Enter your payout and costs to see what you would keep, with the principal residence and flipping rules flagged.
When you sell a BC home you do not pay the property transfer tax (the buyer does), but there are still several costs between the sale price and the money you take home. This page lists them, using the same figures as the selling costs calculator.
The costs, item by item
| Cost | Amount | Notes |
|---|---|---|
| Mortgage payout | What you still owe, from your lender | Comes out of the sale proceeds on completion |
| Prepayment penalty | The higher of 3 months of interest or the IRD | Varies by lender and contract; get the figure in writing |
| Sales commission | Whatever you agree in your listing contract, plus 5% GST | The calculator has no default: enter your own agreed amount |
| Lawyer or notary | About $900 before taxes as a placeholder | Plus 5% GST, 7% PST and disbursements |
| Mortgage discharge | $33.53 registration, plus a lender fee | Lender fee example: $200; your contract states yours |
| Strata documents (condos and townhouses) | Form B up to $35 plus $0.25 a page, Form F up to $15 | Capped by BC rules |
| Getting the home ready | Placeholder $1,000 | Staging, cleaning and repairs are entirely your choice |
| Moving | Placeholder $1,500 | Same range as for buyers |
The tax rules and government fees above are official. Dollar placeholders for legal fees, preparation and moving are editable planning assumptions, not price lists.
Tax on the sale
Principal residence. Generally no tax is payable on the gain when you sell a home that was your principal residence for every year you owned it. You still need to report the sale on your tax return. A loss on a personal home cannot be claimed.
Selling quickly. Federally, for sales on or after January 1, 2023, a gain on a housing unit you owned for less than 365 consecutive days is treated as business income unless a listed life event applies. BC also has a home flipping tax on the profit from a residential property sold on or after January 1, 2025 after owning it fewer than 730 days: 20% if held 365 days or fewer, falling in a straight line to nothing at 730 days, unless an exemption applies. These are summaries; an accountant can tell you how they apply to you.
Common questions
Do I pay tax on the profit when I sell my home?
Generally not, if the home was your principal residence for every year you owned it, but you must report the sale on Schedule 3 of your tax return (since the 2016 tax year) and file Form T2091(IND) (since the 2017 tax year). Selling within 365 days is treated differently; see the flipping rules above. Ask an accountant about your own situation.
Will I pay a penalty for paying off my mortgage early?
Possibly. If you pay off a closed mortgage before the end of its term, lenders usually charge the higher of 3 months of interest and the interest rate differential (IRD). Your mortgage contract and your lender can give the exact amount, and some mortgages can be moved to the next home (ported) instead.
Is GST charged on sales commission?
Yes. 5% GST applies to the commission and to your lawyer or notary’s fee, even though the sale of a previously occupied home is itself exempt from GST. The selling costs calculator adds it for you.
Sources
- canada.ca (FCAC) - Mortgage fees: Prepayment penalties. Checked October 26, 2026.
- canada.ca (CRA) - GST/HST in special cases (real estate agents' services). Checked October 26, 2026.
- gov.bc.ca - Bulletin PST 106, Legal Services (revised October 2026). Checked October 26, 2026.
- LTSA - Fees (customer fee listing as at April 1, 2026). Checked October 26, 2026.
- gov.bc.ca - Form B: Information Certificate. Checked October 26, 2026.
- canada.ca (CRA) - Principal residence. Checked October 26, 2026.
- canada.ca (CRA) - Principal residence (section: Flipped property). Checked October 26, 2026.
- gov.bc.ca - BC home flipping tax. Checked October 26, 2026.
Every figure on this page comes from data/rules.json, the same file the calculators use, so the page and the tools always agree. Rules last verified: . See how the calculators work.
Related tools and guides
Estimates only. Not tax, legal or financial advice.
These are planning estimates built from the public rules linked in the sources, the numbers you enter and typical-cost assumptions. They are not a quote, a mortgage pre-approval or a lender's decision, and they are not tax, legal, mortgage or financial advice. Rules change and your situation may differ, so confirm with the official pages and a qualified professional (a lawyer or notary, an accountant, your lender). See Disclosures and Methodology.