Ask which homes buyers will compare
Review relevant sales and competing listings with your representative.
- Discuss differences in condition, location, size and timing.
- Ask how those differences affect the proposed price.
More on ask which homes buyers will compare
A competitor’s asking price is not a completed sale price.
Agree when to review the price
Set a review date before the listing goes live.
- Check showings and specific buyer feedback.
- Review changes in competing inventory and relevant sales.
More on agree when to review the price
Discuss whether new evidence supports a change, alongside your moving timeline.
The basics
How an asking price is actually built
An asking price is a reasoned guess about what buyers will pay now. It comes from recent completed sales of similar homes, the homes buyers can choose from today, and the condition of your home compared with both.
Your agent will usually prepare a comparative market analysis, a short report that lines up similar sales and listings. Read it closely. Each comparable should be close in type, size, age, location and timing, with differences explained.
Your mortgage balance, what you paid, or what you need for your next home do not change what a buyer will pay. Keep those numbers for your budget, not your price.
Why it matters
Why the first weeks matter most
A new listing reaches buyers who are already watching for homes like yours. If the price is far above the evidence, those buyers may move on without offering. A later reduction can leave buyers wondering what is wrong with the home.
Pricing far below the evidence carries its own risk if you are not prepared for how buyers respond. Agree on a strategy and a review plan before the sign goes up.
How it works
Working through the price with your agent
Start with completed sales
Ask for recent sales of homes like yours. Sold prices show what buyers actually paid. Asking prices of active listings show only what other sellers hope for.
Check each comparable
For every sale, ask what makes it better or worse than your home. Lot size, view, parking, updates, and strata fees can all matter. Remove any comparable that is not truly similar.
Look at today’s competition
List the homes a buyer could choose instead of yours this week. Your price should make sense beside them, not just beside last season’s sales.
Read your assessment carefully
BC Assessment values homes as of July 1 of the prior year. It is set for property tax purposes and may not capture recent sales or every update. Treat it as background, not as a price.
Agree on a review date
Set a date to check showings, feedback and new listings. Decide in advance what result would lead to a change. This keeps the decision based on evidence.
Know what you will net
Ask your agent to estimate what you would keep after commission, legal fees and your mortgage payout. See the cost of selling a home in BC for the main items.
Avoid these
Pricing traps to avoid
Choosing the agent with the highest number
A high suggested price is not a promise. Ask each agent to show the sales behind their figure and how they would adjust it.
Pricing to cover your next purchase
Buyers do not know or care what you need. Plan your next move around a realistic sale price instead.
Counting renovation costs dollar for dollar
An update can help a home sell, but its cost does not add directly to value. Compare against homes with similar finishes.
Ignoring buyer feedback for too long
Repeated comments about the same issue are evidence. Discuss them at your review date rather than waiting for the market to change.
Example
A sample price review plan
Illustration only. The point is to agree on the checkpoints before listing, not to follow these exact dates.
| Before listing | Agree on price, comparables used and the review date |
|---|---|
| First review | Count showings, list specific feedback, note new competing listings |
| Evidence check | Any new sales nearby? Did any competing listing sell or reduce? |
| Decision | Hold, adjust presentation, or adjust price, with reasons written down |
| Second review | Repeat the same checks so each decision compares like with like |
Your agent’s brokerage commission is set in the listing agreement. BC’s real estate regulator says commission is fully negotiable between you and the professional you hire.
Questions to ask
Questions that test a pricing recommendation
Your agent
- Which three sales support this price most strongly?
- Which listings will buyers compare with mine right now?
- What would make you recommend a change, and when?
- How did you adjust for my home’s condition?
Yourself
- What is the lowest price that still works for my next move?
- How soon do I need to sell?
- Am I prepared to respond quickly to feedback?
Your lender or mortgage broker
- What will my payout amount be on the expected sale date?
- Is there a prepayment charge if I break my mortgage early?
- Can my mortgage be moved to my next home?
FAQ
Common questions
Is my BC Assessment value what my home is worth?
Not necessarily. BC Assessment values properties as of July 1 of the previous year and checks physical condition as of the end of October. Sales since then, and features the mass appraisal did not capture, can make the market price differ.
What is a comparative market analysis?
It is a report that compares your home with similar recent sales and current listings. It is not a formal appraisal, but it should explain why each comparable was chosen and how it differs from yours.
Should I price low to start a bidding war?
It is a strategy some sellers use, but it has risks. If buyers do not respond as hoped, you may receive one offer near the list price. Discuss with your agent how you would handle that outcome.
How often should I lower my price if it is not selling?
There is no set schedule. Review at the date you agreed, using showings, feedback and new sales. Change the price only if the evidence supports it, and consider presentation fixes first.
Do mortgage prepayment penalties affect my sale price?
They do not change what buyers will pay, but they reduce what you keep. Read mortgage prepayment penalties and ask your lender for a payout figure.
A practical example
Agree on a review conversation
Ask your representative to explain the proposed price position and the evidence behind it.
- Set a point to review showings, useful feedback and changes in competing inventory.
- Keep your moving priorities in the discussion.
The aim is a reasoned response to new information, rather than a series of changes driven by isolated comments.
A detail to keep in mind
A competitor’s asking price is not evidence that a buyer has agreed to pay it.
Official information
Start with these resources, then confirm the details for your property and circumstances.
BC’s real estate regulator consumer resourcesBC Assessment: Frequently asked questions about property assessmentBC Financial Services Authority: Consumer guide to disclosuresBC Financial Services Authority: Selling a homeReference review: October 6, 2026