Selling a home
How much selling your home can cost
There are standard costs you can expect to pay when you sell your home. These costs include:
- legal fees for services, including a statement of adjustment
- a mortgage discharge fee to remove the collateral hold on your home (known as a “release” in Quebec)
Other potential costs include:
- realtor or real estate agent fees
- repairs or renovations costs
- inspection costs
- appraisal costs
- moving costs
- staging fees
- cleaning fees
- mortgage prepayment penalties, if you sell your home before the end of your mortgage term
Learn more about mortgage prepayment penalties.
Setting your home’s sale price
It’s important to set the right sale price for your home. To do so, you can:
- compare current listings of similar homes in your neighbourhood
- ask a realtor to suggest a price
- hire a professional appraiser to determine your house value
Remember to factor your selling costs into your sale price
Learn more about determining your property’s value.
Selling your home with a realtor
If you use a realtor, you pay a commission based on the home’s sale price. Realtor commissions may be negotiable, but typically range from 2% to 6%, depending on your location.
The realtor can:
- give you tips to prepare your house for showings
- arrange showings and open houses
- negotiate with potential buyers
- complete the necessary paperwork
A realtor can also help you:
- choose the right time to sell
- list your home on real estate sales websites
- identify ways to increase the value of your home before you sell
- determine an appropriate sale price
If you plan to hire a realtor do your research to find the right one for your needs.
Find out what to look for in a realtor and what to expect from your realtor.
Selling your home yourself
Some people choose to sell their home themselves. By selling your home on your own, you won’t have to pay a commission to a realtor. You can save money but also means taking on all the responsibility for selling yourself. Responsibilities may include taking care of the showings, the price negotiation and the paperwork yourself.
Make sure you understand your responsibilities before making a decision on how to sell your home.
Learn more about selling your home yourself.
Conditional home sales
Before you sell your home, consider whether you’re willing to accept a conditional sale.
Potential buyers can make you an offer with conditions. This allows them to withdraw the offer if certain terms aren’t met.
For example:
- if they’re not satisfied with the home inspection results
- if they can’t get a mortgage
- if they‘re not able to sell their current property
These conditions usually include specific time limits. Read the offer carefully before agreeing to anything.
Important documents your homebuyer may need
Once your home is on the market, gather any documents that will help you with the selling process, including:
- deeds
- survey plans
- property tax receipts
- renovation contracts
- transferable warranties
- inspection reports
Tax implications of selling your home
In most cases, you won’t pay tax on the money you make from selling your home. This is the case if the house was your principal residence every year since you bought it.
You may generate an income with the home you plan to sell. For example, you may rent part or the whole property while you own it. In this case, you must report the sale of your home on your tax return. You must also pay taxes on the proceeds of the sale.
Learn more about tax rules when selling your home.
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