Selling a House in BC

Selling a house in today’s unpredictable market can be a daunting and frustrating experience. Fluctuating interest rates, economic uncertainties, and changing buyer preferences often result in properties sitting on the market without receiving offers. If you need help attracting buyers, rest assured you’re not alone. There are effective strategies you can use to turn things around.

This section offers practical approaches to breathe new life into your listing and improve your chances of making a sale, regardless of market conditions. From setting a realistic price and enhancing your marketing efforts to keeping your listing fresh and addressing buyer feedback, these strategies aim to improve your property’s appeal and increase its likelihood of selling. Explore how you can confidently navigate the complexities of the current real estate market for success.

Key documents for selling a house

Pay note of

This section lists essential paperwork unique to the house-selling process that prospective buyers and their realtors will pay special attention to. These documents play a pivotal role in ensuring a successful property transaction. Understanding and correctly filling out these documents can make the selling process smoother and help avoid legal pitfalls.

We invite you to scroll to the’ What to ask and must-know information’ section below for a more comprehensive understanding of the additional documents and issues you may encounter when selling residential real estate in BC.

  • Property Condition Disclosure Statement - Residential (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 the information 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).

  • 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.

Before you list your biggest asset

What to ask and must-know information

Selling your home can be daunting, but with our 30 years of experience in real estate, we are well-equipped to guide you through the process. We have created a comprehensive series of blog posts to provide the necessary information and tools to navigate the process confidently.

Our blog posts are designed to address critical considerations and common issues that homeowners in BC often encounter when selling their houses. We focus on providing practical advice that you can apply directly to your selling process.

Posts labelled “Selling a House” address common issues unique to selling a house, while blogging posts labelled “Selling” provide general advice typical when selling a detached house and other property types.

    • Darius is a fantastic realtor that helped us sell and buy a home. Our Port Coquitlam home sold for $160,000 over the average price of homes in our area! And with his quick and innovative home showcase, we had approximately 1,500 views of our property video before the first showing.

      E. Litwinski

      Helped me buy & sell a number of homes, both condos & detached in Coquitlam and Burnaby. The first one was close to 15 years ago and I felt the process went well. I bought 2 condos and sold 1 plus I sold a house all during COVID period.

      W. Wilkinson

    Frequently asked questions

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    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.

    What is a latent defect?

    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.

    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.

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    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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