The decision to downsize your home is a major life decision. You’ve likely spent many important chapters of your life in your current home.
However, if your family’s grown up and moved out, or you just don’t need the space anymore, you’ll want to ensure you’ve exhausted all areas in your decision making process.
By the end of this article, you’ll have a clear idea of every aspect you need to consider before making that big decision. And how downsizing services in Metro Vancouver can help you.
1. Location
When downsizing your home, it’s best to think about the future requirements and needs for amenities, safety, and community in your new location and home. Here is how to best consider these things:
Proximity to Essential Services and Amenities
Downsizing to a more central location in Metro Vancouver, like Vancouver or Burnaby, can offer closer proximity to major healthcare facilities, easier access to transportation systems like BC Ferries, and other essential services.
This is an awesome benefit as you age and maybe seek more convenience in your life. In contrast, suburban areas like Surrey or Langley might offer fewer immediate services but could provide more community-centric amenities and affordable housing options.
Access to public transportation systems should also be a consideration. Areas well-serviced by TransLink, such as those near SkyTrain stations (e.g., along the Canada Line, Expo Line, or Millenium Line), are ideal if you require reliable public transport.
Proximity to hospitals, physio clinics, and pharmacies should also be a consideration. While all cities across Metro Vancouver have these amenities, make sure it’s convenient to access in your future neighbourhood.
Areas like Langley or parts of Surrey, while potentially more affordable, might require more driving time to central locations like Downtown Vancouver, which could impact daily lifestyle choices.
Cultural and Community Fit
Like all locations, different neighbourhoods attract different demographics. For instance, downsizing to a neighbourhood like Kerrisdale or West Vancouver may allow you to live among larger senior populations. Which can offer a more relatable social environment for your next chapter.
Certain neighbourhoods also may be more densely populated with a specific culture or background. For example, near the Lougheed area in Coquitlam, there is a large Korean population because of the main Korean Centre with nearby shopping. Make sure you’re moving to an area that you see as a fit for the life you want to live.
Areas with high walkability, such as Downtown Vancouver, Kitsilano, or parts of Burnaby, allow retirees to easily access services, shops, and social activities without relying heavily on driving.
Safety and Environment
Safety should be a top consideration when downsizing, especially as you look into your retirement. Consider the crime rates and overall safety of the neighbourhood.
Nearby Cities With Low Crime Rates
City | Population | Violent crime/100k People | Property crime/100k People | Total crime/100k People |
Anmore, BC | 2,569 | 289 | 1,270 | 1,559 |
Belcarra, BC | 695 | 318 | 1,396 | 1,713 |
Lions Bay, BC | 1,463 | 318 | 1,396 | 1,713 |
Musqueam, BC | 1,784 | 318 | 1,396 | 1,713 |
Coquitlam, BC | 5 | 339 | 1,490 | 1,829 |
Bowen Island, BC | 4,211 | 386 | 1,694 | 2,080 |
Port Moody, BC | 39,217 | 436 | 1,914 | 2,350 |
Greater Vancouver A, BC | 18,924 | 693 | 3,043 | 3,736 |
Are you a nature fan? Locations closer to natural settings like North Vancouver or Port Coquitlam, which are near mountains and water, offer peaceful landscapes to wander, beneficial for both mental and physical health.
2. Financial Plans
Finances. One of the largest deciding factors when it comes to downsizing. All aspects of your personal financial equation have to add up and make sense for this to happen. Here are some major financial considerations to think about:
Sale Price of Existing Home
The market value of your current home will be a major driving factor in your financial flexibility when looking to downsize. Homes are in high-demand across the entire lower mainland, so the rising values over the past decade should potentially provide a larger budget for purchasing a smaller home.
It’s important you talk to a Realtor who can help you downsize. They’ll know the comparables for the area and what you should consider when pricing your home. This number will help you budget for your next move and future.
Cost of Purchasing a Smaller Home
Now, you’ll want to make a list of your wants and needs when it comes to downsizing. This will give you an idea of the type of home you’ll want to look for.
For example, if you’re downsizing from a 5 bedroom home to a 2-bedroom home, you may be looking at a condo. The average cost for a condo is much lower than that of a detached home in the lower mainland. And while the overall costs are cheaper, living in a condo does present additional strata and condo corporation fees.
Prices in Metro Vancouver vary widely by area. For example, downsizing to a condo in Downtown Vancouver might still be quite expensive, whereas a similar or even larger property might cost less in Langley.
If you need money from your current home for retirement, consider changing locations to accommodate your future needs.
Future Expenses
Expenses change as you get older. While you may have lower monthly expenses with no auto loans or personal debt, healthcare can be a major future cost. It’s important you look at how your future expenses may unfold to give you a clear picture of your financial situation.
This will give you a solid understanding of what the different outcomes will be when downsizing, what type of property and home will make sense going forward.
Also take into account the different property taxes into your ongoing budget. For instance, property taxes in Surrey might be lower compared to Vancouver.
Day-to-day living costs, including groceries, transportation, and health services, can vary between more areas and suburban or rural locales. Groceries may be a few percentage points cheaper in areas like Delta or Maple Ridge, compared to Downtown Vancouver.
Smaller homes typically cost less to heat and power, which can be a significant saving, especially during the colder months in the Lower Mainland.
As you get older, proximity to quality healthcare becomes crucial. Areas like Vancouver have easy access to major hospitals, might be more expensive.
For future expenses and cash flow planning, it’s important to talk to a financial advisor or planner that can help you map out what these expenses may look like down the road.
3. New Property & Home Size
Impact on Lifestyle
Consider your current lifestyle when planning the size and type of home you’ll downsize to. While the financial aspects are of main importance, you’ll also want to consider the impact on your lifestyle.
Are you used to hosting a lot of parties and guests? If the new home you’re looking at cannot accommodate those things, how will that affect your lifestyle?
If moving from North Vancouver to Langley will negatively impact your personal life, maybe the changes don’t make sense even if it would make financial sense.
There are other routes and options for downsizing that can help you meet your lifestyle and location needs.
At the end of the day, downsizing doesn’t just mean moving to a smaller space; it’s about finding a space that fits your new lifestyle. This might mean prioritising properties with layouts that support accessibility, such as ground-level suites, reliable elevators, no stairs, etc,.
Practicality and Functionality
Downsizing often requires thoughtful consideration of your storage needs. Ideally, look for homes that offer the storage spaces you need. This will avoid adding another monthly cost for an external storage unit.
Consider the practicality for the space when you’re looking to downsize. As it often means a smaller yard or even no yard at all, reducing the time and effort spent on mowing, weeding, and gardening.
A smaller home usually means fewer people and less wear and tear on the property, leading to fewer repairs and replacements.
4. Logistical Considerations
When downsizing your home, there are a ton of logistical considerations to make, mainly around your items and moving them. Let’s dive into these important considerations:
Cleaning & Organizing
If you’re going to sell your current home that you’re living in, it also needs to be ready to show. This means getting it clean and organised, and keeping it that way until it’s sold. This usually involves having cleaners come in on a weekly basis to help keep the home spotless for upcoming showings.
Keeping, Selling, Throwing Away
One of the biggest areas of concern for those downsizing and their families is dealing with all the years of stuff that has been accumulating. There could be tons of old stuff collected over the years mixed in with important sentimental items. Creating a job on it’s own for sifting through what to keep, sell, and throw away.
This is a major area for anyone downsizing so don’t get overwhelmed with this phase. Consider it as a time in your life to declutter and keep what’s most important.
By having a rough understanding of what you’ll be keeping, selling, and throwing away, you’ll know how much space you’ll need in your new place for all of your belongings. This will be important for your budget and lifestyle considerations, too.
Moving Process
When it comes to moving, you’ll want to make it easy on yourself and your family. Typically, it’s best to hire reliable movers. With downsizing, you’ll ideally have a bit of a budget to handle these additional expenses.
If you’re looking to get rid of things that are in good condition, you can consider selling them on Facebook Marketplace or Craigslist.
Hosting a garage sale is also a great way to prepare for the moving process. Or, you can donate them to your local salvation army, Thrift Store, or Good Will.
Make a plan, room-by-room. Don’t get overwhelmed and think you need to pack everything at once. Do it room by room after you’ve decluttered and it’ll go quickly. Or leave it to the declutter professionals to make it even easier on yourself.
Lastly, you’ll want to find reputable movers that you can trust to help you organize, pack, transport, and unpack all your belongings. We recommend reaching out to multiple different movers and seeing what their rates and services are like, check out their reviews, and ask friends and family. Picking the right movers is a very important step!
We also have recommendations of highly reputable movers and other services to use during the downsizing process. Don’t hesitate to get in touch with us if you have questions.
5. Getting Help Downsizing
While you may want to begin the downsizing process alone, it’s a painful process to go through completely alone. While family support is important, you’ll also want to have a trusted Realtor, like Daniel John, on your team to help you downsize.
Market Knowledge and Expertise
Realtors with extensive local knowledge across Metro Vancouver will help you understand the nuances of different neighbourhoods—from property values in West Vancouver to the emerging new-builds in places like Surrey or Coquitlam. They can advise on the best areas that meet your financial goals and lifestyle needs that you defined in the sections above.
A trusted professional can also help provide you with reliable market assessments so you can get the best sale price for your current home and make the right offers on new properties.
Logistical Support for Your Current Home
Downsizing help is essential if you’ve lived in your current home for 10+ years and have accumulated a lot of belongings. There are a myriad of different professionals out there that can help you downsize your belongings. When you work with our team’s real estate downsizing services, we bring all these professionals to the table to save you time in finding great help for a good price.
Along with coordinating help for downsizing your belongings, our team will also help you coordinate showings of your current home. All while, helping you find that next dream property that you’ll downsize to.
Beyond this, we can also connect you with home repair, inspectors, lawyers, and other companies that might be necessary for when you’re downsizing.
When it comes time to complete the sale of your current home, close on your new home, and get your belongings ready and moved, we’re here for every step!
Finding the Right Property & Negotiations
You don’t want to downsize just for the sake of downsizing.
We can help you sift through all the listings on the MLS to find qualified properties that meet your requirements.
Once we have your criteria set up in our system, we can pull relevant listings and send them over to you for review. We’ll organzie the viewings to make it easy for you to simply show up and view the property.
We also make sure to structure your deal so that it aligns with your downsizing timeline, finances, moving plans, etc. Or if you find a property that you absolutely love and need to purchase, we’ll make it happen. Our nearly two decades of experience in the industry will support you in getting your next dream home.
After Move Support
When we help you downsize, the support doesn’t stop after you’ve signed the papers and closed on the home. After you’ve settled in, we can still support you with upgrade recommendations, vendor selection help, and property questions. If something comes up that you’re unsure of or don’t know how to handle, we’re just a call away.
Ready to Downsize?
So, are you ready to downsize? We know this is a lot to consider. But without reviewing all areas, you could make an uninformed decision that you would later regret.
In residential real estate, that can cost a lot of time and money that you don’t want to waste! So, it’s best to take all these points into consideration and figure out if it’s the right move for you and your family.
Decide that downsizing is right for you? We’re here to help you with every step of the way. Learn more about our home downsizing services in Vancouver.