It makes sense: when people reach their retirement years, they often downsize, cutting back on housing costs and time spent on maintenance.

READ: Toronto City Council Approves New Seniors Housing Corporation

In some cases, seniors may opt to stay in their current neighbourhoods where they've already set down roots. In others, they might be looking for a change that comes in a neighbourhood that offers plenty of daily amenities within walking distance. Plus, having easy access to things such as medical facilities is an added bonus.

READ: New Study Shows How Seniors Impact Canada’s House Prices

Today's modern retiree definitely seeks a shift in lifestyle compared to what they may have wanted when they were younger, but they may still appreciate what urban living can offer. Luckily, Toronto offers some amazing neighbourhoods that are perfect for seniors.

READ: Toronto Introduces Home Sharing For Seniors And Broke Millennials

Here are some of the best:

St. Lawrence Market

The St. Lawrence Market is a historic landmark in the city and anchors the eclectic neighbourhood of the same name. Just this amenity alone is reason enough for seniors to consider St. Lawrence a neighbourhood that should be on their shortlist. The market can serve all their daily grocery needs, and the St Lawrence Health Centre is within the community's boundaries.

The neighbourhood boasts easy access to the DVP and Gardiner for commuting, as well as the Yonge Subway line and plenty of streetcars. There are also several older condominium buildings with large floor plans for those looking for one-level homes without compromising square footage.

High Park

With a plethora of different housing types, High Park offers retirees and other demographics their pick of the litter in terms of real estate. The picturesque homes that line many of the streets in the area have steep staircases to reach the entrances, and may not be suitable for seniors. But there are plenty of other homes in the area that offer more ideal floor plans.

Plus, there are a number of low-rise condominium apartment buildings north of Bloor along Quebec Avenue that offer decent price ranges for those looking to make good use of their retirement funds. Many of these units offer balconies that boast south views of the gorgeous High Park and Lake Ontario.

High Park is still in the heart of the city but doesn't have as much hustle and bustle as downtown, and residents have easy access to the subway for convenient commutes. And with a number of amenities within walking distance, such as grocers and shops, High Park makes a great place for seniors to spend their time.

Forest Hill

Considered one of the city's most prestigious areas, Forest Hill is a stunning community characterized by winding roads, sloping hills, and various little parks that give the neighbourhood its distinctive charm.

While many residents are families with school-aged children - many of whom are there to take advantage of some of the most prestigious schools in the GTA - Forest Hill is also an ideal place to retire. The friendly and safe area is home to a number of conveniences that are within close proximity, including shopping and entertainment.

In addition to the plethora of mansions, there are also retirement communities available, including Revera, which offers residents convenient amenities such as a fitness center, salon and spa, library, and dining room, among others.

Bayview Woods-Steeles

Bayview Woods-Steeles in North York is one of those communities in Toronto that has seen a rise in the proportion of retirees over the past few years. In fact, about 28 per cent of the residents in Bayview Woods-Steeles are 65 years or older, giving seniors plenty of good company. Even pre-retirement individuals have found themselves in this community.

The area is picturesque and boasts a ton of greenery and ravines thanks to several branches of the Don River amalgamating in the neighbourhood. Any seniors who love to golf in their newfound free time have Bayview Golf and Country Club at their disposal just north of the neighbourhood. Otherwise, the Cummer Park Community Centre offers a pool, skating arena, and a skate park, and all the ravines in the area can be used for walking, running and biking.

Casa Loma

Another neighbourhood in Toronto that has seen an increase in the number of retirees is Casa Loma, with 24.3 per cent of the area's residents classified as seniors.

Of course, Casa Loma itself serves as the hub of the neighbourhood and provides the perfect backdrop for any residence. The homes in the area almost seem as though they're part of a fairytale story with the oversized mansion and surrounding ravines and parklands all around.

In addition to the charming homes, there is also Casa Loma Seniors Village, which offers both independent and assisted living. Amenities on-site include a fitness room, gardens and courtyards, a general store, hair salon, libraries, lounges, movie theatre, and private dining room, among others.