# Old Toronto Reverse Mortgages: Downtown, Midtown | TorontoReverseMortgage.ca > Reverse mortgage help for Old Toronto: downtown condos, Victorian semis and midtown houses, with September 2026 TRREB values. Free estimate, no sales pressure. URL: https://torontoreversemortgage.ca/service-areas/old-toronto/ Old Toronto · City of Toronto # Reverse Mortgages in Old Toronto: Downtown and Midtown Homes A reverse mortgage in Old Toronto lets owners 55 and older borrow against a downtown condo, a Victorian semi or a midtown house, with no required monthly mortgage payments. At 65, you can borrow up to about 50.5% of the value: about $251,700 on a typical C08 condo apartment and about $1,722,500 on a typical Rosedale-Moore Park house. [Get my free Old Toronto estimate →](/estimate/) [Try the calculator](/tools/reverse-mortgage-calculator-toronto/) Free · No sales pressure · Getting an estimate doesn't affect your credit Last updated October 28, 2026 ## Why Old Toronto homeowners start asking about reverse mortgages Repairs on a house built before 1946 In Ward 11 (University-Rosedale), 76% of people in detached houses live in one built before 1946. Roofs, brickwork, wiring and plumbing on an older house can all need money in the same few years. A midtown house worth millions, on a pension Rosedale-Moore Park owners estimated their homes at $2.66 million on average in 2021. A high value doesn't pay monthly bills unless you sell or borrow against it. A downtown condo worth less than last year Toronto's condo apartment benchmark was 6.36% lower in September 2026 than a year earlier. If you planned to sell and move, a lower price may not suit your timing. Children who can't afford to buy nearby Detached benchmarks in Old Toronto's districts range from $1,382,900 to $3,407,500. Some parents want to help a child buy a home now, while they can see the help used. [TorontoReverseMortgage.ca](/) explains how a reverse mortgage in Old Toronto works for homeowners 55 and older. Old Toronto is the former City of Toronto, which merged with its five neighbours in 1998. It covers downtown, midtown and the older east and west end neighbourhoods. Homes here range from Victorian row houses to downtown condos and midtown houses worth millions. The rules are the same across downtown and midtown Toronto, but the amount you could borrow changes a great deal from one district to the next. ## Old Toronto’s homes and what they mean for a reverse mortgage Much of Old Toronto’s older housing is Victorian and Edwardian, including long rows of semi-detached and row houses on deep, narrow lots. In Cabbagetown Southwest, the City’s heritage research found most buildings date from 1870 to 1900, many with the bay-and-gable front: a tall bay window under a pointed gable ([City of Toronto](https://www.toronto.ca/city-government/planning-development/planning-studies-initiatives/cabbagetown-southwest-heritage-conservation-district-plan/research-and-analysis-cabbagetown-southwest-hcd-plan/)). Older houses are common across the central wards. In Ward 11 (University-Rosedale), 76% of people in detached houses live in one built before 1946, and in Ward 4 (Parkdale-High Park) the figure is 81% ([City of Toronto Ward Profiles, 2021 Census](https://ckan0.cf.opendata.inter.prod-toronto.ca/dataset/6678e1a6-d25f-4dff-b2b7-aa8f042bc2eb/resource/16a31e1d-b4d9-4cf0-b5b3-2e3937cb4121/download/2023-wardprofiles-2011-2021-censusdata_rev0719.xlsx)). Only about 9.7% of Old Toronto’s homes were single-detached houses in 2021, and 42.9% of households owned their home, the lowest of Toronto’s six former cities. Both figures group the City’s neighbourhood profiles by the old borders, so treat them as close estimates ([City of Toronto Neighbourhood Profiles, 2021 Census](https://ckan0.cf.opendata.inter.prod-toronto.ca/dataset/6e19a90f-971c-46b3-852c-0c48c436d1fc/resource/19d4a806-7385-4889-acf2-256f1e079060/download/nbhd_2021_census_profile_full_158model.xlsx)). The price gap inside Old Toronto is wide. Downtown, TRREB’s September 2026 benchmark for a condo apartment (its price for a typical unit) was $550,600 in C01 and $497,900 in C08. In midtown’s C09, Rosedale-Moore Park, the benchmark detached house was $3,407,500, almost seven times the C08 condo ([TRREB Market Watch, September 2026](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf)). That gap matters because the most you can borrow is a percentage of the appraised value. Condos qualify with every Canadian reverse mortgage lender, but a [reverse mortgage on a Toronto condo](/reverse-mortgage-condo-toronto/) also depends on the building and its condo corporation. Leasehold condos and co-ops don’t qualify with any lender. ## Who asks about reverse mortgages in Old Toronto Old Toronto is the youngest of the six former cities, with about 13.9% of residents aged 65 or older in 2021 (a close estimate on the same basis). Downtown Ward 10 (Spadina-Fort York) was only 7.8% ([City of Toronto Ward Profiles, 2021 Census](https://ckan0.cf.opendata.inter.prod-toronto.ca/dataset/6678e1a6-d25f-4dff-b2b7-aa8f042bc2eb/resource/16a31e1d-b4d9-4cf0-b5b3-2e3937cb4121/download/2023-wardprofiles-2011-2021-censusdata_rev0719.xlsx)). Midtown neighbourhoods are among the oldest in Toronto. In 2021, 27.9% of Rosedale-Moore Park residents were 65 or older, along with 25.7% in Casa Loma and 25.5% in Yonge-St. Clair. Only 36.8% of Rosedale-Moore Park owners had a mortgage, and owners there estimated their homes at $2.66 million on average ([City of Toronto Neighbourhood Profiles, 2021 Census](https://ckan0.cf.opendata.inter.prod-toronto.ca/dataset/6e19a90f-971c-46b3-852c-0c48c436d1fc/resource/19d4a806-7385-4889-acf2-256f1e079060/download/nbhd_2021_census_profile_full_158model.xlsx)). The reasons to ask differ by home. A midtown owner may want to give a child a [living inheritance](/living-inheritance-toronto/) toward a first home, or pay for [care at home](/paying-for-home-care-toronto/) without selling. A Victorian semi may need a roof, brick repairs or new wiring. A downtown condo owner on a fixed income may want monthly deposits to cover condo fees and daily costs. ## A worked example: a Victorian house in Old Toronto at $1,382,900 For example, an illustrative widower, aged 82, owns a detached Victorian house in Riverdale with no mortgage left. It is valued at $1,382,900, TRREB’s September 2026 detached benchmark for E01, the district that includes Riverdale. At 78 and older, the ceiling is up to about 60% of the value, or about $829,700. He takes $50,000 now to pay for help at home a few days a week and a stair lift. The other $779,700 or so stays untouched, and interest is charged only on the $50,000 he took. If he needs more care later, he can ask for another advance, which may have a different rate or a small fee, depending on the lender. He has no required monthly mortgage payments, but his property taxes, home insurance and upkeep are still his to pay. His balance grows as interest is added, and what’s typically called the no negative equity guarantee means he or his estate never owes more than the home’s fair market value on the day the mortgage comes due, as long as taxes, insurance and upkeep are kept up. ## What a high-value home changes The dollar amounts grow with the value, because the ceiling is a percentage. At 80, up to about 60% of a house at C09’s $3,407,500 benchmark is about $2,044,500, while the same percentage of a C08 condo at $497,900 is about $298,700. These are ceilings rather than quotes. The market’s top tier reaches up to 60% for borrowers 70 and older. Products at that tier charge a higher interest rate on the entire balance, not only on the extra amount. Age 70 is where that choice starts; see [how much a 70-year-old can borrow in Toronto](/guide/how-much-can-a-70-year-old-borrow-toronto/). You never have to take the maximum. Interest is charged only on money you actually take, and if the amount you need fits inside the standard range, you can avoid the top tier’s higher rate. Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada and emails you the best deal for this house and your goals. ## Old Toronto neighbourhoods and landmarks Help is the same in every part of Old Toronto. These are some of the neighbourhoods and places it covers. - Cabbagetown - St. Lawrence - Trinity-Bellwoods - The Annex - Rosedale-Moore Park - Forest Hill - Yonge-Eglinton - Roncesvalles - Riverdale - The Beaches ### Landmarks - CN Tower - Toronto City Hall and Nathan Phillips Square - Union Station - Royal Ontario Museum - Kensington Market - Exhibition Place - High Park - Toronto Islands ### How the help reaches you in Old Toronto Richard Hopkins, Mortgage Broker, helps Old Toronto homeowners by email, phone and video call, and your family can be copied on every email. An appraiser visits the home, whether it is a Cabbagetown row house or a condo near Union Station. For the in-person appointment with your own lawyer, Lines 1 and 2 cross downtown, and Line 5 Eglinton stops across midtown from Cedarvale to Mount Pleasant. Old Toronto is highlighted. Select any area to open its page. [Open Old Toronto in Google Maps](https://www.google.com/maps/search/?api=1&query=Old%20Toronto%2C%20Toronto%2C%20ON). Boundaries: City of Toronto Open Data, Former Municipality Boundaries. Contains information licensed under the Open Government Licence – Toronto. ## What Old Toronto homes are worth right now TRREB's September 2026 benchmarks (its prices for a typical home) put a condo apartment at $550,600 in C01 and $497,900 in C08, and a detached house anywhere from $1,382,900 in E01 (Riverdale and Leslieville) to $3,407,500 in C09 (Rosedale-Moore Park). At 65, up to 50.55% of the value means about $251,700 on a C08 condo apartment and about $1,722,500 on a C09 house; at 75, up to 57.75% means about $287,500 and about $1,967,800. These are ceilings rather than quotes, and the appraisal sets your home's value. Source: [TRREB Market Watch, September 2026 (MLS® Home Price Index benchmarks)](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf) ## How Old Toronto homeowners use a reverse mortgage - [Reverse mortgages on Toronto condos](/reverse-mortgage-condo-toronto/): Every lender accepts a standard condo, but each one also reviews your building, so the same Toronto unit can get different answers. - [Helping your children buy a home](/living-inheritance-toronto/): Give part of an inheritance now, while you can see it help, and keep living in your own home. - [Paying for care at home](/paying-for-home-care-toronto/): Public home care is free if you qualify, and monthly deposits from your home's value can pay for the extra hours. - [Renovations to stay at home](/aging-in-place-renovations-toronto/): A walk-in shower, grab bars or a stair lift, paid for from your home's value so you can stay where you are. - [Buying a condo with a reverse mortgage](/buy-a-condo-with-a-reverse-mortgage-toronto/): A reverse mortgage can pay part of the price of your next Toronto condo, so more of your house sale stays in the bank. ## Guides Old Toronto families read first - [How much can a 70-year-old borrow with a reverse mortgage in Toronto?](/guide/how-much-can-a-70-year-old-borrow-toronto/) - [What does downsizing in Toronto really cost?](/guide/downsizing-in-toronto-cost/) - [How much does a reverse mortgage cost in Toronto?](/guide/reverse-mortgage-cost-toronto/) - [What does independent legal advice for a reverse mortgage cost in Toronto?](/guide/independent-legal-advice-reverse-mortgage-toronto/) ## How it works for a Old Toronto homeowner Everything is done by email and phone, with your family copied on every email if you like. The appraiser comes to your home, and you meet your own lawyer before you sign. 1. 01 Free estimate The free estimate form asks about you, your Toronto home and anything owing on it. It takes about 90 seconds and doesn't affect your credit. 2. 02 Every lender compared Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada for your Toronto home. In his first email you see the most your home could provide and the lenders that suit it, and he asks how much you want. 3. 03 Application Once you've chosen an option, fill out a quick form and send a few documents. Your credit is checked once, and your application goes only to the lender you choose. 4. 04 Approval The lender usually sends its mortgage commitment letter within a day or two. 5. 05 Appraisal A professional appraiser visits the home to confirm what it is worth. 6. 06 Independent legal advice Your own lawyer, who works for you and not the lender, goes through the mortgage with you before anything is signed. 7. 07 Closing The lender sends the money to the lawyer or title company doing the closing. They pay off your current mortgage, any other debts on the home and the costs, then deposit the remaining money into your bank account. ## Old Toronto reverse mortgage questions **How much can you get from a reverse mortgage on an Old Toronto home?** It depends on your age and your home's value, and Old Toronto values vary widely. At 65 you can borrow up to about 50.5% of the value, and at 75 up to about 58%. On a house at E01's September 2026 detached benchmark of $1,382,900 (Riverdale and Leslieville), that is up to about $699,100 at 65 and about $798,600 at 75. Try the [Toronto reverse mortgage calculator](/tools/reverse-mortgage-calculator-toronto/) with your own numbers. **Can you get a reverse mortgage on a downtown Toronto condo?** Yes. A standard condo registered in your name qualifies with every Canadian reverse mortgage lender. The lender reviews the unit's value, the building and its condo corporation, and the location, and the same condo can get different answers from different lenders. Leasehold condos and co-ops don't qualify with any lender. See [how a reverse mortgage on a Toronto condo works](/reverse-mortgage-condo-toronto/). **Does a Victorian semi or row house qualify for a reverse mortgage?** Yes. Semi-detached houses and freehold row houses qualify, as detached houses do, with slightly different ranges. Condition is part of approval on any home. A booked repair can sometimes be built in with a holdback (money set aside until the repair is finished), and a home in serious disrepair may need a short-term private mortgage first, which the reverse mortgage then replaces. **What does it cost to sell a midtown house and downsize within Toronto?** More than the same move elsewhere in Ontario, because Toronto is the only Ontario city with its own land transfer tax on top of the provincial one. Buying a $1,500,000 home in Toronto means about $52,950 in land transfer tax in total, before commission, legal fees and moving costs. A reverse mortgage has its own costs, mainly interest. See [what downsizing in Toronto costs](/guide/downsizing-in-toronto-cost/). **What happens to a midtown house with a reverse mortgage when the owner dies?** Your family controls the sale and keeps every dollar above the balance, because the lender never owns the home. The estate has 180 to 365 days to settle, depending on the product, and no early repayment charge applies on death at any lender. Interest keeps adding to the balance until it is repaid. Ontario's estate administration tax, about 1.5% of the value above $50,000, is worked out after the mortgage is deducted. ## Sources 1. [Toronto Regional Real Estate Board (TRREB), Market Watch, September 2026](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf) 2. [City of Toronto, Research and Analysis: Cabbagetown Southwest Heritage Conservation District Plan](https://www.toronto.ca/city-government/planning-development/planning-studies-initiatives/cabbagetown-southwest-heritage-conservation-district-plan/research-and-analysis-cabbagetown-southwest-hcd-plan/) 3. [City of Toronto, 2023 Ward Profiles (2021 Census)](https://ckan0.cf.opendata.inter.prod-toronto.ca/dataset/6678e1a6-d25f-4dff-b2b7-aa8f042bc2eb/resource/16a31e1d-b4d9-4cf0-b5b3-2e3937cb4121/download/2023-wardprofiles-2011-2021-censusdata_rev0719.xlsx) 4. [City of Toronto, 2021 Neighbourhood Profiles (2021 Census)](https://ckan0.cf.opendata.inter.prod-toronto.ca/dataset/6e19a90f-971c-46b3-852c-0c48c436d1fc/resource/19d4a806-7385-4889-acf2-256f1e079060/download/nbhd_2021_census_profile_full_158model.xlsx) 5. [Wikipedia, Old Toronto (the former City of Toronto)](https://en.wikipedia.org/wiki/Old_Toronto) 6. [Government of Ontario, Calculating land transfer tax](https://www.ontario.ca/document/land-transfer-tax/calculating-land-transfer-tax) 7. [City of Toronto, Municipal Land Transfer Tax rates and fees](https://www.toronto.ca/services-payments/property-taxes-utilities/municipal-land-transfer-tax-mltt/municipal-land-transfer-tax-mltt-rates-and-fees/) 8. [TTC, Line 5 Eglinton](https://www.ttc.ca/riding-the-ttc/Line-5-Eglinton) 9. [Government of Ontario, Estate Administration Tax](https://www.ontario.ca/page/estate-administration-tax) ## Nearby parts of Toronto [ East York The former Borough of East York: 1940s veterans' houses, Leaside's planned streets and Thorncliffe Park's apartment towers. Read about East York → ](/service-areas/east-york/)[ York The former City of York, inside Toronto: older, more modestly priced houses and five new Line 5 Eglinton stations. Read about York → ](/service-areas/york/)[ North York 1950s bungalows beside large new houses, the Yonge-Sheppard condo towers, and detached benchmarks from $1,010,200 to $3,061,400. Read about North York → ](/service-areas/north-york/) --- Free reverse mortgage estimate (no sales pressure): https://torontoreversemortgage.ca/estimate/ Operated by Dominion Lending Centres Homestead Financial, a mortgage brokerage licensed by the Financial Services Regulatory Authority of Ontario, brokerage licence #11711. Independently Owned and Operated. TorontoReverseMortgage.ca is a website of Dominion Lending Centres Homestead Financial, not a separate brokerage. Richard Hopkins, Mortgage Broker, licence M16000896.