If you’ve been deciding whether you need a lifestyle change and are looking at downsizing, upsizing or buying your first home in a smaller B.C. community, you’ve come to the right place. However, we’ll be the first to agree that there are many factors for you to consider. Whether you’re a new home buyer, an empty nester or a semi-retired professional, there are many options. Here are some things to consider including the when, where, why, what and how much you want to right size your life.
When: The good news is: if you’ve been sitting on the fence and waiting for the market to stabilize in Vancouver, it seems buyers are finally jumping off the proverbial fence, just as fast as they climbed on it one year ago! Over the past 4 to 5 months, buyer confidence seems to be back on the rise. We’re even hearing about lineups of 50 to 100 people to view town homes in places like Langley, a trend that seems to indicate that now would be a good time to get a move on.
Where: Similar confidence also seems to be back in the larger markets like Kelowna and Victoria, and many smaller communities in B.C. have held their value, if not increased it, over the past year.
Why: In Calgary, year-over-year sales volumes have finally started to increase (up 5.4% in September and 0.28% in October, according to the Calgary Real Estate Board). According to the Real Estate Board of Greater Vancouver, an increase in sales (not necessarily value) started this past July, up +23%, in August +15.7%, in September $46.3% and in October 45.4%. Vancouver sales volumes are now almost the same as the 10-year average, with prices holding at what experts are calling a “much more balanced market.” The benchmark price for a detached home in the greater Vancouver area is still about $1.4 million (it was about $1,600,000 a year ago: more details and stats at rebgv.org). With hot pockets of growth and many young professionals and families looking to buy in Vancouver, it’s still a great time to sell if you’re looking to move to a smaller community!
What and how much: We’ve designed a checklist of considerations worth exploring while you weigh the benefits of relocating to a smaller community: it covers all the factors that Right Sizing writers strive to include when researching every issue.