For many empty nesters, there comes a moment when the family home that was perfect for raising children suddenly feels like more house than they need.
The kids have moved out. The bedrooms are empty. But the garden, maintenance and responsibilities remain.
For homeowners in established neighbourhoods such as Westmount, Hampstead, Town of Mount Royal and NDG, the family home may also represent a substantial portion of their wealth.
So the question becomes: If I sell, what comes next? Do I buy a luxury condominium downtown? Do I rent for a few years? Or do I simply stay where I am?
Plan before circumstances decide
Don't Wait for a Crisis to Make the Decision
Many of us have watched our own parents face this decision. They were deeply attached to their homes and had no intention of ever leaving.
Then something happened — a fall, an illness or another unexpected event — and suddenly the move took place in crisis mode rather than as part of a plan.
There is another way.
What if, while you are healthy, active and completely in control, you make a plan for the next chapter? Where would you actually like to live? What kind of lifestyle do you want? How much responsibility do you want your home to require?
Planning ahead doesn't necessarily mean moving now. It means understanding your choices before circumstances make the choice for you.
Is This a Good Time to Sell in Westmount?
For many homeowners, the answer may be yes. Westmount continues to demonstrate a strong market for exceptional homes. Our brokers at Immeubles Montria / Luxury MTL have participated in some of Westmount's significant high-end transactions this year.
For example, Xinfa Wen, Real Estate Broker with Immeubles Montria, represented the buyer in a Summit Circle Road transaction exceeding $8 million. Sales at this level demonstrate continued demand for exceptional Westmount properties.
Flexibility, capital and lifestyle
Buy or Rent?
Buying a luxury condominium can provide stability and the opportunity to invest in another appreciating asset. For someone who knows exactly where they want to live for the next decade, buying may make perfect sense.
But increasingly, there is another attractive option: sell the family home and rent a luxury apartment or condominium.
For homeowners who have owned their principal residence for many years, selling may unlock a substantial amount of capital — and in Canada, the gain on the sale of a qualifying principal residence is generally tax-free.
For someone sitting on significant equity in a family home, renting can be an interesting financial strategy. Instead of immediately putting several million dollars into another property, you can free up the capital from the sale of your principal residence and invest it. That capital has the potential to generate meaningful investment income, while you enjoy the flexibility and simplicity of renting.
Mark ReinerReal Estate Broker
Renting can therefore be more than a lifestyle decision. It may allow you to keep your capital working for you, diversify your investments and avoid immediately tying up a large portion of your wealth in another residence.
It can also be a wonderful transition period — allowing you to try downtown living, travel more freely and discover what you really want from the next stage of your life.
Make the move your decision
The Best Decision May Be to Have a Plan
There is no single answer that is right for everyone. For some, selling and buying a beautiful condominium is the perfect next step. For others, selling and renting provides the freedom they have been looking for. And for some, staying in the family home for a few more years remains the right choice.
The important thing is to make the decision while it is still your decision to make.
The decision isn't simply whether to rent or buy. It starts with understanding how you want to live over the next five or ten years. Once we understand that, we can look at what's available, what your home may be worth today, and which option gives you the greatest flexibility.
Kayla SamuelsReal Estate Broker & Agency Executive Officer
At Immeubles Montria / Luxury MTL, our brokers work with clients on both sides of this transition — selling family homes in Montreal's most established residential neighbourhoods and helping clients explore luxury condominiums and rental opportunities.
Sometimes the best first step isn't listing your home. It's simply having the conversation.
Coming next
Luxury Renting in Montreal
In our next Luxury MTL Newsletter, we'll explore some of the new luxury rental buildings in Westmount and Downtown Montreal — what they offer, what they cost, and why luxury renting is becoming an increasingly interesting option for Montreal empty nesters.