Retirement is an exciting time to relax, enjoy new experiences, and savor the rewards of years of hard work. But it also comes with decisions, and one big question many retirees face is whether moving to a smaller home is the right choice. Let’s break it down so you can make the best decision for your future.

What Does Downsizing Mean?

Downsizing is simply moving to a smaller and easier-to-manage home. This could mean switching from a large-family house to a cozy condo, townhouse, or one-story home that fits your current needs. It’s not just about having less space—it’s about creating a living situation that’s easier to handle, more affordable, and better suited to your retirement lifestyle.

Why Do Retirees Choose Downsizing?

There are plenty…

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Vancouver, BC – January 13, 2025. The British Columbia Real Estate Association (BCREA) reports that 4,484 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in December 2024, up 24.7 per cent from December 2023. The average MLS® residential price in BC in December 2024 was up 5.6 per cent at $1,013,556 compared to $960,057 in December 2023.

The total sales dollar volume was $4.5 billion, a 31.7 per cent increase from the same time the previous year. BC MLS® unit sales were 15 per cent lower than the ten-year December average.

“Home sales closed the year on a much stronger note than in 2023,” said BCREA Chief Economist Brendon Ogmundson. “A stronger finish to 2024 pushed home sales just above last year’s total,…

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Stronger-Than-Expected Jobs Report in December

Today’s Labour Force Survey for December was much stronger than expected, as many thought the Canada Post strike would have a larger impact. Employment rose by 90,900 net new jobs last month, and the employment rate—the proportion of the population aged 15 and older who are employed—increased by 0.2 percentage points to 60.8%. The jobless rate declined a tick to 6.7%.

Industry-Specific Employment Gains

Employment gains in December were led by:

  • Educational services (+17,000; +1.1%)
  • Transportation and warehousing (+17,000; +1.6%)
  • Finance, insurance, real estate, rental and leasing (+16,000; +1.1%)
  • Health care and social assistance (+16,000; +0.5%)

Regional Employment…

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Improving your financial health is essential for long-term stability and peace of mind.

Step 1: Create a Budget

This starts with creating a budget and sticking to it. Begin by tracking your income and all expenses for at least a month to understand where your money is going.

  • Categorize your spending into essentials (housing, utilities, groceries) and non-essentials (entertainment, subscriptions).
  • Set realistic spending limits and prioritize needs over wants.

Apps and tools can also make budgeting easier and more effective.

Step 2: Build an Emergency Fund

Life is unpredictable, and having a financial cushion can prevent setbacks from turning into crises.

  • Aim to save 3–6 months’ worth of living expenses.
  • Start…

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It’s a new year, and as we gear up for the upcoming Spring season, it is a good idea to take a look at the market outlook and what we are expecting to see around housing sales, prices, interest rates, and how these current conditions affect buyers versus sellers!

Let’s dive into the Canadian Real Estate Association Forecast and more:

National Trends

Housing Sales

National home sales are expected to increase by 6.6% in 2025, reaching approximately 499,800 units as interest rates continue to decline, drawing buyers back into the market. This follows a modest 5.2% increase in 2024.

Housing Prices

On a national level, Canada’s housing market is expected to see a 4.4% increase in home prices in 2025, reaching an average of $713,375.…

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There is an unprecedented disparity between the economic and financial situation in the US and Canada. The Canadian economy is far more interest-sensitive than the US and, therefore, slowed more dramatically in response to the Bank of Canada’s restrictive policy to bring inflation back to its 2% target level.

The jobless rate in Canada has reached 6.5%, well above the level in the US, and job vacancy rates have plummeted. Wage inflation has been sticky at 4.9% but will likely edge downward in response to excess supply in the labor market.

Inflation accelerated to 2% y/y in October, compared to the cycle-low 1.6% in September, mainly because gasoline price deflation slowed. The odds of another 50 bps rate cut by the central bank—on the…

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New Listings at 10-Year High in 2024, but Affordability Still the Elephant in the Room in Fraser Valley

SURREY, BC – Bank of Canada interest rate cuts that began mid-year were not enough to ease the affordability crisis for many home buyers in the Fraser Valley in 2024, leading to a decline in annual sales. The Fraser Valley Real Estate Board reported new listings of 35,698 for the year ended December 31, 2024, a 10-year high and nine per cent above the 10-year average. However, annual sales recorded on the Multiple Listing Service® (MLS®) were the lowest seen in ten years at 14,570, a decline of one per cent over 2023 and 24 per cent below the 10-year average.

The City of Surrey accounted for the majority of 2024 sales at 51 per cent, with…

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Home Sales Register a Strong Finish to Cap Off 2024

VANCOUVER, BC – January 3, 2025

Home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver rose over thirty per cent in December, compared to the previous year, signalling strengthening demand-side momentum to close out 2024.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 26,561 in 2024, a 1.2 per cent increase from the 26,249 sales recorded in 2023, and a 9.2 per cent decrease from the 29,261 sales in 2022.

Last year’s sales total was 20.9 per cent below the 10-year annual sales average (33,559).

“Looking back on 2024, it could best be described as a pivot year for the market after experiencing such dramatic increases in…

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Richmond, BC, is a vibrant and diverse city that has quickly become one of the most desirable places to live in the Greater Vancouver Area. With its thriving economy, excellent amenities, and diverse housing options, Richmond offers an unparalleled lifestyle for families, professionals, and retirees alike. If you’re in the market for a new home, particularly a townhouse, Richmond should be at the top of your list. Here’s why buying a townhouse for sale in Richmond BC in 2025 is a smart decision.

Richmond’s Unmatched Lifestyle and Amenities

One of the primary reasons people are drawn to Richmond is the city’s exceptional quality of life. From its rich cultural heritage to its modern amenities, Richmond offers something for everyone.

A Thriving…

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Investing in real estate is a smart financial decision, and buying a duplex offers unique benefits. In Surrey, duplex properties are increasingly popular due to their versatility and potential for rental income. However, financing a duplex for sale in Surrey requires careful planning and understanding of the process. This guide provides practical tips to help you secure financing and make your investment a success.

Why Invest in a Duplex in Surrey?

Surrey’s real estate market is thriving, and duplex properties are a standout option for several reasons. Before diving into financing tips, let’s explore why duplexes are an excellent investment:

  • Dual Income Potential: You can live in one unit while renting out the other, offsetting your…

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