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Residential real estate: Downsizing not the same in Alberta

When a homeowner says he or she will be downsizing, it usually means moving into smaller digs. In Alberta, that's not always the case when it comes to residential real estate. In Alberta, downsizing may not mean leaving a home at all. Alberta baby boomers may consider downsizing to mean staying put and revamping what's already been in the family for years. 

That's a distinct difference from their counterparts in Ontario and British Columbia where more people are actually selling their family homes and moving into apartments, condos or smaller homes. A real estate expert believes it may have something to do with Albertans' belief in real estate's strength and in the merits of home ownership. And if older Albertans do decide to downsize, it's usually by purchasing a smaller home rather than a condo, multi-family housing or renting an apartment.

Older Albertans still want the comforts afforded to them in home ownership. They want to be able to have pets. They want to be able to come and go as they please. They want to have a place to park their car(s) since most are still driving.

Many Albertans, especially the baby boomer generation, view their homes as places where their family members are always welcome. When they have questions about the possibility of downsizing and purchasing a smaller home, an Alberta lawyer with experience in the laws that regulate residential real estate may be able to answer their questions. It may help them to decide about what selling and purchasing a smaller home could mean for them and moving ahead in the next phase of their lives.

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