When divorcing in BC, couples typically sell their home and split the profits after paying off the mortgage. The process involves setting a fair price, listing the property, and agreeing on the best offer. Legal guidance helps ensure fair division and a smooth sale.

When homeowners divorce, they must decide what to do with their home. Asset division is almost always a given of a divorce. For homeowners, that involves dealing with the house. A divorcing couple has three clear options.

Option One: Sell the Home

The most simple approach: is to sell the home and split the profit. This is the most common choice for most couples when they split up.  Both partners sign a listing agreement. Both pay the single realtor fee. The realtor works on behalf of both partners to satisfy their collective desire to liquidate the home.

It’s common for both partners to move out and obtain housing otherwise. Often, if the couple have kids, the primary caregiver will retain the house until the sale, while the other partner lives on their own. When the home clears, the profits are split between both partners after the balance of the mortgage is settled up.

A realtor helps to set a fair price. He handles showings and manages offers as they come in. When the offers come in, the couple will need to work together to agree to the best offer in terms of closing date, sale price and the other aspects of a given offer. A realtor will work with the couple to set the price of the home compared to other properties of a similar house age, size, rooms, lot size, etc.. There are no apple-to-apples comparisons in house sales. Likewise, the market is perpetually moving. What a comparable property sold for three months ago may not fetch the same price possible today. Again: an experienced realtor will set a realistic and attainable price target.

Steps to Sell Your Home During Divorce

• Agree to sell and sign listing agreement
• Set market price with realtor
• Prepare the home for showings
• Review and agree on offers
• Split profits after closing

A quick close can allow the couple to untie the knot quickly, but if one of the partners and the extended family are still in the home, it could make the exit hectic. A longer close could both be a hard won concession and it will draw out the conclusion of the sale. It’s important to weigh out the pros and cons.  Dale Sheppard has been a part of over 1600 home sales. If a couple wants to talk about selling their home, contact Dale.

Option Two: One partner Keeps the Home

Simply put: one partner keeps the home. The other partner moves out. In most cases, there is still a mortgage. The partner who remains must show their bank that they can carry the mortgage alone. That can be a big hurdle to clear. Lenders in British Columbia will check income, credit, debts, and current mortgage rules. If the lender agrees, the partner who stays must refinance the mortgage in their own name.

A buyout requires a fair value for the property. Most couples hire a certified appraiser to set this value. The appraisal helps both people see the worth of the home and the size of the buyout.

A buyout usually works like this:

• The home is appraised.
• The remaining equity is calculated.
• Each spouse’s share is confirmed.
• The partner keeping the home refinances the mortgage and pays the other spouse their share.

Legal advice is important in British Columbia because property division rules can affect the share each partner receives. A lawyer can confirm rights under the Family Law Act, explain how exemptions work, and prepare the required separation agreement. This agreement often must be completed before lenders approve the refinance.

The partner who takes the home gains stability and keeps a familiar place. They also take on full responsibility for all costs. This includes mortgage payments, taxes, insurance, repairs, and any future market changes. They also lose the benefit of the other spouse’s income.

A buyout works best when:

• One spouse can qualify for the mortgage.
• Both people agree on the value.
• The buyout amount is clear.
• The refinancing process moves smoothly.

If the partner staying cannot qualify for a new mortgage, the buyout may not be possible, and the couple may need to sell the home. Couples often compare both options before making a final choice.

For many people in British Columbia, this option offers a clear path forward after a separation. It allows one spouse to keep the home while giving the other spouse a fair share of its value.

Option Three: Rent the Home  

Both people stay on title. You keep ownership and turn the home into a rental.
You lease the home to tenants and collect rent. You share the income based on your agreement.
You also share the costs. This includes mortgage payments, taxes, insurance, repairs, and property management fees.

Many couples choose this option when they want to delay a sale. Some wait for a stronger market. Others want to reduce disruption for children. The decision must be mutual. If one person disagrees, this option will not work.

Shared ownership after separation adds pressure. You must agree on money, repairs, access, and timing. You must respond to tenant issues. You must share decisions that affect the value of the home. This option requires steady communication. It also delays a full financial break, which some people find difficult.

Your Responsibilities in British Columbia

If you keep a home together after separation in British Columbia, you follow clear steps:

• The estranged couple will need to tell your lender about the separation. Lenders require updated information about who is responsible for payments.
• Update the land title through the Land Title and Survey Authority of BC if legal changes are needed. For example, post divorce, some people go back to their pre-married names and the title would need to reflect that.
• The partners set clear rules for how to split mortgage payments, taxes, insurance, utilities, repairs, and rental income.
• Both partners need to keep the home in good condition. This protects equity and prevents disputes about maintenance.
• The terms need to be spelled out in a separation agreement. This agreement should guide all decisions, including how you choose tenants, how to handle vacancies, save for repairs, and decide when to sell– what circumstances would trigger a sale; and how to arrive at the decision to sell their home.

This option can protect long-term value, but it extends your financial link with your former partner. It works best for people who communicate clearly, keep records, and follow a written plan.

Which is the best approach?

It depends on your goals and what’s possible. Here’s a summary of the pros and cons:

The Financial, Lifestyle, Property and Housing Opportunities That Come With A Divorce

• A divorce can lead to one or both spouses getting a smaller and easier to manage home; or a condo.
• The proceeds of a house sale could eliminate personal debt.
• The sale of a home could allow a person to move to a more affordable community. Victoria has a bad reputation for being some of the most expensive communities in Canada. Up-island, there may be more affordable housing waiting for a newly divorced person looking for a fresh start.

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What is a CMA?

A Comparative Market Analysis (CMA) is a comprehensive evaluation tool used in real estate to estimate a property’s market value by comparing it to similar properties that have recently sold, are currently for sale, or were listed but didn’t sell in the same area.

Purpose and Benefits

For Sellers:

• Determines competitive and realistic listing prices
• Sets proper expectations for sale timeline and final sale price
• Helps avoid overpricing (which can lead to extended time on market) or underpricing (which can result in lost equity)

For Buyers:

• Provides insight into fair market value for properties of interest
• Supports informed offer decisions
• Helps identify good value opportunities in the market

Key Components of a CMA

Comparable Properties (“Comps”)

• Recently Sold Properties: Homes that closed within the last 3-6 months
• Active Listings: Properties currently for sale in the area
• Expired/Withdrawn Listings: Properties that failed to sell, indicating potential overpricing

Property Characteristics Analyzed

• Location and neighborhood
• Square footage and lot size
• Number of bedrooms and bathrooms
• Age and condition of the property
• Architectural style and features
• Recent improvements or renovations
• Garage and parking availability

Market Conditions

• Current supply and demand trends
• Average days on market
• Price trends (increasing, stable, or declining)
• Seasonal market fluctuations
• Economic factors affecting the local market

How CMAs are Created

1. Property Research: Gathering detailed information about the subject property
2. Comparable Selection: Identifying 3-6 similar properties within a reasonable distance
3. Adjustment Analysis: Accounting for differences between the subject property and comparables
4. Market Trend Analysis: Considering current market conditions and recent changes
5. Value Range Determination: Establishing a likely price range based on all factors

Who Provides CMAs

• Real Estate Agents: Most commonly prepared by licensed agents as part of their services
• Real Estate Brokers: Senior professionals with additional market expertise
• Appraisers: Professional appraisers for more formal valuations
• Online Tools: Automated valuation models (AVMs) for preliminary estimates

When to Use a CMA

For Selling:

• Before listing your property
• When considering refinancing
• For estate planning or divorce proceedings
• When evaluating home improvement ROI

For Buying:

• Before making an offer on a property
• When negotiating price reductions
• To understand neighborhood value trends

Limitations and Considerations

• CMAs provide estimates, not definitive appraisals
• Market conditions can change rapidly
• Unique property features may be difficult to compare
• Local market knowledge and expertise significantly impact accuracy
• Should be updated regularly as market conditions evolve

Best Practices

• Use recent sales data (within 3-6 months when possible)
• Select truly comparable properties in terms of size, condition, and location
• Consider multiple data points rather than relying on a single comparable
• Factor in current market trends and conditions
• Work with experienced local real estate professionals for most accurate results

Note: While CMAs provide valuable market insights, they should be used in conjunction with professional real estate advice for important financial decisions.

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This isn’t a decision to take lightly. Your home provides stability and shelter – selling it changes your entire financial picture. But for some people in specific situations, it can make strategic sense.

The Equity Equation

Victoria’s housing market has been a strong performer. If you bought a home even a decade ago, your equity may have grown dramatically. As of 2025, single-family homes in the Victoria core average over $1.3 million. That means even modest homes may have six figures of untapped equity.

But there’s a key distinction: equity isn’t cash. It’s tied up in your home. To access it, you either need to sell, refinance, or use a home equity line of credit (HELOC) or reverse mortgage.

When Selling Actually Makes Sense

Selling your home to access the cash value makes sense in specific life scenarios:

• You’re relocating permanently, either for work, family, or lifestyle.

• You’re retiring and ready to rent — not temporarily, but as a long-term choice.

• You’ve inherited another property and no longer need your current home.

• You’re downsizing to reduce maintenance or housing costs.

In these cases, unlocking your equity can fund your next chapter. But ask the hard question: Where will you live next — and at what cost?

The Real Financial Picture

Yes, Victoria real estate has performed well. Yes, you might get a good price in the current market. But selling comes with costs: realtor fees, legal fees, moving expenses, and often higher ongoing housing costs.

Selling a home isn’t free money. Here are some real-world financial impacts to consider:

• Selling costs: Realtor commissions, legal fees, moving expenses, staging costs, and possible capital gains (if the home isn’t your primary residence).

• Renting after selling: Monthly rent may exceed your current mortgage, taxes, and maintenance — especially in Victoria’s high-demand rental market.

• Lost tax advantages: Home ownership often comes with tax benefits that renting doesn’t.

If you’re planning to rent after selling, compare your current total housing costs (mortgage, taxes, insurance, maintenance) to local rental prices. In Victoria’s rental market, you might find your monthly housing costs actually increase while losing the tax advantages of ownership.

The numbers matter. Do the math before you make the move.

What About the Future?

Consider where you’ll be in 10 years. Will you want to buy again? Re-entering the housing market later can be expensive, especially if prices continue rising. At that point, you’re competing with current market prices without the benefit of years of equity building.

If health issues or mobility concerns factor into your decision, those are legitimate considerations. But make sure you’re solving the right problem – sometimes modifying your current home makes more sense than selling it.

The Risks Nobody Talks About

Cashing out your home equity removes your hedge against inflation and housing market appreciation. If you sell and spend the money on consumption (travel, cars, lifestyle), that wealth is gone permanently.

There’s also the psychological factor. Many people underestimate how much financial security homeownership provides, even when the house needs maintenance or feels like a burden.

Making a Smart Decision

If you’re seriously considering this move, start with hard numbers. What would you net from the sale after all costs? Where would you live, and what would that cost monthly? How would this change your long-term financial picture?

Consider alternatives too. A home equity line of credit might give you access to some cash without giving up ownership. Downsizing to a smaller property might free up equity while keeping you in the housing market.

The Bottom Line

Selling your home to unlock equity can make sense — but only in specific, carefully considered situations. Before taking that leap:

• Crunch the numbers: What will you net after selling costs?

• Understand your next move: Where will you live, and what will it cost?

• Think long-term: How will this affect your financial security 5, 10, or 20 years from now?

Don’t let market enthusiasm or lifestyle fantasies drive this decision. Think through the practical realities and long-term consequences.

Considering your options with your home equity? Let’s look at the real numbers for your situation and discuss whether selling makes financial sense for your specific circumstances.

The post When Selling Your Victoria Home Makes Financial Sense appeared first on Dale Sheppard.

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For a growing number of people, the answer is yes — and not out of necessity, but out of opportunity. With the help of a top Realtor in Victoria like Dale Sheppard, downsizing isn’t just about moving into a smaller space — it’s about gaining freedom, flexibility, and financial clarity.

What Downsizing Really Means

Let’s reframe the idea. Downsizing isn’t a loss — it’s a lifestyle upgrade. You spend less time on chores, fewer dollars on utilities, and zero stress on never-ending maintenance. That extra bedroom you haven’t used in years? It might be worth more as equity in your bank account.

Downsizing is also your chance to check your property value and turn your current home into a powerful asset for your next move. Whether you’re looking for a condo downtown, a townhome in Langford, or even a property with a mountain view, the Victoria real estate market offers options to match your new goals.

A Market That Works in Your Favour

In 2025, Victoria’s real estate market continues to be active. Over 761 properties sold in Greater Victoria in June 2025, marking a 15% increase year-over-year. It’s a stable environment — not overheated, not stagnant — where both buyers and sellers can make confident decisions.

If you own a detached home in the core, your home value may be around $1.3 million or more. Wondering what’s the real value of my home today? A free property estimate or a detailed home evaluation from a professional real estate agent like Dale Sheppard can reveal exactly what you’re working with — and how to make it work for you.

Want to calculate your home value now? Use Dale’s property value calculator or schedule a home valuation appointment today.

Life After the Move: Smaller Space, Bigger Possibilities

Yes, you’ll trade square footage for simplicity. Maybe no more garage workshop or sprawling yard. But here’s what you’ll gain:

• Lower property taxes, insurance, and utility bills

• Easier cleaning and maintenance

• A home tailored to your lifestyle, not your past

Many homeowners find they’re saving $2,000–$3,000 per month after downsizing. That’s real money you can invest in travel, family, retirement, or even commercial sales opportunities if you’re thinking of expanding your investment portfolio.

Where Will You Go? Let Victoria Guide You

Victoria has a wide range of downsizing options, and Dale Sheppard knows them all:

• Townhomes in Langford or View Royal

• Condos near Inner Harbour and downtown

• Low-maintenance living in Saanich or the Westshore

• Even acreage properties for those who still want room to breathe

Whether you’re looking for mountain view homes, something walkable, or something completely new, Dale can match your goals to the right location.

Why Work With Dale Sheppard?

Because downsizing is more than selling a property — it’s a transition. You need someone who understands both the emotional and financial aspects of the journey.

Dale Sheppard is a top realtor in Victoria and Westshore, with years of experience helping people just like you. His approach is practical, friendly, and focused on results. Whether you want to check your property value, understand your home price, or explore your buying options, Dale brings insight and professionalism every step of the way.

From Langford to Saanich, from View Royal to downtown, he’s the local expert who will get you moving — with confidence.

Get Started With a Free Home Evaluation

If you’re thinking, “I should check my property value,” you’re already on the right track. Reach out to Dale today for a free property estimate and a clear plan for what comes next.

No pressure. Just real numbers, expert guidance, and the confidence to decide what’s best for your future.

Downsizing? Sell your home with Dale Sheppard

If you’ve already decided that it’s time to downsize, get in touch and let’s look at what downsizing would actually mean for your finances and lifestyle.

The post Is It Time to Downsize? A Practical Look at Victoria’s Market appeared first on Dale Sheppard.

Selling Your Home? Contact Dale Sheppard

With over 1,600 successful transactions and award-winning results, Dale Sheppard has built a reputation for excellence. Let Dale help with your home sale.

Get A Free Home Valuation Report

Do you know what your home could sell for? Receive your FREE home estimate today!

View Homes For Sale

Use our MLS search tool to find the right home.

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MARCH 2019 Blog:

The weather is finally improving in Victoria and the flowers are now starting to bloom. Most of February was snowy and cold, but the temperatures over the last week have improved greatly, leading to an increase in activity in the real estate market which should result in higher sales over the course of this month. The overall year to date sales volume is still down considerably compared to last year, but prices are holding steady. Open houses were very busy this past weekend, and the market should pick up now that the weather is improving.
The Canadian news headlines however have been quite negative over the past month. The Canadian economy has ground to a halt as far as GDP growth, and the stress test for Mortgage approvals has dampened real estate sales and contributed to lower prices across Canada. The BC Governments tax initiatives over the last 18 months have also contributed to bringing Vancouver and the Lower Mainland’s market to a screaming halt with sales down to their lowest level since 1985! Prices are down 30% in some regions.

The local Victoria market is not as bad as some other regions in Canada. Sales are down and prices have dropped slightly on upper end properties, with average prices down about 5% over the last 6 months, but over all, the lower end is doing fine, with sales and prices remaining stable. Lower interest rates are also expected in the coming months, which will help keep the market moving in a positive direction into the Spring and summer. Here are some of the statistics for February, 2019:

Listing Inventory:
There were 2,131 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February, 2019, a 38 per cent increase from the 1,545 active listings for sale at the end of February 2018, but only 3.6% higher than last month. While significantly higher than a year ago, the current levels are on par with the 10 year average, which should result in a continued balanced market for buyers and sellers throughout most of this year.

Sales:
A total of only 421 properties sold in the Greater Victoria region this February, which was 22.8 per cent fewer than the 545 properties that sold in February 2018. Sales of single family homes were down 15.8% from February 2018 with 219 homes sold. Sales of condominiums were down 25.9% from last year with 129 units sold this past month, but the total was higher than January 2019. Overall sales numbers should start to improve this spring, but the overall numbers will remain lower than 2018.

Average Prices:
Currently, the average price for a Single Family home in Victoria is sitting at $845,900, down slightly from the average price of $847,800 at the end of January, 2019. However, overall prices are down by about 5% from the peak high in the summer of 2018. Average condo prices are sitting at $502,800, slightly higher than a year ago which was $483,700. While these condo prices are slightly higher than one year ago, they have not changed much in the last 6 months and should remain relatively unchanged in the coming months.

Have a great rest of your week. If you or any of your family or friends require any real estate related information, feel free to contact Dale at 250-744-0844, or email him through his website: www.dalesheppard.com or direct at 250-744-0844. I look forward to hearing from you soon.

Check out the Latest Greater Victoria Statistics: www.dalesheppard.com/resources

Click here for List of Upcoming Open Houses in Greater Victoria

 Interesting programs for you first time buyers

To help make homeownership more affordable for first-time home buyers, Budget 2019 introduces the First-Time Home Buyer Incentive.

• The Incentive would allow eligible first-time home buyers who have the minimum down payment for an insured mortgage to apply to finance a portion of their home purchase through a shared equity mortgage with Canada Mortgage and Housing Corporation (CMHC).
• It is expected that approximately 100,000 first-time home buyers would be able to benefit from the Incentive over the next three years.
• Since no ongoing payments would be required with the Incentive, Canadian families would have lower monthly mortgage payments. For example, if a borrower purchases a new $400,000 home with a 5 per cent down payment and a 10 per cent CMHC shared equity mortgage ($40,000), the borrower’s total mortgage size would be reduced from $380,000 to $340,000, reducing the borrower’s monthly mortgage costs by as much as $228 per month. Terms and conditions for the First-Time Home Buyer Incentive would be released by CMHC.
• CMHC would offer qualified first-time home buyers a 10 per cent shared equity mortgage for a newly constructed home or a 5 per cent shared equity mortgage for an existing home. This larger shared equity mortgage for newly constructed homes could help encourage the home construction needed to address some of the housing supply shortages in Canada, particularly in our largest cities.
• The First-Time Home Buyer Incentive would include eligibility criteria to ensure that the program helps those with legitimate needs while ensuring that participants are able to afford the homes they purchase. The Incentive would be available to first-time home buyers with household incomes under $120,000 per year. At the same time, participants’ insured mortgage and the Incentive amount cannot be greater than four times the participants’ annual household incomes.

Budget 2019 also proposes to increase the Home Buyers’ Plan withdrawal limit from $25,000 to $35,000, providing first-time home buyers with greater access to their Registered Retirement Savings Plan savings to buy a home.

The budget also includes a focus on strengthening rules and compliance and INCREASING supply through partnerships and targeted investments.

Review the entire budget here

Review the complete Housing overview here

The post Victoria Real Estate Market Update – March 2019 appeared first on Dale Sheppard.

Victoria really needs rain. Usually this is not a problem in our region, except for this year. 4 months of almost non-stop clear sunny days has been remarkable for outdoor activities and fun in the sun, but it has been hard on the plants, trees, grass and water reserve.

The real estate market has been burning up this year as well. Sales are way above the previous few years for the summer months, and listing inventory is down as well. The result has been increased prices in the popular neighbourhoods and a lack of good homes available for buyers. Some areas are experiencing multiple offers, and homes selling above their list price. Great if you are a seller. Also, if you are a buyer, with record low interest rates, and the possibility of prices continuing in an upward trend, now appears to be a good time to get into the market before it is too hard on the pocketbook. Barring any outside negative market forces, Victoria could be at the beginning of the next market run up, which usually lasts about 7 or 8 years. The last upturn was from 2001 to 2008, where prices more than doubled during that run, and we are definitely due for some sort of rebound. We will see…

For those folks wishing to sell and move to a larger more expensive home, then making the move now is ideal. If you wait until prices have gone up further, you will be paying more for that expensive home as prices go up. Also, by making the move now, you will gain extra equity in the future as your new more expensive home goes up in value. This means that if you have been holding off making that move to a bigger home, now is probably the best time to do it. Alternately, if you are selling to move away, or are not going to be re-purchasing, then you might want to hold off selling and watch the prices because if they do continue upward, you will leave money on the table by selling today. Waiting another year might yield a higher price, and extra money in your pocket, which is ultimately the better goal when selling real estate.

In the meantime, enjoy the rest of your summer. Fall is approaching quickly, and hopefully we will get some much needed rain in the near future. Oh yes, and remember to get out and vote.

Here are a few links to various real estate sources that may be of interest to you:

1. Click on this link and hit “Like” to obtain current postings from my real estate Facebook page: VictoriaBCProperties

2. Click this link for my latest Website Newsletter: Newsletter

3. For the latest historical statistics from the Victoria Real Estate Board, click here: VREBStatistics

4. Search for listing at my Victoria BC Properties website: DaleSheppard.com

All the best to you and your family.

Dale.

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