By: Michael Cowling

The spring real estate market is in full swing. Front lawns are freshly trimmed, patios staged with care, and welcome mats rolled out with a smile—it's showtime for homeowners listing their properties.

According to a recent survey, more than half of sellers (53%) got their homes market-ready in a month or less. And with late April considered peak selling time, many buyers are now hitting open houses with their checklists in hand, hoping to land their dream home.

But here’s something both buyers and sellers should keep in mind—watch what you say during a showing.

You might assume you're in the clear if the sellers aren’t home, but with smart home tech like Ring doorbells and indoor security cameras now common, your comments could be overheard.

A casual remark in the living room could be recorded. Good or bad, that kind of feedback can influence negotiations.

  • If you gush too much? The seller may see dollar signs and hold firm on price.

  • If you're too critical? You might offend the seller and hurt your chances, especially in multiple offer situations.

Best approach? Save your thoughts for a private moment, either outside, far from the home, or during a debrief with your Realtor. It's about keeping your strategy intact and your cards close to the vest.

In today’s market, every move matters. A little discretion during your tour could be the difference between winning the home—or walking away empty-handed.

If you're navigating this dynamic market, whether buying or selling, let's talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today and let's make your real estate journey a success! 

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By: Michael Cowling

Are you listing your home for sale? Then you’re likely wondering about fees associated with selling a house in Canada, and maybe even real estate lawyer fees in particular, along with who pays lawyer fees when selling a house.

Listing your home in this real estate market involves much more than the transaction itself. Many fees, rules and participants are involved, some of which you may not be aware of. Here’s a rundown of what you need to know when selling a house.

Fees Associated with Selling a House

First, it is crucial to know that when fees are involved in selling a home, the seller’s attorney distributes the funds for them on the closing date. They typically consist of real estate lawyer fees and other costs associated with the transaction’s closing, such as land transfer taxes.

But what are the other fees associated with selling a house?

Mortgage Pre-Payment Penalties

Do you still have a mortgage on your property? If you plan to sell your home before the maturity date of the mortgage term, you will likely face pre-payment penalties.

There are a variety of reasons that you might consider selling a house with a mortgage. The most common scenarios are when you need to move to a new location for a new job opportunity, you’ve added to your family or your children head off to college or university or move out altogether.

The cost of breaking the mortgage contract will depend on your mortgage type.

Open Mortgages

If you have an open mortgage, you can sell your home without paying penalties for breaking the mortgage contract. That’s because an open mortgage is designed to provide greater flexibility without incurring financial penalties. While open mortgages still have a term, borrowers don’t have to wait until the mortgage matures to make changes.

Closed Mortgages

A closed mortgage has set conditions for the duration of the mortgage term. Once the mortgage contract is signed, the terms and conditions can’t be altered without incurring pre-payment penalties. If you chose a closed mortgage for the lower interest rate without understanding all the possible repercussions, you may be facing substantial penalty fees associated with wanting to break the mortgage now.

If you have a closed mortgage with a variable rate, you will usually be forced to pay three months of interest.

If you have a closed mortgage with a fixed rate, you will either pay three months’ worth of interest or the Interest Rate Differential (IRD) amount, whichever is GREATER.

Here’s how the math would work:

Suppose you bought your property when interest rates were high, using a fixed-rate/closed mortgage option with a 5-year term at 6.59%. Let’s also suppose that you still have 24 months left in the term, and you still owe $300,000 but want to break the mortgage and sell now.

Three Months’ Interest Calculation:

Outstanding balance of your mortgage:

$300,000

Multiply the outstanding balance of your mortgage by the annual interest rate on your mortgage:

$300,000 x 6.59% = $19,770

Divide the answer by 12 months to get the monthly interest payable per year:

$19,770/12 = $1,647.50

Multiply the answer by 3 (months)

$1,647.50 x 3 = $4,942.50

Total Three Months’ Interest is $4,942.50

Interest Rate Differential Calculation (IRD):

Current mortgage interest rate:

6.59%

Current Interest Rate on a 3-Year Term:

4.74%

Rate difference between your mortgage rate and current interest rate:

1.85%

Multiply your mortgage balance by the rate differential to get the interest differential for 1 year:

$300,000 x 1.85% = $5,550

Divide this amount by 12 to get the amount for 1 month:

$5,550.00/12 = $462.50

Multiply this amount by the number of months left in your term:

$462.50 x 24 = $11,100

Total Interest Rate Differential (IRD) Penalty is $11,100

In the case of a closed/fixed rate contract, the estimated penalty for selling a house with a mortgage, is $11,100 – since it is the GREATER of the results for the Three Months Interest versus IRD calculations.

Home Inspection Fees

In a buyer’s market, homebuyers will generally request a home inspection before purchasing your home. In certain circumstances, you might be responsible for covering the costs of a home inspection, which can be as high as $500 to $1,000. For example, to make potential buyers feel more confident about making an offer, as a seller, you might choose to do a home inspection before listing the house for sale and make the report available to potential buyers.

Typically, however, this is the buyer’s responsibility.

Rental Costs

It might not be that common, but if you rent a water heater or HVAC system, a buyer may NOT want to assume these rental contracts when purchasing your home. For example, most buyers are loathe to take on the monthly payment of an HVAC system and will usually insist they be paid out in full as a condition of purchase. This is because the rental fee could be more than the new buyer could negotiate on their own and because renting an HVAC system can make it harder for a buyer to get approved for a mortgage and can decrease the resale value of a home. Also, because HVAC rental companies may have registered a lien against the homeowner’s property to ensure they get paid, satisfying the lien can add extra legal fees for buyers and slow down a sale.

Staging Your Home

Years ago, it might have been enough to paint your walls and tidy up your home in order to sell it. Today, however, you’ll likely need to do more, including decluttering, switching out various pieces of your furniture, hanging art on the wall, etc. This is known as home staging.

Is home staging necessary? No. However, industry experts say that home staging can make your home sell faster and add thousands of dollars to your ROI.

According to a recent survey by the International Association of Home Staging Professionals, staged homes (with an investment of one per cent of the listed price) sold up to 30 per cent faster on average and for 20% more than their un-staged counterparts. A survey by the North American Real Estate Staging Association showed even better results, with staged homes spending 73 per cent less time on the market and selling for five to 25 per cent above listing price.

In the home-staging process, you’ll be looking to do the following:

Maximize your home’s curb appeal

Declutter and re-arrange furniture to create a better flow and more open feeling to various rooms in your house

Depersonalize to reduce distractions and create the perception of extra space

A new twist on home staging is “virtual” staging, which leverages technology to digitally enhance photos to better demonstrate how a buyer could arrange and furnish various rooms and spaces. Virtual staging is ideal for vacant properties, which pose added challenges for sellers. It also eliminates the extra effort and costs associated with paying for professional staging or renting or buying furniture and accessories on your own.

Real Estate Lawyer Fees

Who Pays Lawyer Fees When Selling a House?

The seller and buyer are EACH responsible for paying their share of the legal fees associated with selling a house

What a Real Estate Lawyer Does for the Seller

On the seller’s side, the real estate lawyer’s role focuses on paying out any remaining mortgage on the house and ensuring a smooth transfer of the property’s title.

Other tasks performed include:

Reviewing the Contract of Purchase and Sale (CPS) and other legal documents

Assisting with the negotiation of the terms and conditions of the CPS

Preparing the deed for the seller’s house

Remedying deal and title issues as they arise

Closing the transaction

Ensuring all legal and financial conditions have been met

Exchanging legal documents with the home to the Buyer’s lawyer

What a Real Estate Lawyer Does for the Buyer

Real estate transactions involve complex legal documents and procedures that require a thorough understanding of property law. A buyer’s real estate lawyer conducts a title search to confirm that the seller has the legal right to sell the property and looks for any outstanding liens (debts), mortgages, or other encumbrances on the property. They also outline the terms of the buyer’s side of the Contract of Purchase and Sale (CPS), take care of the transfer of ownership and handle the registration of the transaction with the government.

Other tasks performed include:

Arranging for Title Insurance

Ensuring the buyer has a valid title upon closing

Ensuring property taxes are up to date

Calculating the land transfer tax due on closing

Drawing up the buyer’s mortgage documents

Closing the transaction and ensuring all legal and financial conditions are met

Exchanging legal documents from the seller’s lawyer

Buying and Selling a Home in Canada is Expensive

Buying and selling in the Canadian real estate market is an expensive endeavour. Before you start your journey to selling your property or achieving the dream of homeownership, it’s vital to educate yourself on the fees associated with selling a house – and real estate lawyer fees in particular. You should include them in your overall budget to ensure you aren’t surprised by these additional expenses and that you have enough money set aside to pay what’s due at the transaction’s closing.

If you're navigating this dynamic market, whether buying or selling, let's talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today, and let's make your real estate journey successful!

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By: Michael Cowling

The COVID-19 pandemic turned Canada’s housing market on its head. Many had anticipated a significant crash in the early days of the public health crisis, but the opposite transpired, with a big change in consumer buying and selling patterns.

Many Canadian homeowners, eager to take advantage of enormous equity gains on their residential properties – and with remote work an HR-sanctioned option for accomplishing most day-to-day tasks – chose to sell and move elsewhere in search of a bigger place or a quieter way of life. The resulting increase in the demand for homes and a shortage of listings created strong seller’s markets across the country. With the home-buying process suddenly more challenging, many homeowners decided to play it safe by committing to buying a house before selling theirs. But how does buying a second home before selling the first work?

How to Buy a House Before Selling Yours

Can you buy a home before selling yours promptly, or do you risk paying for two mortgages at once? There are risks as well as pros and cons involved with buying a house before selling, so let’s examine those, as well as the pros and cons of the reverse situation, so you have all the information you need before deciding what to do next.

The Pros & Cons of Buying a House Before Selling

Pros:

Provided you have the downpayment ready and the funds needed to close the deal, opting to purchase a new home before selling your current one creates a more relaxed move-in timetable and allows you to do pre-move-in cleaning, repairs, renovations, appliance switchouts, painting and decorating.

Buying first allows you to wait for optimal market conditions to sell your current home and maximize your sale price. However, buying first will mean you risk carrying two mortgages simultaneously, increasing your financial strain while you wait for those conditions to materialize.

You’ll also be on the hook for double the monthly utilities, property taxes, maintenance, and other expenses if you own two homes simultaneously. If you wait too long to sell your old home, these expenses could end up eating away at your profit.

Cons:

Selling a home first provides funds that can be used for a down payment and other costs associated with buying a home. By buying first, you won’t have this financial windfall.

You run the risk of carrying two mortgages if your old home takes a while to sell or if you can’t coordinate the closing date of your newly purchased house with the closing date for the sale of your old house.

If you get nervous about being able to coordinate closings, you might be tempted to “price or negotiate to sell,” resulting in money being left on the table versus in your pocket.

If your old home sells for less than anticipated, you could come up short concerning the monies needed for your new purchase. If it sells for more than you expected, you might regret missing out on buying a new house that was a better fit, albeit more expensive.

Bridge financing is expensive and can typically only be obtained if you have a firm offer on both your purchase and sale.

Four Tips for Making Buying a House Before Selling Smooth Sailing

Here are four tips designed to help make buying a second home before selling the first as smooth a process as possible:

Enlist the Services of an Experienced Real Estate Professional

Working with an experienced real estate agent will help you navigate all the moving parts involved in buying a house before selling and keep each deal on track and moving forward. This is especially important if you’re trying to coordinate two closing dates for both buying and selling parties.

Ask your agent to show you market data for recent home sales in your area and the number of listings available in the area you want to move to in order to help you understand whether you have a real chance of coordinating closing dates or if your current house is likely to sell before you can buy.

Your real estate agent will also discuss:

Your financial situation (home equity, down payment, whether you should apply for a line of credit if you don’t already have one, and other financial matters).

Timeline (see below)

Repairs, upgrades and staging that might be required to get the best price on your current home.

Get Pre-Approved for a Mortgage

You’ll want to do this early on so you can start house-hunting as soon as possible. When reviewing possible mortgage lenders, ask if they offer bridge loans and their rate, in case you need one.

If you’re unable to coordinate closing times, once you move into your new home, explore renting out your old house instead of selling it for less. While you’ll be taxed on the rental income when year-end comes around, you’ll also be able to deduct costs for utilities, etc., and you’ll be less tempted to take a significant hit on price just to get the deal done.

Understand Your Timeline

The timing involved in buying a second home before selling the first can be the most challenging part of a simultaneous buying-and-selling process.

Typical steps include:

Preparing Your Current Home for Sale: Making your home as attractive as possible to prospective buyers is critical, so staging your home might be necessary.

Shopping for Your New Abode: The next step is shopping for a new home, be it a single-family detached, a condominium suite or one of the many other options. Consider adding a condition of sale into the purchase agreement of your new home, so if you haven’t sold your old one, you can back out of the new purchase without losing your deposit or incurring other penalties.

Have a Real Estate Lawyer Prepare/or Review All Contracts: Always ensure a real estate lawyer creates/or reviews the contracts involved in your various transactions.

Timing Your Closings: Depending on your agreement of purchase and sale, the length of your closings could range from a few weeks to a few months. Make sure you build in enough time for both you and the buyer of your old home to conduct your home inspections and appraisals and complete the myriad of tasks involved with buying and selling a home.

Closing the Deals

In a best-case scenario, on closing day, your attorney will organize all financials, pay off the mortgage and disburse moneys for real estate commissions, lawyers, etc., using the money paid by the buyer of your old home. Then, the entire remainder of the profit from that sale, a designated portion of it or a combination of both the profit and monies from the new mortgage will be sent to the lawyer representing the seller of the new home you’re purchasing. This results in everyone involved in the transaction getting paid – usually on the same day – allowing both deals to close simultaneously.

Here’s how it works:

Suppose your old home sells for $500,000, the remaining mortgage amount on it is $300,000, and the new house you’re purchasing is $600,000.

The real estate lawyer receives the $500,000 from the buyers who purchase your old home. He then makes the necessary payments to all parties, including himself.

Let’s say you are left with $150,000 profit after costs, fees and disbursements. Depending on your direction, your attorney will then transfer all or some of the $150,000 to the lawyer representing the property you are buying, and your new mortgage will cover whatever final amount is owed.

Although complex, it’s not uncommon for all these transactions to be completed on the same day.

If the closing dates do not align, your lending institution can extend you a short-term “bridge loan” at a high interest rate. This is a valuable tool if the deal on the home you are selling closes after the deal on the home you are purchasing.

How Does the Market Factor into Buying a Second Home Before Selling the First?

In a competitive market, you can use the equity in your current home to secure bridge financing that will allow you to make a down payment on your new home. When you sell your old house, you can use the proceeds to pay off the bridge loan.

Can You Buy a Home Before Selling Yours?

Even the most straightforward real estate processes can be confusing for most. Hopefully, you now understand the basics about how to buy a house before selling yours, and because you will soon have two real estate transactions under your belt, you’re likely more knowledgeable than many on the subject. Of course, one of your most valuable resources in the home-buying and selling process will be a professional real estate agent, ready to guide you through the nuances of your particular transaction.

If you're navigating this dynamic market, whether buying or selling, let's talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today, and let's make your real estate journey successful!



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By: Michael Cowling

Vancouver, BC – April 14, 2025. The British Columbia Real Estate Association (BCREA) reports that 5,917 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in March 2025, down 9.6 per cent from March 2024. The average MLS® residential price in BC in March 2025 was down 4.8 per cent at $963,323 compared to $1,011,965 in March 2024.

The total sales dollar volume was $5.7 billion, a 13.9 per cent decrease from the same time the previous year. BC MLS unit sales were 35 per cent lower than the ten-year March average.

“Buyers continued to shift back to the sidelines in March,” said BCREA Chief Economist Brendon Ogmundson. “The economic uncertainty surrounding potential tariffs on Canadian goods has some potential buyers hesitant, particularly in the province’s larger markets.”

Year-to-date, BC residential sales dollar volume is down 8.1 per cent to $14.5 billion, compared with the same period in 2024. Residential unit sales are down 5.2 per cent year-over-year at 15,160 units, while the average MLS residential price is also down 3.1 per cent to $959,400.


If you're navigating this dynamic market, whether buying or selling, let's talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today and let's make your real estate journey a success!



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By: Michael Cowling

Is Your Rent Keeping You From Owning a Home?

One of the biggest roadblocks to homeownership—especially in high-cost markets like Vancouver, Richmond, and Ladner—is saving up for a down payment while still paying rent. Month after month, renters hand over a big chunk of their income for a place to live, without building a single cent of equity. But have you ever wondered just how far that rent money could go if it were redirected toward buying a home?

You might be surprised: in many Canadian cities, five years of rent could have paid for your down payment—not just once, but two or three times over.


Rent vs. Down Payment: A Costly Comparison

Zoocasa crunched the numbers using average rent data for a one-bedroom apartment between 2020 and 2024. Then they compared that five-year total to the minimum down payment needed to buy an average home in February 2025. The results are eye-opening:

CityMin. Down Payment5-Year Total Rent
Vancouver$96,312$136,308
Toronto$79,122$133,464
Ottawa$42,871$106,440
Edmonton$21,568$65,748
Winnipeg$18,777$72,672
Regina$16,385$61,296
Saskatoon$20,059$60,456

In Vancouver, for example, five years of rent adds up to 41% more than the minimum down payment needed for the average home. In other cities—like Edmonton, Regina, or Saskatoon—you could have paid for a home three or even four times over with what you’ve spent on rent.


Could You Already Afford a Home?

The truth is, in many markets, renters could have saved enough for a down payment in less than two years. In Regina and Saskatoon, it would take just around 16 months of rent. Even in Edmonton—where housing is still relatively affordable—five years of rent totals nearly three times the minimum down payment.

What’s more, those larger down payments don’t just help you buy a home faster—they also reduce your overall borrowing costs, helping you save even more in the long run.


A Closer Look: Rent Over Time (2020–2024)

Here’s how average monthly rent has changed over the past five years across Canadian cities:

City20202021202220232024
Vancouver$1,882$1,901$2,163$2,730$2,683
Toronto$2,315$1,811$2,027$2,458$2,511
Calgary$1,227$1,203$1,244$1,526$1,696
Edmonton$1,036$1,023$1,019$1,096$1,305
Halifax$1,286$1,473$1,490$1,716$1,964

As you can see, rent prices have steadily risen, which means renters are spending more without getting any closer to homeownership.


Renting Strategically: Choosing the Right Market

If you're currently renting in Metro Vancouver, even small shifts in location can have a big impact on your ability to save and buy.

Take Ladner for example—a hidden gem that often offers better value per square foot than central Richmond, with quieter neighbourhoods and more family-friendly options. If you’re working from home or don’t need to commute daily into Vancouver, renting or buying in Ladner can mean lower monthly costs and a quicker path to homeownership.

By contrast, central Richmond tends to come with higher rents, especially in newer high-rises near SkyTrain hubs. While it offers convenience and lifestyle perks, it can take longer to save up the down payment if you’re renting here—especially with current pricing trends pushing the average one-bedroom well above $2,400/month.

If you have flexibility in where you live, shifting your focus from a high-demand urban core to a more accessible neighbourhood nearby can dramatically change your financial trajectory. It’s all about finding that sweet spot between affordability, livability, and long-term value.


Programs That Help Renters Become Homeowners

If you’re ready to start turning rent payments into equity, there are tools available to help:

  • First Home Savings Account (FHSA) – A tax-free way to save for your down payment.

  • Tiered Down Payment Rules – Homes up to $1.5M now qualify for smaller down payments (less than the traditional 20%).

  • Build Credit Through Rent Payments – Services like the Landlord Credit Bureau let you report rent payments to boost your credit score—helping you qualify for a mortgage with better rates.


Let’s Talk About Your Plan

At the end of the day, the goal isn’t just to stop renting—it’s to own smart. Whether you’re thinking about buying now or just planning ahead, having a strategy tailored to your financial situation makes all the difference.

If you’re tired of paying someone else’s mortgage and want to explore your path to homeownership, let’s connect. I’ll help you understand your options, weigh the pros and cons, and find a solution that makes sense for you.

📞 Let’s talk strategy—reach out today and let’s take the next step toward your own front door. If you're navigating this dynamic market, whether buying or selling, let's talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today, and let's make your real estate journey successful!

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