To guide you through the process, we compiled some tips for downsizers from the cast of RealTours Season One, expert agents who know Greater Vancouver’s best neighbourhoods.
Downsizing while upgrading.
With the average price of a detached home in the Lower Mainland passing the $2.1 million mark, downsizers often have a significant amount of capital to play with when deciding on their next property. This means a move to a luxury condo or townhome in a highly sought after neighbourhood is no longer just a pipe dream.
For some downsizers, it’s all about location. After years of building equity in the suburbs, it might finally be time for a move near the beach or in the heart of a walkable community. In other cases, the property is the most important. Is there a concierge on site? Will someone else manage the gardening, repairs and maintenance?
To explore what’s on offer for downsizers ready to move up in life, we spoke with a pair of top agents from the cast of RealTours: Jesse Dean Cook from West Vancouver and Adina Dragasanu from Mount Pleasant.
West Vancouver
West Vancouver is an obvious choice for downsizers for good reasons - luxury properties in a prime location with easy access to amenities. Prices are higher here than in most other parts of Greater Vancouver, with the median price for a condo coming in at around $1.65 million. Compare that to downtown Vancouver, where the median price for a similar property is closer to $1.1 million. (Prices correct as of March 4th, 2024)
The higher price comes with a raft of benefits for downsizers in West Van, according to Jesse Dean Cook.
“You're not downgrading your lifestyle, you're just elevating it,” he says. “You're right on the seawall in places like Ambleside and Dundarave, and you’ll find some amazing one-floor condos with gorgeous views, steps to the cafes and restaurants. So lots of different options, with views being paramount with most of them.”
If the hustle and bustle of Ambleside and Dundrave aren’t for you, Cook says there are great options up the mountain. Communities like the British Properties and the upcoming Cypress Village also offer luxury properties with jaw-dropping views.
Mount Pleasant
If you’re looking for a walkable community with easy access to some of the Lower Mainland’s best shopping, food and activities, you don’t have to go much further than Vancouver’s Mount Pleasant neighbourhood.
“We have quite a few clients in Mount Pleasant who don’t even own a car,” says Adina Dragasanu. “The lifestyle is unparalleled, having the convenience of being able to walk everywhere.”
The median price for a condo here is around the $800,000 mark, significantly less than downtown Vancouver or West Van. So you might be further from the beach but you’re still in a vibrant community with access to great amenities.
Dragasanu says it’s important for downsizers to focus on properties that allow them the kind of lifestyle they want in the years to come.
“Look at buildings that are well-maintained,” she says. “They tend to have concierges, typically. Downsizers are often selling a house and don't want to be bothered with property maintenance. You just want to go enjoy your life. So being able to pay to have someone take care of all of that is a really nice bonus.”
Expert Advice
Wherever you choose to start your search for your next home, you’ll need to be prepared for the process. While the RealTours agents might have their favourite neighbourhoods, they agree on some key advice for downsizers: pick a location that matches your ideal lifestyle. Whether that’s in a vibrant community with easy access to amenities, or in a high-end building that takes care of maintenance and repairs, there are great options at most price points across the region.
For more tips, take a look at our ultimate checklist for buying a property in Canada.
