{"id":57626,"date":"2018-01-05T20:00:00","date_gmt":"2018-01-05T20:00:00","guid":{"rendered":""},"modified":"2024-02-12T10:11:38","modified_gmt":"2024-02-12T15:11:38","slug":"should-you-downsize-your-home-down-uf","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/should-you-downsize-your-home-down-uf\/","title":{"rendered":"Should You Downsize Your Home?"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/real-estate\/\">\n\t\t\t\t\t\t\t<span>Real Estate<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Should You Downsize Your Home?<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By RBC<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/thumb-downsize-your-home_402x-2-1.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/thumb-downsize-your-home_402x-2-1.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/thumb-downsize-your-home_402x-2-1.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/thumb-downsize-your-home_402x-2-1.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Should You Downsize Your Home? &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/should-you-downsize-your-home-down-uf\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/should-you-downsize-your-home-down-uf\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published January 5, 2018 \u2022 5 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading\" id=\"h-ask-anyone-who-s-approaching-retirement-what-their-view-is-on-downsizing-and-odds-are-they-ve-given-it-some-thought-at-one-point-or-another\">Ask anyone who&#8217;s approaching retirement what their view is on downsizing and odds are they&#8217;ve given it some thought at one point or another.<\/h2>\n\n\n\n<p>The preference may be to stay in their family home as long as they can. However, downsizing can be a very appealing option to free up funds for retirement and cut living expenses, for the average homeowner who has been paying into a mortgage for years and building up substantial equity.<\/p>\n\n\n\n<p>Yasmin Musani, head of retirement and successful aging strategies at RBC, says that downsizing is a common topic that comes up with clients nearing retirement. But before moving to a smaller house or condo, pre-retirees need to think about both the lifestyle and financial implications of such a major move.<\/p>\n\n\n\n<p>\u201cWe ask clients to take a step back and consider what it is they want from their life in retirement,&#8221; explains Ms. Musani. \u201cWe start with &#8216;How do you want to spend your time?&#8217; This also gives them a sense of where they want to live in retirement and whether or not they&#8217;re ready to downsize.&#8221;<\/p>\n\n\n\n<p>When it comes to the financial considerations of downsizing, Ms. Musani recommends considering whether the move is actually financially beneficial. \u201cThe initial thought is &#8216;I&#8217;m going to reduce my expenses,&#8217; but this may not always be the case.&#8221;<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>Karen Collacutt, a money coach based in Barrie, Ont., agrees that downsizing is a hot topic with people who are approaching retirement, especially those who plan to travel a lot.<\/p>\n\n\n\n<p>\u201cI have a client who has actually just sold her home and moved into a condo,&#8221; says Ms. Collacutt. \u201cShe spends three months a year in Florida and another two months in Germany, so having a condo, where she can just lock the door and leave, is so much easier than a house with a yard and all of that.&#8221;<\/p>\n\n\n\n<p>Meanwhile, on the money side, the benefits can be substantial, notes Ms. Collacutt. \u201cWhen you sell your home and buy a smaller house or a condo, the idea is to be able to pull the equity out and have that as ready cash available for your retirement lifestyle and to also reduce the day-to-day costs, so what you&#8217;ll be needing to draw from your retirement income is less.&#8221;<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block inner-section-ocean section-inner\" style=\"border-radius:0x\">\n<h3 class=\"wp-block-heading\" id=\"h-the-first-step-is-for-pre-retirees-to-have-a-really-clear-idea-of-what-it-costs-them-to-run-their-life-now-advises-ms-collacut-and-they-should-also-thoroughly-research-the-potential-costs-of-the-new-home-they-are-considering\">&#8220;The first step is for pre-retirees to have a really clear idea of what it costs them to run their life now, advises Ms. Collacut, and they should also thoroughly research the potential costs of the new home they are considering.&#8221;<\/h3>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n\n\n\n<p>However, she cautions that the plan to end up with a large chunk of money to invest doesn&#8217;t always go as planned. Related expenses can take a serious bite out of any profit from the sale of your house.<\/p>\n\n\n\n<p>To help ease the financial pain of downsizing, Ms. Collacutt suggests putting money away in a \u201cmoving fund&#8221; to cover expenses like closing fees and real estate commissions, condo fees and land transfer taxes, \u201cso the equity in the house is actually equity in [your] hands.&#8221;<\/p>\n\n\n\n<p>\u201cAlso, often people are not ready to let go of all their stuff,&#8221; she adds. \u201cThey end up with a storage locker full of stuff, paying $100 or $200 a month, which they hadn&#8217;t anticipated.&#8221;<\/p>\n\n\n\n<p>The first step is for pre-retirees to have a really clear idea of what it costs them to run their life now, advises Ms. Collacut, and they should also thoroughly research the potential costs of the new home they are considering. \u201cAnd then they need to do a post-move projection based on the research they are pulling, so they can really compare apples to apples,&#8221; she says.<\/p>\n\n\n\n<p>And if you&#8217;ve got the flexibility, rent in the new area to see if you like living there.<\/p>\n\n\n\n<p>\u201cI have clients who sold their farm and are renting in the community [where] they&#8217;re looking at buying in about 12 to 18 months, so it gives them lots of flexibility [and] they&#8217;ll know for sure they are going to be happy in that size of house in that neighbourhood,&#8221; says Ms. Collacutt.<\/p>\n\n\n\n<p>Ms. Musani agrees on the usefulness of a \u201ctest drive&#8221; of a prospective neighbourhood, at different times of the day and night. \u201cI remember talking to a client who went to see a potential neighbourhood in the daytime. It seemed very quiet and lovely, but when she went there in the evening, she found social aspects that weren&#8217;t what she had in mind.&#8221;<\/p>\n\n\n\n<p>It&#8217;s also important to discuss downsizing with your financial planner before making any decisions, so you can explore how this fits into your overall financial plan, adds Ms. Musani.<\/p>\n\n\n\n<p>Once you have a clearer vision of your retirement priorities, a financial planner can help you assess your downsizing options.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p>This article originally appeared in the Globe &amp; Mail in January 2016.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-9fe2e21d-5af2-404f-9537-1e509214228f\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Should You Downsize Your Home? &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/should-you-downsize-your-home-down-uf\/\">\n        <img decoding=\"async\" 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id-5bf8765f-50f0-4b15-b9c2-e4d22597b353\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/home-ownership\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Home Ownership<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/real-estate\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Real Estate<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div 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https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/Sep-15_shutterstock_2438592943.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/Sep-15_shutterstock_2438592943.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/understanding-interest-rates\/\">\n\t\t\t\t\t\tUnderstanding Interest Rates\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/understanding-interest-rates\/bank-of-canada-interest-rate-announcement\/\" class=\"card-title h4 mar-t-0\">Bank of Canada Interest Rate Explained and How It Shapes Your Mortgage<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Middle-aged couple walking dog while reflecting on retirement savings and future financial security; image representing retirement readiness planning\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg 6720w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/\">\n\t\t\t\t\t\tPlanning for Retirement\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/behind-on-retirement-savings-what-to-do-now\/\" class=\"card-title h4 mar-t-0\">Behind on retirement savings? What to do now.<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-9fe2e21d-5af2-404f-9537-1e509214228f {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-9fe2e21d-5af2-404f-9537-1e509214228f {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-5bf8765f-50f0-4b15-b9c2-e4d22597b353 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-5bf8765f-50f0-4b15-b9c2-e4d22597b353 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>Downsizing can free up funds for your retirement and cut down on day-to-day expenses. But do the pros really outweigh the cons?<\/p>\n","protected":false},"author":10,"featured_media":64222,"parent":57299,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[57,60],"rbc_content_type":[31],"rbc_audience":[],"rbc_lob_group":[58],"rbc_difficulty_level":[33],"rbc_mmm_category":[310,303,352,340,313],"class_list":["post-57626","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-home-ownership","tag-real-estate","rbc_content_type-article","rbc_lob_group-mortgage","rbc_difficulty_level-beginner","rbc_mmm_category-buying-a-home","rbc_mmm_category-goals-aspirations","rbc_mmm_category-planning-for-retirement","rbc_mmm_category-refinancing-and-downsizing","rbc_mmm_category-retirement"],"acf":{"contently_publication_id":"84031","custom_author":"RBC","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Downsizing is a common topic that comes up with clients nearing retirement. 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