If you want to downsize in Vancouver, you need to downsize your expectations

Over the past year, housing prices have risen by 20%, and the average price for a home in Vancouver is now a record $1.47 million. If the current numbers are any indication, housing prices in Vancouver will continue to rise. Add increasing international investors plus Canada’s aging population to the mix, and we have an interesting future ahead of us. Statistics Canada recently reported that there are now more people over 65 in Canada than there are kids under 15, and the Conference Board of Canada has predicted that more than 80% of Canada’s new housing demands will come from people over the age of 65 over the next 18 years.

For many Vancouverites facing an empty nest or contemplating retirement, these numbers point to a lot more competition and fewer options in the downsizing department than we’ve had in the past. All of this might make downsizing sound like a daunting task, but if you’re aware of what you’re getting into, there are several options you can look at.

The most difficult part is, of course, developing the right expectations. While you may be expecting to sell your older home and move into one of the freshly decorated suites from your favourite episode of House & Home TV or the local upscale condo display unit, what you get in reality might be much different.

One option Brenda Kinnear, Associate Broker with RE/MAX Crest Realty Westside in Vancouver recommends is moving farther away from the city centre. The trick, however, is finding a balance between affordability and other factors like transit access, walkability, medical services, and of course proximity to family and friends. Resources like walkscore.com are great for comparing the walkability score of your preferred neighbourhoods as well as other factors such as local amenities, transit access and even crime rates.

Be aware, however, that the price of downsizing in certain neighbourhoods will change as those neighbourhoods become more popular. While the South Surrey / White Rock area used to be a preferred destination for budget-conscious downsizers, these days, the prices there are through the roof. A current alternative could be to look to places like Newport Village in Port Moody or Coquitlam.

Downsizing in Vancouver may not be for everyone, but if you’ve made the choice to simplify, make sure you explore all of your options thoroughly before making your final decision.

Originally published on Jaybanks.ca, November 5th, 2015