When Is the Right Time to Sell Your Home in Retirement?

Deciding when to sell your home in retirement is a significant choice that hinges on various personal, financial, and market factors. For residents in Burnaby and the broader Lower Mainland, this decision is particularly pertinent given the area's dynamic real estate market.

🏡 Why Consider Selling?

1. Financial Freedom

Selling your home can unlock substantial equity, potentially eliminating mortgage payments and reducing monthly expenses. This influx of cash can bolster your retirement savings, fund travel, or support family members. In a strong seller's market, you might achieve a favorable sale price, maximizing your financial gain.

2. Reduced Maintenance and Costs

Larger homes often come with increased maintenance, property taxes, and utility bills. Downsizing to a smaller, more manageable property can alleviate these burdens, allowing you to enjoy a simpler lifestyle.

3. Lifestyle Alignment

As needs evolve, so should your living situation. Selling your current home can facilitate a move to a location closer to family, healthcare facilities, or recreational activities that enhance your retirement experience.

⚠️ Considerations Before Selling

1. Emotional Attachment

Long-term homes are often filled with memories. It's essential to assess whether you're ready to part with these emotional ties and embrace a new chapter.

2. Market Timing

Real estate markets fluctuate. While selling in a seller's market can be advantageous, waiting for an optimal time might yield better returns. However, attempting to time the market can be risky.

3. Relocation Costs

Moving involves expenses beyond just the sale price, including agent fees, repairs, and potential renovations. It's crucial to factor these costs into your decision-making process.

📅 Ideal Timing

Many retirees consider selling between ages 65 and 75, often prompted by lifestyle changes or health considerations. This proactive approach can provide more control over the transition.

🧭 Need Guidance?

Navigating the decision to sell your home in retirement requires careful planning and expert advice. As a seasoned realtor in Burnaby, I can help you assess your options, understand market conditions, and make informed choices that align with your retirement goals.

Contact Victoria Fung

If you're contemplating selling your home in retirement, reach out today. Together, we'll explore the best options tailored to your needs and aspirations.

And Why More Burnaby Families Are Embracing This Living Style

In response to rising housing costs, evolving family needs, and a desire for closer support systems, multi-generational living is rapidly gaining popularity—particularly in cities like Burnaby, where both space and community values make this lifestyle attainable and practical.

But what exactly is a multi-generational home—and why are more buyers and investors seeking out this property type?

Defining a Multi-Generational Home

A multi-generational home is a single residential property designed or adapted to accommodate two or more generations of a family living together under one roof.

This could mean:

• Aging parents sharing space with their adult children and grandchildren.

• Adult siblings co-owning a property with their families.

• Young couples are moving in with parents to save for their first home.

What makes these homes unique is the thoughtful use of space—offering shared common areas alongside separate private spaces for each generation.

Why Multi-Generational Living Is on the Rise

1. Affordability and Economic Advantage

With Metro Vancouver’s high housing prices, pooling financial resources allows families to access larger homes or better locations that may be unaffordable individually. Co-owning a property can also ease mortgage qualification and maintenance costs.

2. Family Care and Support

Multi-generational living fosters built-in caregiving—whether for elderly parents, young children, or family members with special needs. For many immigrant families and cultural groups, this model reflects long-held traditions of shared living and mutual support.

3. Efficient Use of Housing

Many older single-family homes in Burnaby have large footprints but underused space. Renovating or redesigning these homes to support multiple generations makes more effective use of existing land and improves long-term value.

What Do Multi-Generational Homes Look Like?

Multi-generational homes come in several formats. In Burnaby, common examples include:

• Homes with legal secondary suites (basement or garden-level)

• Duplexes or triplexes with private entries

• Properties with laneway or carriage homes

• Custom new builds with multiple kitchens or in-law suites

Burnaby’s Housing Choices program is also expanding zoning allowances for gentle density, making it easier to add secondary suites or infill homes on qualifying lots.

Key Considerations When Buying a Multi-Generational Home

If you're considering purchasing a multi-generational property, here are a few important points to keep in mind:

• Zoning & Permits: Ensure the property is zoned to allow multiple units or legal suites.

• Layout & Privacy: Look for homes with separate entrances, private bathrooms, and kitchens or kitchenettes to ensure comfortable shared living.

• Long-Term Flexibility: Consider how your family’s needs may change over time—whether that’s accommodating aging parents or eventually renting out a portion of the home.

• Financing: Speak with a mortgage broker familiar with co-ownership models or rental income qualification strategies.

Burnaby: A Growing Hub for Multi-Generational Housing

As one of Metro Vancouver’s most dynamic cities, Burnaby offers excellent opportunities for families seeking multi-generational properties. Key benefits include:

• Proximity to top schools, transit, and healthcare facilities

• A mix of older, generously sized homes ideal for renovation

• Growing inventory of new builds with legal suites or laneway home potential

• Local policies supporting diverse housing forms

Neighbourhoods such as Burnaby Heights, Edmonds, and South Slope are especially well-suited for multi-generational living due to lot sizes, access to amenities, and zoning flexibility.

Work with a Realtor Who Understands Your Family’s Needs

Navigating a multi-generational purchase requires careful planning, attention to zoning bylaws, and a deep understanding of the local market. As a Multi-Generational Home expert, I help families identify the right properties, understand their options, and make confident decisions—whether they’re buying together for the first time or modifying an existing home to suit evolving needs.

📞 Let’s connect:
I'm happy to provide tailored recommendations, property tours, or zoning insights for your specific goals.

📧 victoria@victoriafung.ca
📱 (778) 389‑7683

Helping Burnaby families live better—together.

Going through a separation or divorce is hard enough without the added confusion of what happens to your home. One of the most common (and emotionally charged) questions that comes up is:

“Can my spouse sell the home without my consent?”

If you’re in British Columbia and facing a separation, here’s what you need to know about your rights, your options — and how working with the right real estate agent can protect both your peace of mind and your financial future.

The Legal Basics: Who Owns the Home?

In BC, property division during a separation is governed by the Family Law Act. If the home was acquired during the marriage or common-law relationship — or even before, in some cases — it is typically considered family property, which means both spouses have a legal right to it.

Even if:

• The title is in one spouse’s name,
  
  

• One person paid more toward the mortgage,
  
  

• Or the home was inherited but used as the family residence…
  
  

…it may still be subject to equal division unless there is a legal agreement (like a prenup or cohabitation agreement) that says otherwise.

Can One Spouse Sell Without the Other? Usually, No.

In most cases, one spouse cannot sell the family home without the other’s written consent — even if the home is solely in their name.

Why? Because:

• The home is considered shared family property.
  
  

• The other spouse has a legal interest in the home.
  
  

• You may require both signatures to legally transfer title or discharge the mortgage.
  
  

Attempting to sell a home without full consent can lead to legal injunctions, title freezes, or court-ordered reversals — and that’s the last thing you want during an already stressful time.

What If There’s a Court Order or Separation Agreement?

If you and your ex have gone through mediation or court and received a final separation agreement or court order, then the sale of the home may be clearly outlined. In this case, the agreement will dictate:

• Who gets to stay in the home (and for how long),
  
  

• When the home should be sold,
  
  

• How the proceeds are divided.
  
  

This document is crucial. If it’s still pending or unclear, selling the home should be put on hold until everything is in writing and legally binding.

What Are Your Options If You Disagree on the Sale?

If one spouse wants to sell and the other doesn’t, it may feel like a deadlock — but there are options:

• Mediation: A neutral third party helps you come to a fair agreement.
  
  

• Legal action: A court may order the sale of the home if it’s deemed necessary or in everyone’s best interest.
  
  

• Buyout: One spouse buys out the other's share of the equity.
  
  

Whatever you choose, it’s critical to involve both a lawyer and a real estate agent who understands the complexities of divorce sales.

How Victoria Fung Helps Couples Navigate Home Sales During Divorce

Victoria Fung is a trusted Divorce-Focused Real Estate Agent in Burnaby, BC, with years of experience helping clients through some of life’s most difficult transitions.

As a second-generation Burnaby Realtor, Victoria brings:

• Deep knowledge of the local market,
  
  

• A calm, neutral, and compassionate presence,
  
  

• Clear communication between parties, lawyers, and financial advisors,
  
  

• An ability to help both parties feel respected and protected throughout the process.
  
  

Selling a home during a divorce doesn’t have to feel like a battle — with the right support, it can be the first step toward your next chapter.

Talk to a Realtor Who Understands Divorce Real Estate

If you're going through a separation or divorce and unsure of your rights when it comes to the family home, don’t make any decisions without the right guidance.

Contact Victoria Fung for a confidential, pressure-free consultation:

📍 Victoria Fung PREC
4481 Hastings Street, Burnaby, BC
📞 (778) 389-7683
📧 victoria@victoriafung.ca
🌐 www.victoriafung.ca