Calculator
Home equity & net proceeds
Your equity is not what you take home. See the line-by-line difference after every cost of selling.
The sale
$
$
Zero if the home is owned outright
Commission
Commission is negotiable and not regulated in BC. The graduated schedule is a convention, not a rate. On a $1,200,000 sale it works out to $34,500 before GST.
Discharging the mortgage
Prepayment penalty
%
Variable-rate mortgages almost always charge three months’ interest. Fixed-rate mortgages charge the greater of that or the interest rate differential (IRD), which can run to five figures and can only be quoted by your lender. Enter it manually if you have it.
Other costs
$
$
Net proceeds
$606,088
50.5% of the sale price · after paying off the mortgage and all selling costs
Sale price$1,200,000
Mortgage payout−$550,000
Gross equity$650,000
Selling costs
Real estate commissionGraduated schedule−$34,500
GST on commission5% , commission is a service, so it is taxed−$1,725
Mortgage prepayment penaltyThree months' interest−$6,188
Mortgage discharge fee−$300
Legal fees−$1,200
Total selling costs3.66% of the sale price−$43,913
Net proceeds to you$606,088
BC has no provincial capital gains tax, and a home that was your principal residence for every year you owned it is exempt from capital gains entirely. Investment and secondary properties are not, and the BC Home Flipping Tax may apply to sales within two years of purchase. Neither is modelled here.
Estimates using typical Greater Vancouver rates as of 2024-04-01. Commission is negotiable, and your lender is the only source for an exact payout figure. Confirm with your conveyancing lawyer.
Thinking about selling?
We will give you a realistic price range for your home and a line-by-line net proceeds estimate.
FAQ
Common questions
Current market value minus your remaining mortgage balance. That is gross equity — your net proceeds are lower, because commission, GST on it, legal fees, and any mortgage penalty come out before you see a cent.
It is negotiable and not regulated. The long-standing Greater Vancouver convention is 7% on the first $100,000 of sale price plus 2.5% on the balance, split between the listing and buyer's brokerages. On a $1.2M sale that is about $34,500 before GST.
Yes — 5%. Commission is a service, so it is taxable even though a resale home itself is not. On a $34,500 commission that adds about $1,725.
The charge for breaking a closed mortgage early. Variable-rate mortgages almost always charge three months' interest. Fixed-rate mortgages charge the greater of three months' interest or the interest rate differential (IRD), which can reach five figures — only your lender can quote it.
Not if the home was your principal residence for every year you owned it — that gain is fully exempt. Investment properties and second homes are taxable, and the BC Home Flipping Tax can apply to sales within two years of purchase.
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