Home prices tend to rise over time, so when you sell a home you've owned for a while, you may turn a profit. You have a capital gain. In Canada, taxes must be paid on most capital gains.
However, there's an exception available to most Canadian homeowners called the Principal Residence Exemption (PRE). It says that homeowners don't have to pay capital gains tax on a home that has been their principal residence. Most people who've lived in their homes are eligible for PRE, but there are still conditions homeowners must meet.
If the home was not the owner's principal residence the whole time, the owner might have to pay part or all of the capital gains tax. If it was a money-making property, the owner has some tax to pay. Even if a homeowner is
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Using drones in real estate is not a new concept. However, there have been some recent changes in exactly how drones are being employed to sell properties. Given the drop in price in the technology, it's opened the possibility of drones to more than just the luxury market. Learn more about why drones are more effective at giving Northeast Edmonton buyers the scope of a home before stepping foot on the property.
Homes are valuable assets, and most individuals understand that they will pay a commission of some type based upon that value when selling through traditional methods. This is a primary reason many Devon AB homeowners looking to sell find the idea of a ‘for sale by owner' (FSBO) transaction appealing. However, regardless of the route taken, owners will spend some money out-of-pocket and face some risks when selling a home in Canada. Here's the scoop on costs and potential pitfalls.
In the competitive world of real estate, dedicated agents must use a combination of tactics to effectively market homes for sale. Using their varied approaches, they work hard to position each property in front of ideal buyers to facilitate a quick sale at a competitive price. When homeowners work with real estate agents, they can expect them to use any number of the following techniques to market their homes for sale.
In Canada, about 67% of households own at least one pet—that’s millions of homes with furry, feathery, or scaly friends. That’s a lot of pets, and, as all pet owners know, a lot of potential damage that can be done to a home. When preparing to sell a home, it’s important to try to reduce as much of that damage as possible because buyers typically don’t like to buy homes, especially in a hot housing market, that require a lot of fixing unless they’re specifically looking for a fixer-upper. Here are some of the different damage types pets tend to cause and how to fix them.
Sellers who are getting ready to let go of their property first have to determine what type of market they're in. In primary markets, it's clear that sellers have an advantage. In others, the upper hand goes straight to the buyer. There are a number of ways to spot a buyer's market even if sellers aren't real estate experts—For Sale signs sit out for months, abandoned homes are common, and valuations continue to drop every year. But sellers can still exercise control, even when their prospects seem dire.
The paperwork of a home sale can be difficult to wade through for those who aren't familiar with real estate. Not only is it time-consuming, but it's also confusing to interpret the many terms and contingencies that lace through practically every form. Those who want a relatively quick and easy escrow process should have an idea of their obligations so they can speed their closing date along.
The tax laws in Canada are going to put up a few hurdles for homeowners ready to sell their vacation or second home. From capital gains to depreciation, it's clear those with second homes bear a heavier burden than their primary homeowner counterparts. Before officially listing a Sherwood Park home, it helps to have any idea of what the taxes will be like before pulling the trigger.
No matter how special a home is to the seller, a successful home sale always starts with seeing the home through the buyer's eyes. And the trends for Canadian buyers are clear—they're looking for practical touches over luxury when they start off on the buying process. The best way to offer home buyers the best view of any property is through good staging. Here are some effective methods to highlight a home's practical touches and biggest selling points.