If you’re one of the lucky few people who get to call Canmore, Alberta their home, you’ve already made some excellent choices. If you are one of an even luckier, even fewer bunch, you also own a piece of Canmore real estate. Your decision to buy a home in Canmore has likely resulted in a lifetime or several years of pure Rocky Mountain joy. But what if now it’s time to sell your Canmore home?
Eventually it may come time to upgrade, downsize, or (hopefully not!) leave Canmore. Maybe you’re just looking to cash-in on the increased property values we’ve seen here over the past decade.
Before you list your Canmore house for sale though, it’s important to consider a few key things. Below I’ve compiled a short list of things you should know before you sell your Canmore home.
This is a topic that comes up quite often with people looking to sell their Canmore home. With such a wide variety of zoning, some Canmore properties can always be subject to Canadian federal government Goods & Services Tax (GST). Thankfully in Alberta, we have no provincial sales tax or land transfer tax.
If GST is applicable on a Canmore home sale, it is up to the selling party / vendor to ensure it is remitted to the government. GST can be applicable when:
It is important to always consult with your accountant to ensure GST is covered in the sale of your house. Often, it can be passed on to the buyer (in the case of a recreational use property) to charge to their future customers. I will cover this in detail in a future post.
When you sell your Canmore home, other professionals may need to get involved to ensure you have your ducks in a row. You or your lender may wish to have an appraisal done on your home to verify its intrinsic value for certain purposes. It’s a good idea to ensure your property is measured accurately. If not you could be subject to litigation in the future from a buyer.
Something else you may require is a new or updated Alberta Real Property Report. A real property report is a legal document that clearly illustrates the location of significant visible improvements on your land relative to property boundaries. It will also include a written statement detailing the surveyors opinions or concerns.
The best way to know the accurate market value (different from appraised value) is to work with a licensed Canmore real estate agent.
As mentioned above, the appraised or intrinsic or appraised value of your home is *not* the same as it’s market value. Some key fundamentals of price in the Canmore real estate market, like in any market, are:
Many sellers will price high to include “negotiation room”, or simply in an attempt to get a higher value than what the property will realistically fetch on the market. Some agents will attempt to woo potential home sellers with over-priced valuations, or cow to an unrealistic value for the home.
An overpriced property relative to the market will get less interest, fewer viewings, and bad offers. This often leads to price reductions and headaches for owners. Ensure your Canmore property is priced market smart.
This can’t be stressed enough if you want to put a high price tag on your Canmore home for sale. The listing photography you have done is the first interaction your potential buyers have with your Canmore property. The pictures of your house are a key deciding factor for if these potential buyers want to view your home in person. Go with a professional who can bring in the natural light of your home and showcase all of its best features.
While your furniture may be lovely, the way it is positioned or styled may not speak the right way to potential buyers. It’s always good to have a design-minded stager come through and arrange your furniture and tidy things up. They can accent the language of each space in your Canmore home, and help buyers envision themselves in its spaces.
This is a crucial part of a homeowner’s move that is often overlooked!
Where do you want to go next?
Selling your Canmore home may mean you’re leaving town. Perhaps you’re just looking for something different here in the Bow Valley. As the process for selling your home may take hours or years, it’s a good idea to think about what you would like in your next property. Will you be downsizing now that your children have left the house? Or will you be upgrading and getting more beds since your gang of ski-friends keeps growing year after year?
The Canmore market can be daunting if you haven’t searched for a new home in many years. Looking for a new house in a different town can be hard, since you may not know the community or neighbourhoods. Seeking help from a local real estate agent is a great way to get boots-on-the-ground knowledge of any market. A good Canmore REALTOR® can also connect you with respected agents in other locales.
Working with a licensed Canmore REALTOR® is the best way to ensure you get everything you want out of the sale of your Canmore home. Having someone with local market knowledge will help guide you through the listing process, and a qualified agent in your corner will help you every step of the way. Choosing an agent focused on your needs will reduce your stress and save time. With any luck, it will likely also garner you a higher sale price for your home in the end.
Contact me today for insights and advice if you’re looking to sell your Canmore home. Cheers!
Like this post? Check out some of my other articles to learn more:
Feel free to call, text, or email Dan today for no-pressure advice,
tips and insights into the Canmore & Banff real estate market.