Why Baby Boomers Aren’t Selling Their Homes (And What That Means for the Market)

There’s a common belief in Canadian real estate right now:Baby boomers should be selling their large family homes.Governments expect it.
Younger buyers are hoping for it.
The market arguably needs it.But it’s not happening—at least not at the pace people expected.And if you’re working in markets like Surrey and across the Fraser Valley, you see this play out every single day.

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The Reality: Boomers Are Staying Put

Across Canada, many older homeowners are still living in:

• 3, 4, even 5-bedroom homes
• Properties they bought decades ago
• Houses that are now far larger than they actually need

Even when:

• Maintenance is getting harder
• The yard is becoming too much
• The home no longer fits their lifestyle

They’re not moving.So the question becomes—why?

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It’s Not That They Don’t Want to Move

Here’s the surprising part:Most of them actually do want to move. They talk about it all the time:

• Downsizing
• Moving closer to family
• Reducing maintenance

But wanting to move and actually moving are two very different things.

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The Real Problem: Downsizing Doesn’t Feel Like a Win

The issue isn’t emotional.
It’s financial—and psychological.Let’s walk through a typical scenario.A homeowner in Surrey:

• Bought their home in the 1980s for ~$100,000
• Saw it peak around $1.7M
• Now sees it closer to $1.2M–$1.3M

They think:“Great, I’ll sell and downsize.”But then they start shopping.

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What Downsizing Actually Looks Like Today

What most downsizers want is:

• A newer home
• A better neighborhood
• Modern finishes
• Less maintenance
• Maybe a townhome instead of a condo

But here’s the reality:

• Newer townhomes are often $950K to $1.2M+
• They’re sometimes larger than the home they’re leaving
• Moving “up” in quality often costs the same or more

So instead of downsizing financially, they’re:

• Breaking even
• Or taking on a new mortgage

That’s a tough pill to swallow after owning a home mortgage-free for years.

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The Expectation Gap

This is where things really break down.Most downsizers want:

• More modern
• Better location
• Less maintenance
• And a lower price

But that combination rarely exists.Meanwhile, their current home—even if well maintained—is:

• 40–50 years old
• Functionally outdated
• Often valued largely for the land

That mismatch creates hesitation.So instead of moving…They stay.

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Why They Stay Longer Than They Should

From what I see in the Surrey and Fraser Valley markets, the pattern is very consistent:

• People delay the move
• They tolerate the maintenance longer
• They wait for “the right opportunity”

And often, they don’t move until:

• A major health event
• A forced lifestyle change
• Or an urgent family situation

At that point, the move becomes reactive—not strategic.

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The Cost of Waiting Too Long

This is where it gets interesting.Many downsizers:

• Move from a house → to a townhouse (around age 75–80)
• Then need to move again shortly after

Because:

• The townhouse is still too large
• Stairs or layout become an issue
• Health needs change quickly

So instead of one smart move, they make two rushed ones.

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What This Means for the Market

This trend has real implications—especially in markets like Surrey:

• Fewer family homes coming to market
• Less inventory for younger buyers
• Slower turnover in established neighborhoods

It also explains why:

• The “expected wave” of listings hasn’t fully materialized
• Supply remains tighter than many predicted

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The Bigger Insight

Most downsizers don’t truly want to “downsize.”They want to:

• Upgrade lifestyle
• Reduce maintenance
• Improve comfort

But they want to do it without sacrificing financially.And in today’s market, that’s not always possible.

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Key Takeaways

• Baby boomers are not selling as quickly as expected
• Most actually want to move—but don’t like the trade-offs
• Downsizing often costs the same (or more) than staying put
• Expectations don’t match market realities
• Many delay until forced by life circumstances
• This is limiting housing supply in markets like Surrey and the Fraser Valley

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Final Thought

This isn’t just a housing issue—it’s a human one.The decisions people make around their homes aren’t purely financial.
They’re emotional, practical, and deeply personal.And until expectations adjust to reality, many homeowners will continue to do exactly what they’re doing now:Stay right where they are.

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Written by:
Steve Karrasch PREC
Karrasch Real Properties Team
Macdonald Realty