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Broady Windsor Group PodcastA New Category of Real Estate Author: The Broady Windsor Group
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Downsizing in Montreal: A Retirement Planning Guide for Homeowners
Episode 38
Tuesday, 6 October, 2026
Downsizing Is More Than a Real Estate TransactionFor many homeowners, downsizing starts as a real estate question: Should we sell? Where would we go? What could we afford?But Scott Broady explains that the transaction is only the tip of the iceberg. A home is often a family’s largest asset, but it is also tied to lifestyle, identity, memories and future plans. The goal is not simply to move into a smaller property. It is to understand what you want the next chapter of your life to look like and determine how your home fits into that picture.Why More Homeowners Are Thinking About DownsizingThere are two groups increasingly facing these decisions. Empty nesters between roughly 55 and 75 may find themselves maintaining a large family home they no longer fully use. Older homeowners in their late 70s, 80s and beyond may want to remain independent but are beginning to question whether their current home will continue to meet their needs.For both groups, the same questions often arise: Where will we go? What will happen to everything in the house? Will there still be enough room for family? And will moving actually improve our lives?Avoiding the “Rush Trap”One of the biggest themes of the conversation is what Scott calls the “rush trap.” This happens when homeowners postpone planning until a health issue, financial problem, loss of a spouse or another major event suddenly forces them to act.At that point, important decisions about housing, finances, belongings and family may need to be made within weeks rather than months or years. Planning earlier gives homeowners what Scott calls “decision ownership,” the ability to make choices on their own terms instead of having circumstances make those choices for them.Aging in Place Can Be the Right DecisionDownsizing is not automatically the best answer. For some homeowners, staying exactly where they are may make more sense.The key is understanding what aging in place will actually require. Lawn care, snow removal, repairs, cleaning, accessibility modifications, caregiving and other responsibilities can often be outsourced. Homeowners should compare those costs, both financial and personal, with the cost and lifestyle of moving somewhere else.The right question is not simply, “Should I downsize?” It is, “Which option will allow me to live the way I want to live?”Downsizers Want Fewer Rooms, Not Necessarily Smaller RoomsOne misconception is that downsizers automatically want a much smaller home. Scott frequently hears something different: “I’m not looking for smaller rooms. I’m looking for fewer rooms.”Many homeowners still want generous living areas, room for visiting children or grandchildren and space to entertain. They simply do not need multiple unused bedrooms, a large basement, a pool or an oversized yard.This creates a challenge in markets where spacious three-bedroom condos, bungalows and other low-maintenance properties are limited.Downsizing May Not Unlock as Much Equity as ExpectedHomeowners who have owned their properties for decades may view their home equity as part of their retirement nest egg. But selling a large older house and buying a smaller, newer, turnkey property does not always release a significant amount of cash.Desirable condos and bungalows can command high prices, particularly when buyers want good locations, modern finishes and enough space to maintain their lifestyle. Condo fees, special assessments, moving expenses, transaction costs and home preparation also need to be considered.The important number is not simply what your home sells for. It is what you will actually walk away with after all costs, and what your next housing option will cost you.Start Preparing Before You’re Ready to SellScott shares examples of clients who began preparing one or even two years before their intended move.A pre-listing inspection can identify deferred maintenance and potential problems before a buyer discovers them. Homeowners can then determine which repairs make sense, which cosmetic improvements are worthwhile and which projects should be left for the next owner.Starting early also gives people time to declutter, sell or donate belongings, work with trusted service providers and prepare the property gradually instead of trying to accomplish everything during a stressful few weeks.Think About Your “Normal Tuesday”One exercise from the BW Group’s downsizing workbook asks homeowners to imagine an ordinary Tuesday morning in their future home.Where are you waking up? Can you walk to a coffee shop, grocery store or gym? Do you want neighbours and social activities around you, or would you rather have more privacy? Do you want a backyard? Would you rather be able to lock the door and travel for a month?Thinking about an ordinary day can reveal much more about what you actually need than focusing only on bedrooms, bathrooms and square footage.The Emotional Side of Leaving a Longtime HomeFor someone who has lived in the same house for 20 or 30 years, selling is rarely just a financial decision. The home contains memories, traditions and an important part of the homeowner’s identity. As Scott puts it, the house can become an autobiography.That is why families should give themselves time to process the emotional side of moving. One helpful distinction is asking whether you are moving away from something or moving toward something.Leaving because the stairs, maintenance or empty rooms have become burdens can feel like a loss. Moving because you are excited about being closer to family, walking to the village, travelling more or having fewer responsibilities can create a very different perspective.Selling, Buying or Renting in RetirementThere is no universal rule about whether someone should sell first, buy first or rent after selling. The answer depends on finances, risk tolerance, available inventory and lifestyle.Some homeowners want to secure their next property before selling because they are worried they will not find the right home. Others prefer to sell first, know exactly how much money they have available and rent while they search.Renting can also offer retirees flexibility and allow them to invest the equity released from their home rather than immediately putting it into another property. For some, the freedom from maintenance and the ability to travel easily can be worth more than continuing to own.Your Home Is Part of Your Retirement PlanReal estate decisions cannot be separated from financial planning. Some retirees will never need to access the equity in their home, while others may eventually depend on it to support their retirement.Understanding the home’s current market value, expected net proceeds, future housing costs and overall retirement needs can prevent difficult surprises later.This is also why having the right advisors around the table matters. Real estate professionals, financial advisors, mortgage brokers, notaries, estate planners and other specialists may each play a role in creating a plan that works.Family Conversations Should Happen EarlyDownsizing can become particularly difficult when adult children do not know their parents’ wishes or understand their legal and financial situation.Questions about wills, mandates, estates, care arrangements and property ownership become much harder to address after someone experiences cognitive decline or another serious health event.Having these conversations while everyone can participate allows parents to communicate what they actually want and gives the family time to prepare rather than react.Readiness Matters More Than a DeadlineThere is no perfect age or timeline for downsizing. Scott emphasizes that the process should be measured by readiness rather than a specific date.Emotional, financial and logistical pieces all need to come together. The goal is to identify the “gates” that still need to open and work through them gradually.When the right home, residence or opportunity eventually appears, someone who has prepared can act quickly without feeling rushed.Own the Decision Before a Crisis Makes It for YouThe central message of the episode is simple: start thinking before you need to act.Downsizing may ultimately mean selling and buying something smaller, moving into a rental, choosing a retirement residence or deciding to stay exactly where you are. There is no single right answer.The value of planning is having the information, time and support to make that decision confidently. By understanding your finances, lifestyle, home, family and future needs early, you can create a plan for your next chapter instead of allowing a crisis to create one for you.
