Common Questions
Net Proceeds FAQ
Is GST really charged on real estate commission?
Yes. In BC, real estate commissions are subject to 5% federal GST (no provincial PST applies to the service). The GST is charged on the commission amount, not on your sale price, but it's a real cost that's easy to forget when estimating your take-home.
Why isn't there a fixed commission rate in this calculator?
Commission rates in BC are negotiated between you and your agent. There's no fixed or legislated rate, and quoted "typical" rates vary widely by source and market. Rather than assert a number that might not match your actual agreement, we let you enter your real rate for an accurate result.
What is a mortgage discharge or prepayment penalty?
If you're paying off your mortgage before your term ends, most lenders charge a penalty: commonly three months' interest for a variable rate, or an "interest rate differential" (IRD) calculation for a fixed rate, which can be significantly larger. Your lender can give you an exact payout statement; this varies too much to estimate reliably here.
What other costs might I be missing?
Depending on your situation: outstanding property tax adjustments, strata estoppel certificate fees (for condos/townhomes), minor repairs negotiated after inspection, and moving costs. A pre-listing conversation with your agent will surface anything specific to your property.