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Buy vs Rent After Selling a Toronto Family Home
Short answer
The issues
Fear of wasting equity on rent, future LTC move, inheritance planning
Why Buying Can Preserve Equity
Explain ownership, potential future sale, family asset continuity, and control.
When Renting Makes Sense
Short holding period, uncertain care needs, testing a building, avoiding another sale.
Legal and Estate Structure
Ownership alone, joint ownership, child purchase, POA, probate, tax issues, legal advice.
Decision Model
Expected years in condo, carrying costs, land transfer tax, rent cost, sale costs, care timing.
FAQ
Is renting wasting money for seniors?
Rent buys flexibility, but it does not leave an asset. For families with meaningful home equity, the tradeoff should be modelled.
Should a senior buy a condo after selling a house?
It may make sense if the senior expects to stay long enough and wants ownership, control, and estate preservation.
What happens to the condo if the senior dies?
It may become part of the estate or pass depending on ownership structure. Legal advice is required.
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