Selling a Condo in BC

Selling your Vancouver condo can be stressful due to constantly changing market conditions. Determining the right time to sell and setting the appropriate price can potentially save you a significant amount, even tens of thousands of dollars.

Condos in Vancouver represent a stable and growing market, given the increasing number of developed stratified complexes and the city’s policy of building up rather than out, which provides a solid foundation for investment. If you own a condo and are contemplating selling, there are some key factors you should be aware of to ensure a smooth sale and feel confident about your decision.

Documents you need to review

Listing your condo on MLS®

Before selling your condo, it is essential for you, the seller, to understand all the paperwork and legal documents required when listing your property for sale. Some are mandatory legal contracts, and others are standard real estate forms. Knowing what to expect and what you agree to can save you stress, money, and time before you sign.

The real estate documents used in property transactions undergo regular review and enhancement to protect all parties involved, including the buyer, seller, agents, and brokerages. These documents are primarily developed and updated by reputable entities such as the British Columbia Real Estate Association (BCREA), Canadian Real Estate Association (CREA), BC Financial Services Authority (BCFSA), the Government of Canada, your local Real Estate Board, or your realtor’s brokerage firm.

  • The Multiple Listing Contract (MLC)

    The Multiple Listing System (MLS®) enables real estate boards to share information about multiple real estate listings among real estate agents and the general public via Realtor.ca. The MLS Listing Contract lists real estate properties on Realtor.ca and other websites sharing listing data. The MLS system provides more than listing information, ensuring fair compensation through buyer’s agent commission. If a buyer’s agent brings their client to a property that is part of a multiple listing contract and the client purchases the property, the MLS system guarantees that the buyer’s agent will be paid by the seller’s agent.

  • Property Condition Disclosure Statement - Strata Properties (PDS)

    A Property Condition Disclosure Statement (PDS) is a document that discloses what the seller knows about their property. The PDS is expected when the seller lives at the property or has lived there as recently as a few years ago. The seller is asked a series of questions to which they must respond to the best of their knowledge. The seller is legally responsible for ensuring that the information on the Property Disclosure Statement is accurate and complete. The buyer relies on this information when entering a contract to purchase the property. Lenders also request it as a condition of the finance qualifications. This document is typically crossed out if the seller doesn’t live at the property (rental property).

  • Disclosure of Representation in Trading Services (DORT)

    This mandatory form was introduced in 2018 and is used by all real estate agents in the province to ensure transparency and protect the interests of all parties involved in a transaction. The form is designed to disclose the relationship between the real estate agent and their client and ensure that the client understands their rights and responsibilities throughout the transaction. A critical aspect of the form is to disclose the type of representation the agent will provide, which can be either a client or non-client relationship.

  • Privacy Notice and Consent (PNC)

    The Privacy Notice and Consent form provides detailed information about how personal information collected by a REALTOR® may be used, including other parties it might be shared with (such as real estate boards) and how it may be collected (through standard forms or government agencies, for example).

  • Irrevocable Direction Regarding Presentation of Offers (DRPO)

    The Irrevocable Direction Regarding the Presentation of Offers (DRPO) is the seller’s written and signed instruction. The document states that the seller will not look at any offers until a specific date and time.

  • Seller's Disclosure of Material Latent Defects (MLD)

    This form discloses a material latent defect to a prospective buyer. A latent defect is a defect that cannot be identified through a standard inspection and can potentially render a property hazardous for occupants or unsuitable for habitation. According to common law, sellers are required to disclose any latent defects they are aware of.

Key takeaways

know what matters

The topics covered are not just any aspects of condo selling but highly critical ones. Each item requiring your attention is identified by the document label on which it is located, underlining its importance.

Our expertise is based on 30 years of experience buying and selling BC real estate.

  • Selling a Condo
    09Jun

    British Columbia Home Flipping Tax

    Darius Dominczak

    • I have worked with Darius for the last 10 years, purchased my condo and sold it with his help. He has always been very responsive and professional. His experience in real estate and professional approach speak volume. I would gladly recommend Darius to anyone who's interested in real estate...

      C. Gurtler

      Where do we start… Darius came to us after an absolutely terrible experience with another realtor we were against signing with anyone at that point but something about them drew us in so we signed. (let the new experience begin) After a phenomenal amount of open houses, showings and multiple

      Elizabeth K.

      I love their approach. Darius walked us through the process, worked creatively, showcased our property on social media, and sold our property $20,000 over the last similar listing.

      I. Geczy

    Frequently asked questions

    Looking for real estate answers? Let's chat - we're here to help.

    Ask us anything

    What taxes do you pay when selling a house in BC?

    The general property transfer tax rate is 1% of the fair market value for amounts up to and including $200,000 and 2% of the fair market value for amounts greater than $200,000 up to and including $2,000,000.

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

    When you sell your home, you will need to hire a notary or lawyer to represent you in your transaction and facilitate completion.

    When is the best time to sell?

    Market fluctuations may follow specific patterns depending on the province, city, or neighbourhood. These patterns may be seasonal, repeating yearly, or reliant on transient variables. Locals in Vancouver tend to move during the spring, summer, and fall when the weather conditions are most suitable. Since most real estate transactions have a closing period of 30 to 90 days, the most popular times to buy a home in Vancouver are typically in the spring and fall. Holidays, extreme weather, interest rate hikes, changes to mortgage rules, or local media coverage can also affect buying behaviour.

    Listing your property in late spring and summer can significantly enhance its appeal, especially if curb appeal is a factor. While home sales tend to peak in the spring and fall, they do occur year-round. If your goal is to move sooner rather than later, you can still achieve your desired outcome, although it may take longer. It’s worth considering that there are fewer buyers from December to February and from June through August. However, this also means fewer listings, translating to less competition for your home once it’s on the market.

    How much is my property worth?

    The value of a home is determined by what buyers are willing to pay. To get the best price, sellers need to accurately estimate the fair market value of their home. The final selling price is determined by the market, so setting the right initial listing price is crucial to getting the best value for the property.

    Do I need to fill out and sign the Property Condition Disclosure Statement?

    The bank or lender needs to review the details before issuing an approval; not providing the property disclosure statement will stall the approval process. A property disclosure statement crossed out on all pages and signed by the seller is acceptable to most lenders and banks. Therefore, obtaining this can expedite approval.

    Any issues indicated on a property disclosure statement must be promptly addressed. It is crucial to ensure these issues are resolved before the subject removal date, as this is a key requirement for the approval process.

    How does a rescission period work?

    The 3-day recission period allows buyers to rescind a contract to purchase residential real property​ up to 3 business days after an offer is accepted. The three-day period starts the first day after the accepted offer and does not include weekends or recognized holidays. It allows the buyer to walk from the deal for no reason within 3 business days. From day 4 onwards, the buyer can only walk from the deal if subjects are not removed. If rescinded, the buyer must pay the seller 0.25% of the accepted purchase price. The recission period can NOT be waived by the buyer or seller.

    It is important to note that if the offer is conditional with subject clauses to the buyer’s benefit and the buyer does not remove them, the 0.25% fee to the seller DOES NOT APPLY.

    The Vancouver real estate market is high-stakes and can feel fast-paced, highly transactional, and overwhelming. Real estate is inherently personal and not a one-size-fits-all solution. We understand that you deserve the best representation to achieve your goals seamlessly. Take control of your future today.

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