5 Common Myths About Selling Your Home in Canada

Planning to sell?  Here are 5 myths about selling your home in Canada you need to know so you can separate fact from fiction.

There is no shortage of myths about selling your home out there. And these misconceptions make the already complicated process even more complex. We’ve analyzed the top five home selling myths—and demystified them so that you can list and sell your home with confidence.

  1. A Real Estate Agent Is a Must-have When Selling a Home

No law stipulates that you must have a real estate agent when selling a home in Canada. You can be your own agent and sell the house directly to a willing buyer. The most compelling reason for not using a real estate agent is to avoid paying commission costs. However, selling a home is a lengthy and complicated process; be ready to devote time and money to it.

  1. Home Insurance Is Optional for a Mortgage

This observation is a half-truth. In Canada, if you are buying a house using a mortgage, you must have home insurance. Almost all lenders require a borrower to have a valid home insurance policy when applying for a mortgage.

  1. Lawn Signs and Open House Are the Ideal Tools When Selling a House

Many home buyers -approximately 90%- begin their search for a home online. Therefore, any marketing effort to promote a house must include online marketing. An online tool that lists all homes available for sale can be an ideal marketing strategy.

Nevertheless, lawn signs and open houses are still valid marketing methods for selling a home. They evoke interest in a property and promote it among neighbors, friends, and family.

  1. A Tidy House Is the Only Requirement for a Successful Open House Sale

A clean home is a prerequisite part of having a successful open house. However, it is not the only requirement. You also need to take various safety precautions. Ensure that you keep all your valuables and essential documents in a safe or lockable drawer.

  1. You Don’t Have to Report a House Sale to the Taxman

Reporting a house sale to the Canada Revenue Authority is not an option but a requirement. When you sell a property in Canada, you must report to the taxman essential information like date of sale, date of acquisition, and proceeds of disposition.

One great strategy for successfully listing your home is to have an experience real estate lawyer in your corner! Contact us for more information on myths about selling your home in Canada when you’re ready to sell.