Condos, adult communities and retirement residences: what's the difference?
Last reviewed October 30, 2026
The options for later-life housing come with a confusing vocabulary. Some you buy, some you rent, and some combine housing with care. Here's a plain-language guide to what each one is, who it suits, and what to ask.
| Option | Own or rent? | Care included? | Best suited to |
|---|---|---|---|
| Condo apartment or townhouse | Own | No | Independent living with less maintenance |
| Adult lifestyle community | Usually own | No | Active adults wanting community and amenities |
| Life lease | Buy an interest (not full ownership) | Usually no | Independent seniors wanting a sponsored community |
| Retirement residence | Rent | Services and some care, for a fee | Seniors wanting meals, activities and support |
| Long-term care home | Government-funded bed; co-payment | Yes, 24-hour nursing | People with significant care needs |
Condos
A condo lets you own your home while a condo corporation handles shared areas and, often, exterior maintenance and snow removal. Condos aren't age-restricted, so your neighbours might include young professionals and families. You pay monthly fees, and the building's finances and rules matter a lot. Our sister site London Ontario Condos explains fees, reserve funds and status certificates in detail.
Adult lifestyle communities
These are developments marketed to adults, often 50+ or 55+, typically made up of bungalows or bungalow townhouses, sometimes with a clubhouse, walking paths and social programs. Many are structured as condominiums or vacant land condominiums, where you own your home and share ownership of roads and amenities.
Questions to ask:
- Is there an age restriction, and how is it enforced? (Age restrictions in condos are subject to Ontario's human rights rules, so ask how the community handles this.)
- What do the monthly fees cover, and how have they changed?
- Who maintains what: roofs, driveways, snow clearing, lawns?
- Who owns and runs the clubhouse and amenities?
- Are there rules about renting, guests, or visiting grandchildren?
Life leases
In a life lease community, often sponsored by a non-profit, faith-based or community organization, you pay a lump sum for the right to occupy a unit for life (or until you leave), plus monthly fees. It isn't the same as ownership. How much you get back when you leave, and how resale works, depends on the specific agreement. Some life leases tie resale value to the market, while others use a set formula. Have a lawyer review the agreement carefully before signing.
Retirement residences
Retirement residences are rental communities that offer services such as meals, housekeeping, activities, and varying levels of personal care, which you pay for privately. In Ontario they're regulated by the Retirement Homes Regulatory Authority (RHRA), which licenses homes and publishes a public register including inspection reports. London has many retirement residences, ranging widely in style, services and cost.
Tips: visit at mealtime, ask for a full list of what's included vs extra, check the RHRA public register, and ask how care is increased if your needs change.
Long-term care
Long-term care (LTC) homes provide 24-hour nursing care and supervision for people who can no longer live independently. They're funded and regulated by the province, and residents pay a co-payment for accommodation. Access is arranged through Ontario Health atHome, which assesses eligibility and manages waitlists. Wait times can be long, so if long-term care may be needed, start the conversation early.
Many people move in stages: from the family home to a condo or bungalow, then, years later if needed, to a retirement residence. Choosing a first move that's close to good healthcare and services can make any later move easier.
Comparing costs fairly
Comparing these options is tricky because they bundle different things. When you compare:
- For owned options, add up the mortgage (if any), condo fees, property tax, insurance, utilities and maintenance.
- For retirement residences, compare the monthly rent and the cost of care packages and extras.
- Factor in what you're no longer paying for: groceries and meals, transportation, housekeeping, home maintenance.
- Consider what happens to your capital: owned homes may appreciate, while rent doesn't build equity but frees up capital.
A financial advisor can help you model these options against your retirement income.
Your local agent
A patient guide for a big decision
Selling a home you've lived in for decades and choosing the next one is as much an emotional decision as a financial one. It helps to work with someone who will take the time to explain your options without rushing you. We recommend Rayna Elabed, a Sales Representative with CENTURY 21 First Canadian Corp., Brokerage in London. She works with sellers on pricing and marketing, and with buyers on finding the right next home.
You can browse current London listings, including bungalows and condos, and contact Rayna directly through her CENTURY 21 page.