Real Estate Talk:
The downsizing experience

Going smaller means less responsibility and more fun

By Joseph Marovitch

July 4, 2024

There are growing pains we all endure. Growing pains are life changes such as the kids moving out, the daughter getting married, or losing a parent. Downsizing is not one of these growing pains. It means less responsibility and more fun.

My wife and I recently downsized from NDG to Westmount, where we started in 1991 with our first home. We lived in a beautiful duplex with our two adult children, who recently moved out. With the kids gone, there was no need for a two-floor, three-bedroom property. We wanted something smaller with less maintenance, and lower cost, in a beautiful and convenient location.

Westmount has all these criteria. Hospitals, parks, health clubs, shops, restaurants, cafes, bakeries, grocery stores and many other amenities are all within walking distance. It is also easy to get to downtown or the airport by public transport, and the Laurentians or Eastern Townships by car.

… after 30 years and seven homes, we accumulated a lot of stuff that we either did not use or no longer needed. Unloading all this accumulation was liberating and enlightening.

We found a ground-floor two-bedroom tastefully renovated condo built in the last century. However, after 30 years and 7 homes, we accumulated a lot of stuff that we either did not use or no longer needed. Unloading all this accumulation was liberating and enlightening. First, we had a garage sale and there were plenty of items that we no longer required but everyone else did. The garage sale paid for the movers.

Next, we arranged for a company called Junk Away to arrive the day after the garage sale and take away anything that was left that we no longer wanted. Junk Away takes and recycles all except for items that are still useful and can be used by those in need. Those items that are still usable are donated. The next two weeks were spent packing before Bust Away movers arrived. Bust Away movers were excellent. They were gentlemanly, quick and efficient. I would recommend them and use them again.

I went on the Quebec Government website where there is one link that allows you to change your address with all government agencies including:

• Élections Québec
• Commission des normes, de l’équité, de la santé et de la sécurité du travail
• Ministère de l’emploi et de la solidarité social
• Régie de l’assurance maladie du Québec
• Retraite Québec
• Revenu Québec
• Société de l’assurance automobile du Québec

‘We have new freedoms we had not enjoyed since we were dating in our first condo. The condo is low maintenance and easy to leave so we can travel anytime.’

I then contacted the following to change our address:

• Bank
• Credit cards
• Doctors
• Service providers
• Subscriptions
• Hydro Quebec
• Canada Post to change our address and forward our mail for the next six months

We purchased new furniture for our new home. The second bedroom became an office with a hide-a-bed big enough to accommodate our kids should they wish to sleep over but small enough so there were no extended stays. We have new freedoms we had not enjoyed since we were dating in our first condo. The condo is low maintenance and easy to leave so we can travel anytime.

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Next article: The summer market and best strategy to buy or sell

State of the market

Current market conditions are favourable for both buyers and sellers. Due to decreased inflation and the recent Bank of Canada interest rate cut to 4.75%, there are more buyers and a slightly increasing number of sellers.

The forecast is for another rate cut in September; however, this depends on the geopolitical landscape, which is tenuous now, with war in the Middle East and Europe, and the politics in France and the USA.

‘Current market conditions are favourable for both buyers and sellers. Due to decreased inflation and the recent Bank of Canada interest rate cut to 4.75%, there are more buyers and a slightly increasing number of sellers.’

With unstable conditions, we cannot say if supply chains could slow down in the future causing higher inflation and the need to increase rates. All we can be certain of is the present. Presently, rates and inflation are favourable and summer is when property shows best. There is a window between now and late July 23 when the construction holiday begins and ends on August 5. In this window, there is an audience of buyers and a limited supply.

Then there is a window of opportunity to sell in September when everyone is back to work but as I stated, property shows best in summer.

Have a great week!

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