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Supersize it Please! Upsizing your home for long term gains



Hey, I TOTALLY get it. You might be thinking, "Sean, are you crazy! My grocery bill has gone 
from $150 to close to my mortgage payment on my townhouse every month. I can’t move!” 
BUT, what if you can? Hear me out...

Firstly, I am not saying that you should upsize if it doesn’t work for you or if it doesn’t help your personal situation. Everyone’s situation is different and I want to help you with yours, specifically. Let's consider the following. 

Government Incentives: The $40,000 Boost

Did you know the government will give you up to $40,000 to create a rental suite in your home and rent it out for “under market rent?” It’s like getting paid to upgrade your living situation. This incentive can help offset the costs and make the idea of upsizing more feasible. There’s lots more details here but keep in mind that this is an option.

Rising Property Values: A Smart Investment

BC Bill 44 is set to increase property value, especially land values. This means your new detached home could appreciate significantly over time (we’ve see that
before!). Investing now could pay off big in the future as the market picks up with interest rates relaxing and values rise.

Market Conditions: Buy Low, Benefit Later

Right now, we’re seeing some uncertainty in the market with softening prices. This might just be the perfect time to capitalize on it. Buying a detached home
when prices are lower can set you up for substantial equity growth when the market stabilizes.

Mortgage Helpers: Making It Affordable

Detached homes often come with options for mortgage helpers, such as rental suites. These can provide additional income, making your mortgage more
manageable. Plus, if you have family members willing to pitch in, it can make the financial leap much less daunting. Over 50% of property purchases involve help
from the older generations, so don’t hesitate to consider this option.

Financial Tools: Bridging the Gap

If you're worried about the financial stretch, consider tools like reverse mortgages, bridge loans, and downsizing. These options can provide the
necessary funds to upsize without putting too much strain on your finances. Reverse mortgages, in particular, allow you to tap into your home’s equity without
immediate repayment, giving you more financial flexibility.

Investing Instead: An Alternative Path

If you don’t need the extra space, parking spots, or room, consider investing in property another way. Real estate investments can build your equity and provide
rental income, offering a lucrative alternative to upsizing. You can take advantage of current market conditions without the added responsibility of a larger home.


Let's break it down. The average mortgage payment for a 3-bedroom townhome in the Fraser Valley is about $4,100 per month. For a 4-bedroom detached home in the same area, it jumps to around $7,145 monthly. At first glance, that's a $3,000 difference, but when you add in strata payments (usually underestimated at $400, probably closer to $500), the gap shrinks to $2,500. Now, think about renting out part of your home. In Langley, BC, a 1-bedroom suite rents for about $1,600 a month and if you have a 2-bedroom basement suite, you could pull in closer to $2,000 a month, which is pretty good around here. And don't forget the tax benefits you could claim. When you add it all up, for roughly another $1,000 a month, you could have the space, privacy, and freedom you want—all while setting
yourself up for the long haul.

So, is it time to upsize? Only you can decide, but it might be more within reach than you think. 

Remember, whether you choose to upsize or invest differently, the goal is to make the most of your opportunities and build a secure, happy future. White Rock Life
Real Estate Group is always willing to discuss the programs mentioned above or to explore your options. We can be easily swayed to meet for coffee too! 
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