General information only — not legal, tax, financial, or real-estate advice. Verify with a licensed BC professional before acting.
Downsizing from a family home to a right-sized property is a two-transaction event with tax, timing, and sequencing complexity. This page lays out the facts.
A property designated as your principal residence for every year you owned it is exempt from capital gains on sale. Only one property per family can be designated per year.
The BC Home Equity Line of Credit (HELOC) landscape, CHIP reverse-mortgage products, and rent-back agreements are the three main tools 55+ downsizers use. Structure varies by lender — get advice from a licensed mortgage broker.
The new-home PTT-exemption thresholds still apply to 55+ downsizers if the new property meets the criteria (≤ $1.1M new build with builder-quoted price). No 55+ specific PTT exemption exists.
Some strata corporations have 55+ age restrictions. Verify via bylaws — the age restriction must be registered under the Strata Property Act (SPA) s.123.
Both approaches have tax + carrying-cost trade-offs. Bridge financing (typically 90–120 days) lets you buy first; a rent-back to your buyer lets you sell first without moving twice. Speak with your REALTOR® about which fits your situation.