WITH VANCOUVER GETTING MORE EXPENSIVE, CAN I BUY A BIGGER HOME?

CAN YOU REALLY UPSIZE YOUR HOME IN THIS MARKET?

According to the 16th annual Demographia International Housing Affordability Survey, and for the second year in a row, Vancouver ranked as the second-most unaffordable housing market in the world. Hong Kong was No 1 again but Sydney has now slipped to 3rd.

2020
Hong Kong 20.8
Vancouver 11.9
Sydney 11

2019
Hong Kong 20.9
Vancouver 12.6
Sydney 11.7

2018
Hong Kong 19.4
Sydney 12.9
Vancouver 12.6

2017
Hong Kong 18.1
Sydney 12.2
Vancouver 11.8

What does that mean for anyone looking to upsize their space? Our homes don’t always grow with us. What may have initially worked fine for a single person or a young family with a newborn can quickly become too small as our families grow and when multiple generations live under one roof.

Remodelling and renovating our home is a great option for creating more space, but it can be costly, and the size of your property may be make any major changes prohibitive. That’s when moving to a bigger home becomes the best solution.

WHERE DO YOU NEED MORE SPACE?

The first thought when upsizing your home is to simply consider square footage, bedrooms, and bathrooms. But it’s important to take a more critical approach to how your space will actually be used. If you have younger children (or possibly more on the way), then focusing on bedrooms and bathrooms makes sense. But if your children are closer to heading off to college or university, or starting their own families, it may be better to prioritize group spaces like the kitchen, dining room, living room, and outdoor space—it’ll pay off during the holidays or summer vacations, when everyone is coming to visit for big gatherings.

MOVING OUTWARD

If you need more space, but don’t necessarily want a more expensive home, you can get a lot more house for your money if you move a little further from the centre of Vancouver. While the walk-ability and short commutes of a dense neighbourhood or city centre condo are hard to leave beyond, your lifestyle—and preferences for hosting family Christmas, barbecues, and birthdays—might mean that a spacious home in the suburbs makes the most sense. It’s your best option for upsizing while avoiding a heftier price tag.

And, as always we are here to help. Contact us today for a free home evaluation. We can help you and potential buyers to see your home in its best light.

 

Get in touch with Vancouver’s top realtors to discuss the best opportunities for you in this market. 

info@leeandpete.com

604- 729-5646

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