Entering into a new life stage often prompts us to reevaluate what we\u2019re looking for in a home. And while many of us still follow the traditional real-estate trajectory \u2014 buy a spacious property when starting a family, scale back after retirement \u2014 there have been notable shifts in how buyers are now approaching upsizing and downsizing.<\/p>\n
The idea of \u201cright-sizing\u201d is actually a misnomer, according to Christian Vermast, a Toronto-based Senior Vice-President of Sales at Sotheby\u2019s International Realty Canad<\/a>a. \u201cThe term suggests a conversation focused around size. In my opinion, upsizing or downsizing just means finding a living arrangement better suited to your current lifestyle.\u201d His business partner, Paul Maranger<\/a>, echoes that sentiment. \u201cSomebody might be selling their home and moving into a condo, but not really giving up anything in terms of space.\u201d<\/p>\n Other Sotheby\u2019s International Realty Canada Realtors\u00ae are also noticing how the market is adapting to new requests and changing preferences, as today\u2019s homebuyers set out to find homes that suit their current needs, all the while keeping an eye to the future.<\/p><\/blockquote>\n Vancouver, British Columbia<\/strong><\/a><\/p>\n Will McKitka, a Senior Vice-President of Sales at Sotheby\u2019s International Realty Canada<\/a>, is seeing the rebound from some of the homebuying moves that played out during the pandemic. \u201cNow that companies are pushing for a return to the office, people who left the city for larger, more remote properties are moving back. They might end up with less space here, but maintaining a large house takes a lot of work,\u201d McKitka points out. \u201cAnd no matter what, that golden rule of real estate eventually applies: location, location, location.\u201d<\/p>\n People moving back into more compact quarters should pay particular attention to how a home allocates space, advises Kevin Hardy, a Realtor\u00ae at Sotheby\u2019s International Realty Canada<\/a>. \u201cThese days, a lot of buyers see a big formal dining room and say, \u2018Who cares?\u2019 \u201d Condo shoppers would be wise to assess a building\u2019s amenities with the same critical eye, he adds. \u201cAsk yourself if you\u2019re really going to use the pool because if you\u2019re not, you can reduce your monthly maintenance fee.\u201d<\/p>\n That said, it\u2019s still smart to pay attention to features that might give your home an edge once it\u2019s time to relist. \u201cYou might not care that a house\u2019s lot size is four feet wider than the one next door, but that can make a huge difference to somebody down the road looking at that property with an eye towards densification,\u201d says Hardy.<\/p>\n Calgary, Alberta<\/strong><\/a><\/p>\n Downsizers are paying extra attention to how a home\u2019s design might affect their ability to age in place. \u201cElevators are huge,\u201d reports Corinne Poffenroth, a Senior Vice- President of Sales at Sotheby\u2019s International Realty Canada<\/a>. \u201cWe\u2019d been struggling a bit with our inventory of townhomes with elevators, but now that developers are noticing this demographic, those are starting to pop up more.\u201d<\/p>\n Another popular request is storage space, whether it\u2019s a locker unit in a condo building or a large garage in a townhome. More specialized storage solutions are also in demand. \u201cMany people who are downsizing really want to see a wine cellar or temperature-controlled fridge,\u201d says Poffenroth. \u201cAnd thankfully, a lot of the buildings here have that.\u201d<\/p>\n For upsizers, the biggest concern is space for their extended family. \u201cWith multi-generational living on the rise, buyers are finding real value in secondary suites,\u201d she says. \u201cSometimes that\u2019s above the garage and, other times, it\u2019s a carriage house [where] you can move your parents \u2014 or even a nanny or property manager.\u201d Bathrooms are an even bigger priority. \u201cThe expectation when you get to that $2-million mark is, definitely, that all of the kids will have their own ensuites. And [that\u2019s] always a good option to have if you resell because [your home will appeal] to a bigger family.\u201d<\/p><\/blockquote>\n Toronto, Ontario<\/strong><\/a><\/p>\n Christian Vermast likes to begin discussions about right-sizing by determining a buyer\u2019s current headspace. \u201cEmpty nesters are often seeking to be more carefree, which translates to somewhere that offers ease of maintenance, whereas a couple with a toddler who is starting to kick a ball around might be looking for a house with a backyard on a street with children of the same age.\u201d<\/p>\n Yet as much as current needs and wants should inform your search, a home\u2019s long- term viability also depends on anticipating how those needs might evolve. \u201cMany people downsizing from the suburbs initially think that they want something smaller and fairly close by. Then, once they move, they realize that, actually, they don\u2019t want to be using their car all the time.\u201d In that scenario, Vermast recommends communities away from the downtown hustle and bustle, but still offer easy walkability.<\/p>\n Paul Maranger stresses that it\u2019s just as important for young buyers upsizing to their first family home to project themselves five years into the future. \u201cThere is always a lack of inventory on nice streets in good school districts, so find a space that you can grow into. You want to be able to go from one child to two children without having to reinvent the wheel.\u201d<\/p>\n Montr\u00e9al, Qu\u00e9bec<\/strong><\/a><\/p>\n Liza Kaufman<\/a> has noticed that today\u2019s downsizers are keen to maintain a sense of spaciousness. \u201cNobody wants a big house that requires a lot of maintenance,\u201d says the Certified Real Estate Broker with Sotheby\u2019s International Realty Qu\u00e9bec, \u201cbut they do want big rooms that make them feel like they can breathe.\u201d<\/p>\n Inspired by changes triggered by the pandemic, buyers are also paying special attention to certain areas of the home. \u201cThey\u2019re entertaining formally less but using their kitchen more,\u201d says Kaufman, noting that there is currently a high demand for homes ready to start hosting family dinners immediately. \u201cFirst-time buyers want to have clarity about the final cost. You don\u2019t always know where you\u2019re going to end up financially if you have to renovate.<\/p>\n On the other hand, if buyers are looking to do their own upgrades, Kaufman advises keeping future transitions in mind. \u201cYou want to customize things to your own taste to some level, but if you are planning to move again, you have to toe the line. Homes that sell well are renovated in a simple, neutral manner, so always envision that next buyer.\u201d<\/p>\n The bottom line: Important as it is to find the right home for the current stage of your life, it never hurts to keep the future in mind as well.<\/p>\n Discover Canada\u2019s finest housing listings at sothebysrealty.ca<\/a>.<\/p>\n![\"\"](\"https:\/\/sothebysrealty.ca\/insightblog\/wp-content\/uploads\/2023\/04\/977-8th-Avenue-101-sothebys-international-realty-canada.jpg\")
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