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Selling in South Surrey or White Rock: What You Actually Take Home
Most sellers know their asking price. Fewer know what will actually land in their bank account after the sale. In South Surrey and White Rock, where many homes sell for well over a million dollars, the gap between the two can be larger than people expect. Here is what comes off the top, and a worked example.
1. Realtor commission
The most common structure in BC is 7% on the first $100,000 of the sale price and 3% on the balance. Your listing agreement sets the actual rate, so check yours.
On a $1,500,000 home, that is $7,000 + $42,000 = $49,000.
2. GST on the commission
Commission is a taxable service, so 5% GST is added on top. On $49,000 of commission, that is $2,450.
3. Legal fees
A lawyer or notary prepares the transfer documents, pays out your mortgage and sends you the balance. Budget about $1,500, plus 5% GST.
4. Getting the home ready
Photos, cleaning, small repairs and sometimes staging. Plan for about $1,500, more if the home needs work before listing.
5. Your mortgage payout (and a possible penalty)
Your remaining mortgage is paid out on completion day. If you break a mortgage before its term ends, your lender may charge a prepayment penalty. It can be small or several thousand dollars, depending on your rate and term, so ask your lender for a payout statement before you list.
What sellers do not pay
Property transfer tax is paid by the buyer, not the seller. Small adjustments for property taxes and strata fees are shared on completion day based on the date, and your lawyer shows them on the statement of adjustments.
If the home was your principal residence for every year you owned it, the gain is generally not taxed, but you still report the sale on your tax return. Ask your accountant about your own situation.
Example: $1,500,000 detached home in South Surrey
| Amount | |
|---|---|
| Sale price | $1,500,000 |
| Realtor commission (7% / 3%) | -$49,000 |
| GST on commission | -$2,450 |
| Legal fees + GST | -$1,575 |
| Photos, cleaning, prep | -$1,500 |
| Selling costs | -$54,525 |
| Mortgage payout | -$600,000 |
| Estimated net proceeds | $845,475 |
In this example, selling costs are about 3.6% of the price. Your own numbers depend on your price, your mortgage balance and any penalty.
Planning your next move
If you are selling to buy again, your net proceeds become your next down payment and closing costs. Knowing the number early tells you what you can comfortably buy, and whether you need bridge financing if the two completion dates don't line up.
Run your own numbers
My free Seller Cost calculator lets you enter your price, mortgage balance and any penalty, and shows your estimated net proceeds in seconds. Not sure what your home is worth today? Ask for a free home valuation.
Thinking about selling in South Surrey or White Rock? Call or text me at 604-612-7228.
Estimates only. Your listing agreement, lawyer and lender confirm the final amounts.
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