Selling a House

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.

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.

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.

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.

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 buyer or seller can NOT waive the rescission period. Residential real estate properties located on leased land, leasehold interests in residential real estate property and properties sold under a court are exempt.

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.

Lawyers’ fees for selling a house in BC typically range from $1,100 to $1,200, plus taxes and disbursements, which usually bring the total cost to around $2,000. However, fees may vary depending on the complexity of the transaction. It’s best to consult a real estate lawyer for an exact quote.

The BC Home Flipping Tax applies to income from the sale of residential properties, presale contracts, or assignments owned for less than 730 days (two years). This includes properties purchased before January 1, 2025, if sold on or after that date and held for less than two years.

• The tax rate is 20% for sales within the first 365 days, gradually decreasing until it is eliminated at 730 days.
• It applies to all sellers (individuals, corporations, partnerships, and trusts) regardless of residency.
• Exemptions exist for certain primary residences but are subject to specific conditions and filing requirements.