🔒 Locked In or Left Out? How BC’s Housing Market Is Stalling Because Seniors Can’t or Won’t Downsize

Across British Columbia—especially in the Tri-Cities—there’s a quiet but significant factor shaping our housing crisis: seniors choosing not to downsize. Many are remaining in their long time family homes well into their 70s, 80s, and beyond 👵👴. While their reasons are completely valid, this trend is having ripple effects on housing availability particularly for younger buyers 🏘️🧑‍💼.

Let’s explore what’s driving this trend, why it matters, and what needs to change.

🏘️ Seniors Aren’t Downsizing — The Data Tells the Story

According to the 2016 Canadian census and a 2023 CMHC report, Canadians aged 75+ are the least likely to move. In BC, where roughly 80% of seniors own their homes, this trend is especially impactful. In fact, the “sell rate” among those over 75 has been declining steadily since 1991 📉.

Most are still living in 3 or 4 bedroom homes ~ even after the kids have moved out. Between 2006 and 2021, the number of homes with underutilized bedrooms rose from 26% to 29% nationally. Cities like Coquitlam, Port Moody, and Port Coquitlam continue to show a large percentage of “empty nest” homes with unoccupied space 🛏️➡️📦.

💬 Why Aren’t Seniors Moving?

The stereotype of retirees excited to downsize and travel doesn’t reflect the full picture.

Many seniors are choosing to stay for important reasons:

• 💔 Emotional attachment to long-time homes

• 🦽 Mobility or cognitive challenges

• 💸 High costs of moving: staging, legal fees, movers, and renovations

• 🏷️ No real financial benefit from selling and buying again

• 🌿 A lack of senior-friendly homes where they can garden, host family, or age comfortably

Most who do move, do so under stress - following a health crisis or financial hardship and not by choice.

🏢 The Condo Conundrum

Let’s look at the "downsizing" alternatives seniors are offered.

In Metro Vancouver, the average detached home is about 2,000 sq ft. New condos? Just 650–769 sq ft, and often even smaller in newer developments 📏. These micro-units are rarely suitable for older adults.

With little storage, no outdoor space, and layouts built for young professionals—not aging residents—most seniors see these homes as a lifestyle downgrade, not a step forward.

Even financially, downsizing doesn’t always add up. The cost of new condos in walkable Tri-Cities neighbourhoods is often close to the sale price of their family homes, meaning there’s little financial incentive to move.

💰 The Property Transfer Tax (PTT): A Hidden Barrier

BC’s Property Transfer Tax (PTT) is a major obstacle for seniors considering a move:

• 1% on the first $200,000

• 2% on the portion between $200,000 and $2 million

• 3% on the amount over $2 million

That means a senior selling a $1.5M home and purchasing a $1.2M condo could pay $20,000+ in PTT alone, before accounting for legal fees, moving costs, or renovations 💵.

It’s no wonder many ask: Why would I move just to pay more taxes and get less space?

⚠️ BC’s Housing Policy Is Missing the Mark

A recent CTV News report highlights how BC’s government is encouraging seniors to move in order to “make room” for younger families. But this puts undue pressure on older adults to solve the housing crisis—and ignores the root issue: we aren’t building the right kinds of homes.

Here’s where the strategy falls short:

• 🔹 A lack of truly senior-friendly builds — single-level, accessible, and adaptable

• 🔹 Minimal options in desirable, connected neighbourhoods (like the Tri-Cities)

• 🔹 Few multigenerational or mid-sized homes, despite demand for them

🌻 Seniors Still Want a Life — Not Just a Roof

For many older homeowners, life in their current home includes gardening 🌿, having family over 🍽️, and space for grandchildren to visit 🧸. Downsizing to a 600 sq ft condo with no patio or guest room strips away those joys.

Instead of pushing seniors to move, BC should:

✅ Offer PTT relief for those who rightsize
✅ Incentivize developers to build homes that actually meet aging needs
✅ Respect lifestyle and community connections instead of defaulting to "smaller is better"

🧠 Final Thoughts: A Better Approach for Everyone

It may seem counterintuitive, but helping seniors transition on their own terms could be the key to unlocking inventory for families and first-time buyers 🔄🏘️.

We need empathy, policy reform, and housing options that reflect real lives—not just market math.

👋 Thinking of Downsizing or Helping a Loved One Navigate a Move?

I specialize in working with both senior homeowners and first time buyers …. and I’m here to guide you with honesty, care, and practical solutions.

📞 Tara Kennedy
🏡 REALTOR®, ABR, RENE, SRS
📧 TaraKennedySells@gmail.com
📱 236-992-8989
🌐 TaraKennedy.ca

Let’s have a conversation about what truly works for you—today and tomorrow. ☀️

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