Keep These Things in Mind when Downsizing

Downsizing in CanmoreDownsizing can be a great way to make a positive change in your lifestyle, shifting toward a lower maintenance home or making space in your budget for new adventures. There are many benefits to downsizing, and many people hoping to relocate to Canmore full time find that downsizing is the ideal way to make their dreams reality.

If you are on the hunt for homes for sale in Canmore that will make your plans come to fruition, we can help. Contact us any time to get started.

Here are some things to keep in mind as you prepare to downsize.

List Your Must-Haves

Before you begin to look at active listings in Canmore or begin viewing potential new homes, make a list of your must-haves. Downsizing in size does not mean sacrificing everything you want in a home. In every home shopping process, you will benefit from a list of non-negotiable features you are looking for in a home, as well as a wish list of features you would like to see or features that you'd like to have the opportunity to add to the home. 

This list will help you efficiently decide which properties make the cut. If you are not sure where to start, ask yourself these questions to get the ideas flowing:

  • How many bedrooms and bathrooms do I need?
  • How close do I want to be to downtown Canmore, Banff National Park, or another landmark in the area?
  • Do I plan to host overnight guests or entertain in this home?
  • What kind of outdoor space do I want? How much seasonal maintenance do I want to take on?
  • Do I need something move-in ready, or am I up for the challenge of a fixer upper?

Remember Your Why

Another helpful thing to write down is your motivation for downsizing. There are many possible reasons you may want to downsize, so identifying your reason, or reasons, and getting them on paper will help you stay focused and motivated as you make important decisions. 

You may be motivated by the appeal of less time being spent on housework and maintenance, the way a smaller home will free up more room in your budget for a new hobby or different career path, or the way downsizing will set you up for retirement success as you grow older. Whatever your "why," keep it in mind to guide your decision-making journey. 

Consider the Timing

The timing of your downsizing is important. Not only do you want to know why you want to downsize, but take time to consider when you want to downsize. Knowing your "why" will help you determine your "when."

Many people find that they anticipate wanting to downsize in the next few years, but are not ready to move to the smaller home or new location just yet. This might be in anticipation of a career change, expecting to send your last child off and out of the household, retirement, or any other big life change. 

If you expect that you will want to downsize in a few years, you may still want to consider investing in the new property now. Talk with a lender and find out what your financing options are to own both your current home and something smaller in Canmore in the meantime.

Get Creative

If you decide to purchase a property in Canmore before you are ready to move into it full time, there are some ways to get creative about making this a lucrative investment. One of the most popular ways to fund a real estate purchase in Canmore is leveraging the property as a vacation rental when it is not in personal use. In many cases, the profit from a short term rental business in Canmore will more than pay for the property, allowing you to diversify your streams of income while you wait to move into the home as your primary residence. 

To learn more about finding the property that is the best fit for you in Canmore, contact us any time.

116 Properties
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Open 6/11
833 7Th St #2 Canmore,  AB T1W 2C4
$790,000
Neighbourhood: South Canmore
2
Beds
1F11/2
Baths
1,147
Sq.Ft.
2000
Year Built
2
Days on Site
A2055874
MLS®
Steps to Canmore's Main Street yet privately positioned with a sunny south facing exposure, this South Canmore townhouse is the ideal mountain retreat. The open concept upper level with vaulted...
$175,875
Neighbourhood: Bow Valley Trail
2
Beds
2
Baths
928
Sq.Ft.
2008
Year Built
2
Days on Site
A2056480
MLS®
Silver Creek Lodge's fractional ownership program is your first step into the Canmore housing market. The price of this property includes GST. You can ask your accountant how to defer your GST. This...
$959,000
Neighbourhood: Three Sisters
3
Beds
3F11/2
Baths
1,416
Sq.Ft.
2005
Year Built
2
Days on Site
A2056196
MLS®
Visit REALTOR website for additional information.
This detached family home is in a serene & quiet setting at the back of the complex. The pride of ownership is evident throughout, with stunning...
$799,200
Neighbourhood: Three Sisters
3
Beds
2F11/2
Baths
1,091
Sq.Ft.
2005
Year Built
2
Days on Site
A2053996
MLS®
This three bedroom, two and a half bath 1,513 sq ft home is the best of both worlds from the advantages of a detached home along with the benefit of no outdoor maintenance. In fantastic condition,...
$524,880
Neighbourhood: South Canmore
1
Beds
1
Baths
755
Sq.Ft.
1993
Year Built
2
Days on Site
A2055879
MLS®
This quiet 755 sqft south facing top floor unit is in the heart of Canmore, just a short stroll to all the services Main Street has to offer, close to biking & walking trails and the Bow River. As...
$699,900
Neighbourhood: Bow Valley Trail
2
Beds
2
Baths
1,127
Sq.Ft.
1998
Year Built
2
Days on Site
A2056649
MLS®
This bright 2 bedroom unit plus loft & den or office, has 2 baths, a spacious open concept living room and kitchen with ample cabinets, great living space with corner gas fireplace, and vaulted...
$1,099,000
Neighbourhood: Eagle Terrace
3
Beds
2
Baths
1,338
Sq.Ft.
2008
Year Built
2
Days on Site
A2056553
MLS®
Nestled in the family-friendly Eagle Terrace neighborhood this spacious 3-bedroom, 2-bathroom + den located in the Mountain Winds Complex is the perfect place to call home! Located on the 3rd floor...
$1,438,000
Neighbourhood: Homesteads
4
Beds
3
Baths
1,583
Sq.Ft.
1997
Year Built
3
Days on Site
A2056312
MLS®
At a discrete distance to the sights & sounds of Canmore's Main Street, easy walkability along the Bow River meshes with the quiet, peaceful nature of Morris in The Homesteads. Fully renovated, this...
$1,389,000
Neighbourhood: Cougar Creek
4
Beds
3F11/2
Baths
1,555
Sq.Ft.
1992
Year Built
3
Days on Site
A2055984
MLS®
Renovated single family home with one bedroom suite. Recently updated four bedroom, four bathroom property in a family friendly neighbourhood with lots of outdoor space and garage. The entryway...
$595,000
Neighbourhood: Three Sisters
1
Beds
2
Baths
820
Sq.Ft.
2005
Year Built
4
Days on Site
A2055605
MLS®
Bedroom plus den apartment with great amenities. Beautifully maintained apartment, this one level unit offers an open concept kitchen, dining and living area accented by a cozy fireplace. The master...
$1,468,950
Neighbourhood: Hospital Hill
3
Beds
2F11/2
Baths
1,842
Sq.Ft.
2023
Year Built
4
Days on Site
A2055888
MLS®
Welcome to Hospital Hill's latest residential project, Rundle Creek Villas - These stunning, masterfully built townhomes boast extremely well laid out floor plans with outstanding quality of finish...
$233,100
Neighbourhood: Bow Valley Trail
2
Beds
2
Baths
931
Sq.Ft.
2008
Year Built
4
Days on Site
A2055818
MLS®
Saddened and feeling that a mountain retreat is out of reach? Not anymore ! This beautiful 2BR/2BA condo in Solara Resort offers a nice layout, wrap around deck, great amenities and easy walking...

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