Blog > The 60-Day Downsizing Roadmap: From a Large Markham Home to Turnkey Living
The 60-Day Downsizing Roadmap: From a Large Markham Home to Turnkey Living
by
How can I downsize from a large Markham home in 60 days?
Break it into eight weeks. Weeks 1 and 2: set your numbers, confirm the principal residence exemption with an accountant and choose the type of condo or bungalow you want. Weeks 3 and 4: sort belongings and book any estate sale or donation help. Weeks 5 and 6: prepare and list the home. Weeks 7 and 8: negotiate the sale, line up your purchase and closing dates, and arrange movers. In an example where a $2,000,000 home is sold and a $1,200,000 condo is bought, about $700,000 could be freed up after estimated costs. Sixty days is a planning target; in today’s slower market, the sale itself may take longer.
First, Know Your Numbers
Here is an example of how equity is released when downsizing. The figures are for illustration only.
| Item | Example |
|---|---|
| Sale price of the family home | $2,000,000 |
| Selling, legal and moving costs (example) | −$80,000 |
| Condo purchase price | −$1,200,000 |
| Ontario land transfer tax on the condo | −$20,475 |
| Equity freed up (no mortgage) | About $700,000 |
Your selling costs depend on your agreement. REALTOR® commission is fully negotiable. Markham does not charge a municipal land transfer tax, so the condo purchase carries the Ontario tax only.
Michael John Lau, a REALTOR® with the Kaizen Real Estate Team, one of the most active real estate teams in Markham and York Region, starts every downsizing plan with the date that matters to the family, then builds the sale, the purchase and the move backward from it.
Weeks 1 and 2: Plan and Confirm
- Meet an accountant to confirm the principal residence exemption. A home that was your main residence for every year you owned it is generally exempt from capital gains tax, but you must still report the sale. Owning a cottage or rental, or renting part of the home, can change the result.
- Get a home evaluation based on recent sales of similar homes nearby.
- Talk to your lender about bridge financing in case your purchase closes before your sale. TD, for example, requires a firm sale agreement and describes a typical maximum of 90 days.
- Choose your next home type: a boutique low-rise condo, a full-service high-rise, a condo townhouse or a bungalow.
Weeks 3 and 4: Sort Decades of Belongings
- Measure the new space and decide which furniture will fit.
- Sort by room into keep, give to family, sell, donate and recycle.
- Book help early. Estate sale companies, auction services and senior move managers can handle much of the work, especially for large homes.
- Gather paperwork: deed, survey, permits, warranties, utility bills, property tax bills and renovation records. Buyers and lawyers will ask for them.
- Digitize photos and documents to save space without losing memories.
Ready to plan your next chapter? Call Michael John Lau, REALTOR®, at (416) 700-0286 to map out your sale, purchase and move week by week.
Weeks 5 and 6: Prepare and List the Home
- Repair and refresh: fix small issues, paint where needed and brighten lighting.
- Stage the main rooms once most belongings have moved out.
- Professional photos, video and floor plans.
- Price from recent sales. Markham had about 9 months of inventory in September 2026, so pricing right from day one matters. See why Markham homes are selling below asking.
Weeks 7 and 8: Sell, Buy and Move
- Review offers on price, deposit, conditions and closing date.
- Negotiate a closing date that gives you time to buy and move, often 60 to 120 days in a slower market.
- Buy your next home once your sale is firm, or with a plan if you buy first. See whether to buy or sell first in Markham.
- Review the status certificate with your lawyer if you are buying a condo.
- Book movers and arrange utility and address changes.
Bring the Family In Early
Downsizing is a family decision as much as a financial one. Adult children may want certain items, and they may have opinions about timing. Some families also use the move to plan an early inheritance or help a child buy a first home. Those are big decisions with tax and legal effects, so involve your accountant and lawyer before money changes hands.
A short family meeting in week one, with a shared list of what stays, what goes and who takes what, prevents most of the stress later. It also gives everyone time to say goodbye to the family home in their own way.
Choosing the Right Low-Density Condo
| Priority | Why it matters |
|---|---|
| Two bedrooms plus a den | Room for guests, grandchildren or a home office |
| Fewer units per floor | Quieter halls and more privacy |
| Storage and a locker | Eases the transition from a large house |
| Accessible design | Step-free entry, elevators and wider halls for the long term |
| Healthy reserve fund | Lowers the risk of special assessments |
If your timeline is longer than 60 days, that is fine. A calm move is better than a rushed one. Ultimately, the decision is yours. The goal is to make sure you have all the information.
Next Steps
- Downsizing and seller services: a plan for selling the family home.
- Request a free home evaluation: know your equity before you plan.
- Markham condos: compare buildings that suit downsizers.
Frequently Asked Questions
Can I downsize in 60 days?
Sixty days is a realistic planning target for preparing and listing your home and lining up your purchase. In today’s slower Markham market, the sale itself may take longer, so build some flexibility into your dates.
Do I pay tax when I sell my Markham home to downsize?
Usually not, if the home was your principal residence for every year you owned it. You must still report the sale, and owning another property can change the result. Speak to an accountant.
How much equity can I release by downsizing?
It depends on your sale price, costs and the home you buy. In one example, selling a $2,000,000 home and buying a $1,200,000 condo frees up about $700,000 after estimated costs.
What is bridge financing?
A short-term loan that lets you use the equity in your current home to close on a new one before your sale closes. Lenders such as TD usually require a firm sale and describe a typical maximum of 90 days.
What should I do with furniture I cannot take?
Offer items to family first, then use estate sale companies, auction services, consignment or donation. Senior move managers can coordinate much of the process.
What condo features matter most to downsizers?
Many downsizers want two bedrooms plus a den, good storage, a locker, accessible design and a building with a healthy reserve fund.
Work With Michael John Lau in Markham
Michael John Lau helps Markham empty nesters plan downsizing as one coordinated move rather than two separate transactions. That includes valuing the family home, timing both closings, connecting families with movers and estate services, and reviewing condo buildings carefully. The goal is a move that feels calm, organized and right for the next chapter.
📞 Contact Michael John Lau, REALTOR®
🌐 www.callmikelau.com
Thinking about downsizing?
Michael John Lau builds a week-by-week plan around your date, your home and your next chapter.
Michael John Lau, REALTOR® · Markham, Ontario · (416) 700-0286
Disclaimer. Michael John Lau is a licensed REALTOR® serving buyers and sellers in Markham, Ontario and the Greater Toronto Area. The equity example is for illustration only. Tax information summarizes the Canada Revenue Agency’s general principal residence rules. Bridge financing details are from TD’s published information; terms vary by lender. Market figures are from Wahi (26 September 2026). This article is general information, not tax, legal or financial advice. Speak to an accountant, lawyer and lender about your own situation.