Selling Your Home

Selling your home has many “moving parts”.  Getting it right involves more then just the selling price.  Here are some resources to help guide your path to maximizing your most important investment, your home.

In today’s market, selling your home can have many moving parts. Homes for sale in the greater Qualicum Beach/Parksville area can go quickly depending on market conditions. Recently, many are sold within days of being listed, often at greater than asking. The market has softened and homes are sitting on the market longer now and no heated bidding at present time.  The trend may continue or soften at some point as the Canadian government begins to put the brakes on inflation. That said, Canadians and the international community have an insatiable appetite for BC homes, especially in Vancouver and Vancouver Island for investment and retirement purposes.

For selling your home, whether you’re upgrading, downgrading, an estate sale, or simply “moving on”, below you’ll find a summary list of external resources that help to answer the most frequently asked questions. It’s a starting point for information. However, the best advice is to seek the necessary professional help for your situation – a professional realtor for home evaluations and selling, a BC lawyer for closing and a certified accountant for tax advice.

How much is my home worth?

How much your home is worth depends on a large number of factors. Realtors are professionally trained in the home value appraisements.

Richard has been an associate member realtor of CNAREA  for many years in the Parksville area having provided hundreds of assessments over the years. You can read more at: https://cnarea.ca/

How much tax do you pay when you sell a house in BC?

The tax paid is the general property transfer tax, but it is paid by the purchaser as follows (not the seller):

For the purchaser tax, see link below:

Property transfer tax – Province of British Columbia – Gov.bc.ca

How much does an average real estate agent make in BC?

 

The average salary for a real estate agent is $112,627 per year in British Columbia.

Real Estate Agent salary in British Columbia – Indeed.com

Does a seller pay closing costs in BC?

When selling a home, the only closing costs include the realtor commissions and your legal fees. Real estate commissions can vary between various brokerages.

Closing Costs When Selling a Home in BC – Genymoney.ca

Do I need a lawyer to sell a house in BC?

A notary or lawyer is required for the sale of any property, so make sure that you have options lined up ahead of time.

Selling A Home – BC Financial Services Authority

How long do you have to live in a house to avoid capital gains BC?

You are only able to claim one primary residence at a time. There is no limit to how often you can change your primary residence, and no minimum time that you must live in a property for the exemption to apply.

Capital Gains Tax in Canada: What You Need To Know

How do I avoid capital gains tax in BC?

6 ways to avoid capital gains tax in Canada

  1. Put your earnings in a tax shelter. Tax shelters act like an umbrella that shields your investments. …
  2. Offset capital losses. …
  3. Defer capital gains. …
  4. Take advantage of the lifetime capital gain exemption. …
  5. Donate your shares to charity.

Six Ways to Avoid Capital Gains Tax in Canada 2022 – Wealthsimple.com

Is money from sale of house considered income?

When you sell your home or when you are considered to have sold it, usually you do not have to pay tax on any gain from the sale because of the principal residence exemption.

Disposing of Your Principal Residence – Canada.ca

Anchor Realty

Richard Goldney
RE/MAX Realtor

Phone

(250) 248-7777

Follow