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 tax do you pay when you sell a house in BC?
- How much does an average real estate agent make in BC?
- Does a seller pay closing costs in BC?
- Do I need a lawyer to sell a house in BC?
- How long do you have to live in a house to avoid capital gains BC?
- How do I avoid capital gains tax in BC?
- Is money from sale of house considered income?
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:
How much does an average real estate agent make in BC?
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.
Do I need a lawyer to sell a house in BC?
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.
How do I avoid capital gains tax in BC?
- Put your earnings in a tax shelter. Tax shelters act like an umbrella that shields your investments. …
- Offset capital losses. …
- Defer capital gains. …
- Take advantage of the lifetime capital gain exemption. …
- Donate your shares to charity.
Is money from sale of house considered income?
Additional Selling Resources
- Investopedia: Avoid These Mistakes When Selling Your Home | https://www.investopedia.com/articles/mortgages-real-estate/08/home-seller-mistakes-selling-house.asp
- Financial Consumer Agency of Canada: Selling A Home | https://www.canada.ca/en/financial-consumer-agency/services/selling-home.html
- Revenue Canada: Disposing Of Your Principal Residence | https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/principal-residence-other-real-estate/sale-your-principal-residence.html
- Investopedia: Selling a Canadian Property for Non-Residence | https://www.investopedia.com/articles/mortgages-real-estate/09/owning-real-estate-canada.asp
- BCSFA: Selling a Home In BC | https://www.bcfsa.ca/public-resources/real-estate/selling-home
- BC Government: How Much Tax Do You Pay When You Sell A House In BC? | https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax