Inheritance & Foreclosures

Selling an Inherited House in Winnipeg

If you’ve inherited a home, you may become responsible for the expenses that come along with it, including (but not exclusive to):


  • Cost of insurance and ongoing care of the home and property that may be a condition of policy coverage.
  • General home and property upkeep
  • Property tax
  • Capital gains tax*
  • Income tax (if home used as a source of revenue)
  • Probate fees
  • Cost of renovation and repair to sell the property with a Realtor or real estate agent.


An additional note is needed regarding *capital gains tax. In Canada, capital gains are treated as a type of income, and are thus taxable. That’s why it is called capital gains tax. While (in general) an inherited property is non-taxable in Canada, it can be if you wait to sell it. A capital gain on a home is the profit you make when you sell the home after you’ve had it in your possession. That possession begins once the paperwork on your inheritance has been processed.

For example, if you’ve inherited a property with a current Winnipeg market value of $100,000, and you wait to sell it two years from now when the market value is $150,000, you are faced with a capital gains tax on $50,000. As you can see, if you want to sell your inherited property, you need to do so right away, not only to avoid the current cost burden, but the potential capital gains tax to boot.


Selling Your Winnipeg Home Before Foreclosure


If a foreclosure is on the horizon, you need to sell your home as fast as possible in order to pay the lender and keep your credit rating intact.

When using a Realtor or agent, you’re at the mercy of the Winnipeg real estate market. In addition, you may have to come up with the cash to renovate and upkeep the house to make it fit for sale. Simply put, your property could be sitting in queue without a chance of being sold before that foreclosure notice comes knocking.

Act now while you still have control over the situation. Contact us to sell your home before foreclosure. 5 Day Cash Offer will buy your house for cash at market value, without hidden fees and  commissions, and in the quickest amount of time possible.

Sell Your Home Before Foreclosure Today