Selling goes better when you know your costs and your bottom line before you list. Source for the figures: Financial Consumer Agency of Canada.
1. Add up the costs of selling
Expect legal fees (including the statement of adjustments) and a mortgage discharge fee. Depending on your sale, add the real estate commission (negotiable, typically 2% to 6% depending on where you live), repairs, staging, cleaning, inspections, appraisals and moving. Selling before your mortgage term ends can mean a prepayment penalty: estimate it with the penalty calculator.
2. Know what you will keep
The seller net proceeds calculator takes the commission, sales tax on it, the mortgage payoff and closing costs off the price. If you are buying next, the affordability calculator shows what the proceeds can support.
3. Set the price
Compare similar homes nearby, ask a REALTOR® for a recommendation or hire an appraiser, and build your selling costs into the price. The comparable sales calculator turns recent sales into a price per square foot.
4. Choose how to sell
A REALTOR® prepares and shows the home, negotiates and handles paperwork for a commission. Selling yourself avoids the commission, but you handle showings, negotiation and documents. For an agent’s view of the split, see the commission calculator.
5. Gather your documents
- Deed and survey or title insurance details.
- Property tax receipts and utility bills.
- Renovation contracts, permits, transferable warranties and inspection reports.
- For a condo, the status certificate or Form B: see the condo documents guide.
6. Weigh the offers
Buyers often add conditions, such as financing, an inspection or selling their own home, each with a deadline. A higher price with risky conditions can be worth less than a clean offer: compare them in the offer comparison tool.
7. Taxes
If the home was your principal residence for every year you owned it, there is usually no tax on the gain, but you still report the sale. If you rented all or part of it, or sell within 365 days, tax can apply: see the capital gains on property calculator.
Try the seller net proceeds calculator →
Official source
This guide explains general rules. Confirm your figures with your lender, lawyer, or the official source before you act.