Where should you live in Canada based on your lifestyle?

When we talk about real estate and breaking into the market, a question generally comes to mind: Is it a buyer’s market?

However, real estate broker Erica Reddy says it’s not just that you should be thinking about before making a purchase.

She tells Breakfast Television there are a number of considerations — one of them being where you are in your life and what your lifestyle entails.

“When looking at buying across our nation, there’s stages that are involved in every part of moving and … buying is such a lifestyle-based buy. So breaking it into stages is actually a really fun way to look at it and really tie it into all buyers across the nation,” she explained.

Stage one: maximizing day-to-day efficiency

For those in “stage one,” Reddy says maximizing day-to-day efficiency is a key consideration.

“You want to build it all in, so you typically see buying patterns for these types of stage one, let’s call it, moves be Vancouver, Calgary, Toronto, Montreal — a lot of the major cities within our nation,” she said.

However, buying a home in a city like Vancouver may feel out of reach for people in their 20s. Reddy notes Calgary would likely be a more attractive option for people who are younger, followed by a city like Montreal.

“If we’re talking kind of top dollar, we’re looking Vancouver, Toronto,” she added.

Stage two: growing families, need for space

“Stage two” comes with a “change in lifestyle needs,” with considerations like expanding families and the desire for more space, according to Reddy.

This is the stage during which people will begin thinking about “laying roots,” she says, as well as creating a space for more growth.

That can be hard to find at a more affordable price point in markets like Greater Vancouver.

“Squamish is going to range — probably you’re looking, entry, at around $1 million. And the sky’s the limit — you could be $2 million, $3 million. So this is obviously a very substantial purchase in this stage of life but you’re typically looking at it with a really long-time horizon. This is where you’re laying your roots, and you’re probably staying there for the bulk of your family or that stage of your life,” Reddy told BT.

Stage three: retirement

The next phase is when many would think about retirement. Stage three, Reddy says, typically comes with “a huge array of needs in this phase of life,” adding affordability, proximity to family, and other factors, such as activities and recreation, continue to be at play.

“Maybe you’re then ending up back out west or maybe now you are out west. In other cases, family needs, grandchildren, second and third generation, being there for that might put you actually back into the first city that you started in,” Reddy added.

Regardless of which stage you’re at, Reddy notes it’s always a good time to plan ahead.

The BC Real Estate Association (BCREA) said earlier this month that sales activity across the province’s markets in March 2023 remains “well below normal and down significantly from this time last year, when market activity peaked.”

However, BCREA chief economist Brendon Ogmundson added, “there are encouraging signs that the market is balancing out.”

“Home sales rose month-over-month in most markets, and prices appear to be firming up in the face of low supply,” he said on March 16.