The decision to upsize your home isn’t just about finding a bigger space—it’s about finding a better fit for your lifestyle. Whether you’re expanding your family, need more room for remote work, or simply crave a little more breathing space, the choice to move to a larger home can feel exciting and daunting all at once.

But how do you know if it’s the right time? Upsizing your home is a significant decision, and evaluating if now is the right time for you correctly can save you a lot of stress and money. This guide will walk you through key signs that indicate it might be time to upsize and important factors to consider before making the leap.

1. You’re Outgrowing Your Current Space

One of the most common reasons for upsizing is simply running out of space. Whether it’s your family expanding, your hobbies taking over more square footage, or the reality of remote work setting in, the once-comfortable home might now feel cramped.

If your home no longer accommodates your daily routines without frustration, it could be time to consider something bigger. But more space isn’t just about comfort—it’s about functionality. Upsizing might allow for that dedicated office, a playroom for the kids, or extra storage that can make your home life more organized and enjoyable.

2. Your Financial Situation Is Strong

Upsizing isn’t just about the size of the home—it’s about the size of the financial commitment. Before jumping into a bigger home, it’s essential to assess whether your financial situation can comfortably handle the upgrade. Larger homes typically come with higher mortgage payments, increased property taxes, bigger utility bills, and more costly maintenance.

Here are some indicators that you may be financially ready to upsize:

• Steady Income: You’re confident that your income is stable and will continue to support a larger mortgage and higher household expenses.

• Equity in Your Current Home: If you’ve built up substantial equity in your current home, selling it can provide a larger down payment on your next home, reducing the size of your mortgage.

• Low Debt-to-Income Ratio: Many financial experts recommend keeping your debt-to-income ratio below 40%. This ratio is the percentage of your gross monthly income that goes toward paying your debts (including your current mortgage). The lower the ratio, the more financially comfortable you’ll be with a larger mortgage.

If your financial health is strong, you’re likely in a good position to handle the costs associated with a bigger home.

3. Market Conditions Are in Your Favor

Another critical factor in deciding when to upsize is the real estate market itself. Timing your move to coincide with favorable market conditions can significantly impact your ability to sell your current home for a good price and afford the home you want to buy.

Consider the following:

• Interest Rates: Lower interest rates mean more affordable mortgages. Even a small difference in rates can have a significant impact on your monthly payments and the overall cost of your mortgage over time. Keeping an eye on market trends and locking in a lower rate can make upsizing more affordable.

• Buyer’s vs. Seller’s Market: In a seller’s market, you’re likely to get a good price for your current home, which can provide more financial flexibility when purchasing a larger one. However, buying in a seller’s market can be more challenging due to high demand and competition for homes. On the other hand, a buyer’s market may provide more options and negotiation power when purchasing a larger home, but you might get less for your current property.

Monitoring market conditions or consulting a real estate professional can help you make the most of your upsizing decision.

4. Your Lifestyle Needs Are Changing

Lifestyle changes are a major driver for upsizing. As your family grows or your day-to-day needs evolve, the way you use your home can shift dramatically. If you’re finding that your current space no longer supports your lifestyle, it may be time to explore larger options.

Here are some common lifestyle changes that could signal it’s time to upsize:

• Growing Family: Whether you’re welcoming a new child or simply need more space for teenagers, a larger home can provide everyone with the room they need to live comfortably. A bigger home can mean more bedrooms, extra bathrooms, and larger common areas where everyone can gather without feeling on top of one another.

• Work-from-Home Needs: With remote work becoming more prevalent, many people are finding that their homes are not well-equipped to support a professional office setup. If you’re juggling your work in shared spaces like the kitchen or living room, a home with a dedicated office can improve productivity and work-life balance.

• Multigenerational Living: If you’re considering having elderly parents move in with you, or you’re planning for multigenerational living, upsizing to a home with a separate suite or extra bedrooms can provide the privacy and space needed for everyone to live comfortably.

5. Improving Your Quality of Life

Upsizing isn’t just about practicality; it’s also about enhancing your quality of life. A bigger home can provide the lifestyle you’ve always dreamed of. If you’ve outgrown your current space and can afford to upsize, moving into a larger home could significantly improve your overall happiness and well-being.

Consider how a larger home could improve your daily life:

• Entertaining Guests: If you love hosting but find your current space cramped or poorly laid out for gatherings, upsizing can offer a more open floor plan, a larger dining room, or an outdoor entertaining area.

• Hobbies and Personal Space: If your hobbies require space—whether it’s crafting, working out, or gardening—having dedicated areas for these activities can greatly enhance your enjoyment at home. A larger home could offer that extra room or garage to turn into your own personal workshop or gym.

• Outdoor Space: If your current yard feels small or nonexistent, upsizing could mean a larger backyard for gardening, barbecuing, or creating a play space for children and pets.

A larger home can provide the additional amenities and features that support a more comfortable and fulfilling lifestyle.

6. The Neighborhood No Longer Fits Your Needs

Sometimes, the need to upsize isn’t just about the house itself—it’s also about the neighborhood. Your needs may have evolved since you bought your current home. Perhaps your priorities have shifted, and the neighborhood you once loved no longer fits your lifestyle.

Think about the following:

• Schools and Amenities: If you’re starting or growing a family, you might want to move to a neighborhood with better schools, parks, and family-friendly amenities.

• Commute: If your job or daily routine has changed, you might need a new location that offers a more manageable commute or better access to the services you frequently use.

• Quiet vs. Bustling Environment: Some people outgrow the hustle and bustle of a busy city center and yearn for a quieter, more suburban or rural environment. Others might be ready to leave a quiet neighborhood in search of more vibrancy and convenience.

When you’re thinking about upsizing, it’s important to consider how well your current neighborhood aligns with your future goals.

Final Thoughts: Is It Time to Upsize?

The decision to upsize is a significant one, but it doesn’t have to be overwhelming. By assessing your space needs, financial readiness, lifestyle changes, and the current real estate market, you can make an informed decision that benefits you and your family.

Ultimately, the right time to upsize is when your current home no longer meets your needs, and you’re ready—both financially and emotionally—to move into a space that better suits your lifestyle. When done thoughtfully, upsizing can enhance your daily life, providing you with the room, comfort, and functionality you’ve been missing.

Considering upsizing? Take the time to evaluate your needs and the market, and when you’re ready, start exploring options that fit your lifestyle and financial goals.

Saanich is buzzing with the news of a $300 million redevelopment at the former Mayfair Lanes site. Townline, a Vancouver-based developer, and Loblaw are leading this ambitious project, transforming the long-vacant Tolmie Avenue property into a vibrant mixed-use community. With plans for three residential towers and retail spaces, this development aims to redefine the area’s urban landscape​.

Building Up, Not Out: High-Rise Living to Ease Victoria’s Housing Crunch

Victoria’s housing market is known for its limited supply and high demand, making this project a welcome addition. The proposal includes 555 new rental units spread across three towers, ranging from 21 to 24 stories. With a focus on rental housing, this development could provide much-needed relief for renters by adding diverse housing options in a desirable location​.

More than Just Housing: A New Hub for Everyday Convenience

At the heart of this development is a Real Canadian Superstore, anchoring the mixed-use concept with retail spaces. This setup not only caters to residents’ daily needs but also promotes walkable neighborhoods. The inclusion of commercial outlets encourages a "live, work, and play" lifestyle, making it possible for residents to fulfill daily needs without leaving the area​.

Green Spaces and Public Amenities: An Oasis in the Making?

While specific details about green spaces are still being finalized, early designs hint at landscaped areas and pedestrian-friendly paths that encourage outdoor activities. Saanich officials and developers are engaging the community to identify potential public amenities that would enhance the appeal and usability of the space​.

The Community Weighs In: What Do Locals Really Think?

Initial reactions from community associations like Mount View Colquitz and Quadra Cedar Hill have been generally positive, focusing on the need for more rental housing and local services. However, community input is still ongoing, with public engagement events planned to ensure the development aligns with residents' expectations​.

A Catalyst for Change: Shaping Saanich’s Future, One Project at a Time

This development is part of Saanich’s broader strategy to create high-density, mixed-use corridors along major streets like Quadra and McKenzie. These plans emphasize sustainable growth, efficient transportation, and diverse housing options, aligning with the municipality’s vision for a more connected, thriving community.​

What This Means for You: The Market Impact Explained

For renters, this development could offer fresh housing opportunities in a central location. For homeowners, such nearby developments have potential positive effects on property values over time, particularly when they introduce new amenities and improve accessibility. This project underscores the growing demand for urban living in Saanich, where convenience and connectivity are key priorities​.

What’s Next? Anticipating Saanich’s New Skyline

With initial council backing, the proposal is expected to move into the next phase, which includes detailed planning and more community consultations. As the process unfolds, potential renters, investors, and homeowners should keep a close eye on this project. It’s a glimpse into the future of Victoria’s evolving housing market—one that’s striving to be more inclusive, convenient, and sustainable​.

If you’d like to be kept informed on this project, or have interest in other new construction projects in the Greater Victoria area - reach out! As real estate experts in the Greater Victoria area, we’d be honoured to work alongside you in making your real estate dreams come true.

To connect with us, email: woolleyrealestategroup@gmail.com

On October 23, 2024, the Bank of Canada announced a 50-basis-point reduction to its policy rate, bringing it down to 3.75%. While this may not seem monumental at first glance, it could have some implications for homeowners and potential buyers, particularly when it comes to borrowing costs and real estate activity.

What’s Behind the Rate Cut?

The decision to cut the policy rate comes as inflation slows and economic growth shows signs of moderation. September’s inflation rate was recorded at 1.6%, a significant step down from earlier levels, and growth has slowed across various sectors. The Bank aims to support the economy by making borrowing more accessible, which can influence everything from mortgages to consumer spending.

What Could This Mean for Homeowners?

For homeowners, this reduction might lead to lower variable mortgage rates, which could translate to smaller monthly payments. If you have a fixed-rate mortgage, this announcement may not have an immediate impact, but it could affect the rate landscape when it’s time to renew.

How Could This Impact Home Buyers?

For buyers, reduced borrowing costs might make purchasing a home more accessible. With lower rates, monthly payments could be more manageable, potentially improving affordability. However, the dynamics of the real estate market are influenced by many factors, like inventory, demand, and location-specific conditions, especially in regions like Greater Victoria.

What’s Next?

The Bank of Canada has signaled that further rate adjustments could occur, depending on economic performance and inflation trends. While no one can predict with certainty what the next few months will bring, it’s wise to stay informed and consider how evolving rates might align with your personal circumstances. The next announcement is scheduled for December 11, 2024.

For the latest updates, you can visit the Bank of Canada’s website.

Downsizing often brings up a mix of emotions. For some, it sparks thoughts of simplifying life or embracing a new chapter. For others, the idea of leaving behind a cherished home can be overwhelming. Deciding whether now is the right time to downsize is a complex and personal choice, especially in a place like Victoria, BC, where homes are full of memories and potential opportunities. While many consider downsizing for various reasons, there are both advantages and potential challenges to keep in mind.

Benefits of Downsizing

1. Unlocking Financial Flexibility

Downsizing can potentially provide financial advantages, especially for those who have built significant equity in their homes. For homeowners in Victoria, where property values have increased over the years, selling a larger home and moving to a smaller one might allow for additional financial flexibility. Reducing monthly expenses related to utilities, property taxes, and maintenance could also be appealing to some.

2. Lower Maintenance

Managing a large home can sometimes feel like a full-time job. Yard work, repairs, and regular upkeep are all part of homeownership, and they can become more time-consuming over the years. Downsizing to a smaller home, condo, or townhouse could reduce the amount of maintenance required, offering more time for other activities.

3. Increased Flexibility

Downsizing may also lead to increased lifestyle flexibility. Moving to a smaller home closer to urban amenities or downsizing into a condo could offer more convenience, with strata management often handling some maintenance responsibilities. This shift might provide more freedom to travel or engage in other activities.

4. Decluttering Life

Downsizing can be an opportunity to simplify one’s living space by reducing unnecessary belongings. Moving into a smaller home often involves reassessing personal possessions, which might lead to a more streamlined lifestyle. For some, this process can bring a sense of relief and clarity, as it encourages a more intentional approach to what’s truly needed.

5. A Fresh Start

For those seeking change, downsizing might feel like the start of a new phase in life. Moving into a smaller space could align with shifting priorities, such as focusing on experiences over possessions. Victoria offers a variety of options, from cozy homes to modern downtown condos, that might fit this vision of a fresh start.

Things to Think About

When considering downsizing, several factors might come into play:

1. Financial Considerations

Some may reflect on how downsizing could impact their financial situation. This includes thinking about the potential sale price of their current home, the cost of a new, smaller property, and any ongoing maintenance or strata fees.

2. Lifestyle Alignment

It could be worth considering how well a current home aligns with one’s lifestyle. If managing a larger home feels burdensome or there are rooms going unused, it might make sense to think about whether a smaller space could better fit current needs.

3. Readiness for Change

Downsizing often involves both practical and emotional shifts. Moving out of a long-held home can represent the end of one chapter and the beginning of another. Some may consider whether they’re prepared for this change in their life.

One of the most significant challenges when considering downsizing is the emotional attachment to a current home. Many homeowners have built years of memories in their homes, making the idea of moving difficult. Letting go of a space where important life events occurred can evoke a strong emotional response.

4. Future Plans

Long-term plans are another factor to weigh. Some may reflect on how a smaller home could fit with future goals, such as traveling more frequently, reducing home responsibilities, or simplifying daily life.

Final Thoughts

Downsizing is a personal decision, with both benefits and challenges. For some, the prospect of financial flexibility, reduced maintenance, and a simpler lifestyle may align with current goals. Others may find that the emotional ties to their home or the adjustment to a smaller space may present challenges. Whatever the case, there’s no right or wrong answer—just what feels right based on individual circumstances and needs.

If you’ve been considering whether downsizing might be the next step in your journey, I’d love to help you explore your options. Whether you're curious about the market or simply want to talk through your goals, let’s connect. Together, we can find a path that feels right for this next chapter in your life.

As we move into the final quarter of 2024, the Victoria real estate market continues to maintain its balance. Whether you're considering buying or selling or simply keeping an eye on local trends, September’s data offers valuable insights into what’s happening in the region. This update breaks down the key statistics and market dynamics to help you understand what the numbers mean for you.

Sales Activity: Consistent Growth

September was an active month in Victoria’s real estate market, with 571 properties sold in the Victoria Real Estate Board region September 2024, which represents a 15.8% increase from September 2023 and a 4.8% rise from August 2024. This growth signals a steady and sustainable pace, rather than the dramatic shifts seen in previous years.

• Single-family homes saw a total of 272 sales, marking a 19.3% increase compared to last year.

• Condominiums had a strong performance as well, with 189 units sold—an increase of 21.9% year-over-year.

Overall, the market is seeing healthy levels of activity, reflecting steady interest from both buyers and sellers.

Balanced Market: Fewer Extremes

One of the standout characteristics of the current market is its balance. The Victoria real estate market is no longer experiencing the sharp swings that often come with either a buyers’ or sellers’ market. Instead, there’s a more even distribution of power between both sides.

This balance is reflected in the Sales to Active Listings Ratio, which sits in the 14-20% range. Markets with a ratio above 20% typically favor sellers, while those below 14% lean toward buyers. Sitting comfortably in the middle, Victoria’s market offers both sides a level playing field, with neither experiencing undue pressure to make rushed decisions.

Inventory Levels: More Selection for Buyers

One positive trend for those looking to purchase is the rise in inventory. September 2024 ended with 3,361 active listings, representing a 5.3% increase compared to August 2024 and a 24.5% rise compared to the same month last year​. This increase gives buyers more options and allows for a more deliberate decision-making process, rather than feeling pressured by a scarcity of choices.

In balanced markets like this, properties typically stay on the market longer, and buyers have more time to explore their options. With less urgency, it’s a good time to take a step back and assess the choices available without rushing into a purchase.

Even though the market has found more balance, homes that are priced right and stand out in terms of location, design, or condition are still moving quickly. We’re seeing that when a property ticks all the right boxes—whether it's a prime location, a beautifully updated interior, or a competitive price—there’s still strong demand. In some cases, this can lead to multiple offers, especially for those homes that capture buyers' attention from the start. So, while the market overall has began to see more balanced conditions, the most desirable homes are still generating plenty of interest and may not stay available for long.

Pricing Trends: Slight Declines

On the pricing front, the Victoria market is seeing some minor adjustments. Prices have softened slightly, but not drastically:

• The MLS® Home Price Index (HPI) benchmark value for a single-family home in the Victoria Core was $1,279,700 in September 2024, down 2.8% from $1,316,100 in September 2023. This is also marginally lower than the $1,287,400 recorded in August 2024.

• For condominiums in the Victoria Core, the benchmark value stood at $553,400, a 5.1% decrease from September 2023​.

These moderate price shifts align with the overall balanced market conditions. There’s no extreme pressure driving prices up or down, allowing the market to remain stable.

Interest Rates: A Factor to Consider

Interest rates continue to influence buyer activity. Recently, rates have shown slight declines, which has brought some relief to those looking to finance their home purchases. Lower borrowing costs are making it more feasible for buyers to enter the market or upgrade their current living situation.

This has helped to keep demand steady, without creating the overheated conditions of earlier periods. The ability to secure a mortgage at a more favorable rate has likely contributed to the overall rise in sales, even as prices show modest declines.

Looking Ahead: Market Stability Continues

For the remainder of 2024, the Victoria real estate market is expected to remain in this balanced state. Increased inventory and stable prices should help sustain this equilibrium.

While the overall market is balanced, it’s important to note that there are still situations where competition may arise. Well-priced homes in highly desirable areas or with unique features can still attract multiple offers. However, for properties in other circumstances, the balanced market allows both buyers and sellers to move at a more measured pace.

What Buyers and Sellers Should Keep in Mind

In the current market, both buyers and sellers can benefit from thoughtful planning and a clear understanding of market conditions.

• For Buyers:

  • Take advantage of the increased inventory and stable prices to find a home that suits your needs. Consider your options carefully.

  • Be aware that while most properties may allow for more time to decide, well-priced homes in key areas can still attract competition.

  • Keep an eye on interest rates and secure pre-approval to understand what you can afford before beginning your home search.

• For Sellers:

  • Pricing your property correctly is crucial in a balanced market. Overpricing can result in extended time on the market, while a well-priced home will generate interest from serious buyers.

  • Make sure your home is presented in its best light, from being fully prepared to list to marketing materials. With more inventory available, you’ll want to make sure your property stands out.

  • Be prepared for a measured pace of offers. Properties may take slightly longer to sell in a balanced market, but with the right approach, the right buyer will come along.

Final Thoughts on Victoria’s Real Estate Market

September 2024 reflects a real estate market that’s more stable and balanced, providing opportunities for both buyers and sellers. With more inventory, moderate pricing, and lower interest rates, it’s a good time to carefully consider your options, whether you're thinking of buying or selling.

As the year progresses, staying informed about the trends and adjusting your approach based on market conditions will help ensure successful outcomes. This balanced market offers a chance for more thoughtful and deliberate decision-making—whether you're entering the market, staying put, or simply observing the trends.

Thinking about making a move in the Greater Victoria area? Connect with us to set up a complimentary, no-obligation consultation.

Information provided by the Victoria Real Estate Board  September 2024 statistics package.