Selling your Whistler property is a complex, multi-step process that calls for the expertise of a Realtor. This is where my years of Whistler real estate experience will guide you through the process while achieving Top Market Value for your property.
There are many things you’ll need to consider, and to help you through it, here’s a general overview on what to expect during the selling process.
- Home Evaluation
- Comparative Market Analysis
- Preparing your home for Sale
- Professional Photos
- Home staging secrets
- Marketing Plan
- Offer and Negotiations
- Closing costs and obligations
As your real estate professional, it is my responsibility to guide you through this process to ensure a stress-free sale of your property.
Selling Costs
The various selling costs that you can expect to encounter include:
- Real Estate Commission (plus 5% GST)
- Lawyer’s fees
- Accounting fees
- Adjustments for ownership expenses (property taxes, strata fees, etc.)
- Pre-payment penalty on a mortgage
- Capital Gains Tax – on investment properties
The rate of the Capital Gain tax is 33.33% of the ‘gain’ on investment properties. To determine the adjusted cost base in calculating capital gain, Revenue Canada allows for the following:
- Property Transfer Tax
- Legal fees and disbursements associated with the purchase
- Furnishings and renovations included in the selling price
- A portion of the interest on mortgage payments
- GST fees associated with the purchase
- Revenue Canada does not allow any deductions from the selling price in determining the gain. However, by filing a Canadian tax return with Revenue Canada after the sale, some of the tax paid may be recovered.
Non-Resident Sellers must report their property sales to Revenue Canada. Revenue Canada will issue a clearance certificate in exchange for an estimate of taxes owing.
Obtaining a Clearance Certificate If you are not a Canadian seller, you will need a Clearance Certificate from Revenue Canada prior to the completion date of your transaction. Up to 50% of the gross sales proceeds may be held until a clearance certificate is issued. The current wait for a Clearance Certificate is 8 to 10 weeks, so it is important to contact your lawyer or accountant as soon as an accepted offer has been received on your property. Before issuing the Clearance Certificate, Revenue Canada will need to collect any tax payable on the property to be sold.
A few other steps to consider:
- Contact your rental property manager to advise of the sale.
- Contact your strata manager to advise of the sale.
- Contact moving companies, book one in advance.
- Hire a cleaning company to clean your home.
- Notify all utility companies of your closing dates: Terasen Gas, BC Hydro, Shaw, Telus
Let me help you every step of the way with my extensive knowledge and superior service.
