Life classes through the Toronto District School Board, with a 40 per cent seniors discount on adult daytime programs and evening classes. The City’s Welcome Policy fee subsidy is available to residents with low income. You can register online, by phone or in person.

What to check before you decide

1. Pick the home type you are weighing and note its August 2026 TRREB median.
2. Run that price through the land transfer tax calculator to see both taxes.
3. Multiply the assessed value of your current home by 0.767311% to see your 2026 property tax.
4. Check whether you or a spouse qualify for the City’s relief programs before November 2, 2026.
5. Add the Senior fare type to your PRESTO card if you are 65 or over.
6. Look up the TTC station pages near any address you are considering to confirm elevator access.
7. Check the income limits for the Ontario Seniors Dental Care Program and keep your tax return handy.
8. Save the Ontario Health atHome number, 1-833-515-1234, for when home care is needed.

If you want to compare a sale and a purchase in Toronto with your own figures, contact us and we will walk through it with you.