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selling

 As the seller’s agent I promise to help you determine the price of your home, market you home, do the proper way of advertising, schedule open houses, show your home to prospective buyers and make the whole selling process easy and stress free for you.

If you thought about selling your house this year, now may be the time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market. In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction including the inspection, appraisal and financing contingencies.

 

 

Before you put your home on the market you should consider the followings:

DODON’T
fertilize, seed, cut lawn and clip shrubs and purchase fresh mulch;plant new shrubs or trees;
clean, wash, deodorize indoor carpets and floors;select vivid colors for new paint or carpeting – stay neutral;
consider applying fresh paint to interior walls;purchase new wallpaper or light fixtures;
thoroughly scrub inside of appliances;purchase new appliances;
use accents (like fresh bath towels, decorative soaps, light air scents);clutter shelf tops with personal photos, etc.;
make sure all closets and cabinets are clean to the point of looking empty – they also will look larger;fill closets with items removed from the rooms;
consider repairing/replacing damaged roof shingles;replace entire windows;
reseal asphalt driveway;pave a gravel drive;
 install new siding
 

Transaction Costs

 

Closing  costs to the sellers:

 

1-Lawyer or Notary Fees and Expenses:

-attending to execution of documents.

2-Costs of clearing title, including:

-discharge fees by encumbrance holders,

-prepayment penalties

3-Real Estate Commission.

4-Capital Gain ( if applicable)

 

 

 

Closing  costs to the Buyers:

 

1-Lawyer or Notary Fees and Expenses:

-attending to execution of documents.

2. Property Appraisal Fee

3.Land Survey ( if applicable)

4.Property Purchase Tax ( Property Transfer Tax)

5.Good and Services Tax (New Homes)

6.CMHC or Genworth Premiums ( non conventional mortgage)

7.Foreign Buyers Purchase Tax ( 20% in most of of BC)

 

 

 

Property Transfer Tax ( Property Purchase Tax)

 

Property Transfer Tax. Home buyers in BC pay a provincial Property Transfer Tax (PTT) when they buy a home. The tax is charged at a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder up to and including $2 million. The PTT is 3% on amounts greater than $2 million.,

 

To qualify for the First Time Home Buyers’ exemption you must meet all of the initial eligibility criteria. To retain the exemption, there are also requirements which must be met in the year following the transfer. For complete information on all of the eligibility criteria, please see:

To claim the exemption you must file a First Time Home Buyers’ Property Transfer Tax Return (FIN 269) and the appropriate Land Title forms at the Land Title Office when you apply to register your property.

 

If you do not qualify at the time of registration, but you meet all the requirements by the first anniversary of the registration date, you can apply for a refund of the tax paid. Applications for refund must be made within 18 months of the registration date.

 

The B.C. government has announced it is raising the Speculation and Vacancy Tax on Dec. 31 from 0.5 per cent to two per cent for foreign owners and for satellite families, the majority of whose income is not reported on a Canadian tax return.

Some new exemptions to the tax will be brought in while others currently in place will be phased out.

“When we introduced the Speculation and Vacancy Tax, our province was at the peak of a real estate crisis and moderation in the market was long overdue,” said Finance Minister Carole James.

Based on the data collected from the first year, the government says the tax is working as it was designed to — capturing speculators, foreign owners and people who own vacant homes.

The next phase of the tax brings:

  •  An exemption for property owners who are members of the Canadian Armed Forces while in active service and their spouses.

  • An exemption for people who own properties which are only accessible by water. 

  • An end on Dec. 31, 2019, to the exemption for foreign owners of vacant land.

The exemption for empty strata properties in buildings where rentals are banned will be phased out by Dec. 31, 2021.

A strata title allows individual ownership of part of a property — generally either an apartment or townhouse — with shared ownership in the remainder of the building.

Under the new rules announced Tuesday,  if the strata lot remains unoccupied, even if the building’s bylaws prohibit rentals, the tax will be levied.