Downsizing in Vernon

Updated September 2026

Many of the sellers I work with are downsizing: the kids have moved out, the yard has become a chore, or the stairs are getting harder. Vernon has good options, but the best move starts with knowing what your current home is worth and what the next one will really cost to own.

Choosing your next home

• Condos are the lowest upkeep. Check the strata fees, depreciation report and any special levies.
• Townhomes keep a bit of outdoor space and often a garage, with the strata handling the exterior.
• 55+ strata communities are the only kind of age restriction still allowed in BC stratas.
• Rancher-style houses give you one-level living without shared walls, but you keep the yard and maintenance.
• Waterfront condos in Okanagan Landing offer lake living without looking after a dock. See Vernon Waterfront Homes.

Know your numbers

1. Get a realistic value for your current home. Ask for an evaluation.
2. Estimate your selling costs and what you'll walk away with. See the cost of selling.
3. Add up the full cost of the next home: strata fees, property tax, insurance and utilities.

BC programs for owners 55 and over

• Home owner grant: owners 65 and over can claim a larger grant, up to $845, on their property taxes, subject to a 2026 threshold of about $2.08 million assessed value.
• Property tax deferment: homeowners 55 and over can defer property taxes as a loan against their home, repaid when the home is sold. From 2026 the interest rate is prime plus 2%, compounded. Weigh that cost before signing up.

Sell first or buy first?

For most downsizers, selling first is safer: you know your budget and avoid carrying two homes. See selling and buying at the same time.

Frequently asked questions

Sources: BC home owner grant for seniors; BC property tax deferment program; BC strata legislation changes.