Monday, June 23, 2014

Making the Smart Retirement Move - Go East, Snowbird!

"Go West, young man" may be fine in the movies but for retirement going east may be the ticket to a rich retirement.  A move from Vancouver & western parts of the Fraser Valley to its eastern sections can be a source of additional funds needed for trips, adventures and day to day living.

Where to live can be a complicated question. At times, it is dependent upon where you're working. Other times it is reliant on a specific community, a set of amenities, or family considerations. If you are planning to make a move into retirement then at least the first concern, working for a living, will fall away but a new one may arise that is financial in nature. Canadians are living longer and longer and so access to ample funds as we age is becoming a greater concern.

One way to find additional monies is to sell your property in Vancouver or the western part of the Fraser Valley and move eastward. What sort of price differential can you expect?  The following chart compares the average prices of a single family house in the three real estate boards that make up Vancouver and the Fraser Valley.

Vancouver, Fraser Valley and Chilliwack Average Single Family Sale Prices (2005-2014)

As you can see there is a growing spread between Vancouver and properties in the Fraser Valley Real Estate and Chilliwack Board areas making a relocation purchase even more attractive.  According to this chart, as of June 17, 2014 the average sale price of a single family house in each board area is:

  • Real Estate Board of Greater Vancouver     $1,225,684        Taxes about  $5,600
  • Fraser Valley Real Estate Board                     $535,672         Taxes about $3,100
  • Chilliwack and District Real Estate Board       $344,554        Taxes about $2,500


This means that an average Vancouver single family home owner could sell and pocket almost $900,000 to use for retirement and good times with a purchase in Chilliwack.  The average Fraser Valley Board area single family owner could tuck about $190,000 into the bank.  Not bad money. There is also a significant property tax advantage as you head east.

So what can be bought at these prices? Here are some recent sale examples.

Vancouver Sold $1,220,000 - May 2014 MLS# V1049604 - 6797 BUTLER ST, Vancouver East V5S 3L1


Fraser Valley Sold $532,500 - May 2014 - MLS# F1403554 - 6711 137A ST, Surrey V3W 5E8


Chilliwack Sold  $347,000 - May 2014 - MLS# H1304386 - 45886 FOXRIDGE CR, Chilliwack


The pictures almost speak for themselves. The Chilliwack house was built in 2010 and is situated within a gated community.  What a great place to enjoy retirement!

If you are considering a move, I can put you in touch with a quality Royal LePage agent that specializes in your Vancouver or Fraser Valley neighbourhood.  I will be pleased to be able to personally help you in Chilliwack. Just give me a call at 604-378-9000 or send me an email at smullock@smartt.com

Imagine living here....

 Stephen Mullock
is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.

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