The Costs of Selling a Home in BC

You know what you hope your home will sell for. But how much will you have available for your next move? The costs of selling a home in BC can include real estate commission, legal fees, mortgage charges, preparation and moving expenses. If you’re planning to sell in New Westminster, East Burnaby or elsewhere in Burnaby, start with these five areas.

1. Real Estate Commission and GST

Commission is negotiated with your real estate professional and brokerage, then set out in your listing agreement. Ask what services are included and which expenses would be additional. Budget for 5% GST on the commission.For help comparing services, read our guide to choosing a New Westminster listing agent.

2. Legal Fees and Mortgage Charges

Budget for a lawyer or notary to handle the sale paperwork and mortgage discharge. Request a quote covering professional fees, taxes and disbursements. If you pay out a closed mortgage before the term ends, a prepayment penalty may apply. Ask your lender for a written payout estimate, including any discharge fees, before choosing your completion date.

3. Preparing Your Home and Moving

Build a budget for cleaning, repairs, painting, staging and storage where needed. Include movers and any overlap between homes.Before committing to a renovation, discuss which improvements suit your property and budget. A condo at the Quay and a detached home in East Burnaby may need different preparation plans. Our guide to what adds value to a home can help you start that conversation.

4. Closing Adjustments and Strata Expenses

Your final statement may include adjustments for property taxes and other prepaid or unpaid expenses. These can create either a cost or a credit.For a condo or townhouse, ask about strata-document charges, outstanding balances and any special levies that could affect your sale. Your lawyer or notary can confirm your responsibilities under the contract.

5. Taxes That May Apply to Your Sale

A qualifying principal residence sale may be exempt from capital gains tax, but it still needs to be reported to the CRA. Rental use or a short ownership period can change the tax treatment.BC’s home flipping tax can apply to profits on properties held for less than 730 days, subject to exemptions. Federal flipping rules are separate. Ask your accountant to confirm what applies before you finalize your budget.

Final Thoughts

Start with your expected sale price, subtract your mortgage and other secured debt, commission, legal fees and mortgage charges, then account for closing adjustments. Set aside money for preparation, moving and any taxes that apply.

Whether you’re selling in New Westminster or Burnaby, taking the time to work through those numbers can help you set realistic expectations, decide where to spend on preparation and make a move that fits your budget.

At the Adam Lloyd Home Selling Team, we’ll help you explore your home’s potential value and how we would approach selling it. Start with your goals, then build the plan around them.

If you’re thinking about selling in New Westminster, Burnaby, Coquitlam or the surrounding Lower Mainland, the Adam Lloyd Home Selling Team can help you figure out where your home stands—and whether making improvements before selling actually makes sense.

Contact The Adam Lloyd Home Selling Team, we can help you understand what’s currently available, where the best value is and how to compete in this price range. Reach out anytime for a no-pressure conversation.

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