Seller Resources · North Vancouver
North Vancouver Seller Questions, Answered
Answers to the questions North Shore sellers ask most, BC closing costs, disclosure rules, completion day, strata documents, and when to list.
Frequently Asked Questions
What closing costs does a seller pay in BC?
Sellers in BC typically pay the real estate commission (7% on the first $100,000, 3% on the remainder, shared with the buyer's agent), plus 5% GST on the commission, and legal or notary fees ($1,000–$2,500). If you have a closed mortgage and are not porting it to a new property, you may also owe a prepayment penalty, ask your lender for the exact figure. Adjustments for prepaid property taxes or strata fees are settled at completion. Property transfer tax is paid by the buyer, not the seller. Alex provides a detailed net-proceeds estimate at every listing consultation. The free Seller's Net Proceeds Worksheet on this site walks through each cost line by line.
Do sellers pay property transfer tax in BC?
No. In BC, property transfer tax (PTT) is paid by the buyer, not the seller. As a seller, you are not responsible for PTT on the sale of your own home. However, if you are purchasing a replacement property at the same time, you will pay PTT on your purchase. First-time buyers may qualify for a PTT exemption on properties under the qualifying threshold, Alex can point buyers you refer to the right resources.
What is a Property Disclosure Statement and do I have to fill one out?
A Property Disclosure Statement (PDS) is a form where sellers disclose known facts about the property: structural issues, moisture or water damage history, renovations (permitted or otherwise), insurance claims, legal disputes, and strata matters if applicable. In BC, completing a PDS is not legally mandated, but most buyers expect one and declining to provide it often raises red flags that reduce interest or depress offers. Sellers who complete a PDS in good faith, disclosing what they know accurately, are generally protected from later claims on those disclosed items. Alex reviews the PDS with every seller client before the listing goes live.
Am I legally required to disclose known defects when selling my home in BC?
Yes. BC law requires sellers to disclose known latent defects, hidden problems a buyer could not reasonably discover through a normal inspection, such as past water intrusion, foundation movement, undisclosed renovations, or pest history. You are not required to disclose patent defects (visible issues a buyer can observe directly), but failing to disclose a latent defect you know about can expose you to legal liability after closing. Proper disclosure protects you as well as the buyer. Alex helps sellers understand what must be disclosed and how to present known issues accurately and constructively.
What happens on completion day when I sell my home in BC?
On completion day, your lawyer or notary transfers legal title to the buyer, registers the discharge of your mortgage, and receives the net sale proceeds from the buyer's lawyer. You receive your net proceeds, typically by bank transfer, and make arrangements to hand over keys, usually on the possession date. You do not attend completion in person; your lawyer or notary handles the conveyancing. The full process usually wraps up by mid-afternoon. Alex stays available on completion day to answer questions and confirm everything has gone through smoothly.
What is the difference between the completion date and the possession date in BC?
The completion date is when the legal title transfers and money changes hands, handled between the two lawyers or notaries without you present. The possession date is when the buyer takes physical possession of the home and you hand over the keys. In most BC transactions these are the same day, but they can differ by one or two days. For example, a seller might negotiate a possession date one day after completion to allow time to finish moving. Both dates are negotiated in the Contract of Purchase and Sale, and Alex ensures the timeline works for your circumstances.
Can a buyer back out after removing subjects in BC?
Once a buyer removes all subjects, all conditions in the contract, in writing, the contract becomes firm and binding on both parties. If the buyer then refuses to complete, they are in breach of contract. The seller may retain the deposit and has the right to sue for damages, including the difference between the contracted price and any lower price achieved on a re-listing. In practice, withdrawal after subject removal is rare and carries significant financial consequences for the buyer. Alex structures offers and timelines to minimise the risk of late-stage failures.
What strata documents does a buyer receive when purchasing a condo in BC?
Under BC's Strata Property Act, sellers must provide buyers with a Form B (strata information certificate covering outstanding fees, levies, bylaw violations, and litigation), the current strata plan, bylaws and rules, the most recent depreciation report (if one exists), minutes of all general and special general meetings for the past two years, and current financial statements including the operating budget and contingency reserve fund balance. These documents are typically provided as a condition of the offer. Alex helps seller clients assemble and review strata documents before listing, so nothing surfaces unexpectedly during the subject period.
When is the best time to sell a home in North Vancouver?
The most active selling seasons in North Vancouver are spring (late March through May) and fall (September and October). Spring benefits from the largest pool of motivated buyers and the best showing conditions. Fall listings compete against thinner inventory after summer slowdowns, which can work in a seller's favour. Summer (July–August) and December are quieter, though well-priced, well-presented properties still sell year-round. The best timing for your specific property depends on your home type, your neighbourhood, current inventory levels, and interest-rate trends. Alex provides a market-timing recommendation as part of the free listing consultation.
What should I do if my listing is not getting offers?
If your listing has had strong showing traffic but no offers, the issue is almost always price, buyers are comparing your home against competing listings and finding better value elsewhere. If traffic is also low, the issue may be marketing reach, listing photos, or online presentation. Alex reviews weekly showing data, online engagement metrics, and buyer-agent feedback with every seller client and recommends adjustments proactively. Price reductions are most effective when done decisively: one meaningful reduction generates more renewed interest than two or three small ones. If your home is not selling, a frank conversation about positioning is the right first step.
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