Your Home Just Sold: What to Do Next

If you’ve sold your home or plan to soon, you may find yourself with a substantial amount of cash that needs a safe, short-term place to sit while you decide your next move. A standard savings account typically pays very little interest, so unless you need immediate access, it makes sense to consider options that offer higher returns without assuming too much risk.

There are several ways to park proceeds from a home sale. Short-term bonds and guaranteed investment certificates (GICs) provide predictable interest but often require you to lock in your funds for a fixed period. Stocks and exchange-traded funds (ETFs) can produce higher returns but come with greater volatility. For many sellers, a high-interest savings account (HISA) strikes the right balance: easy access, low risk and superior yields compared with conventional savings accounts. One example is Simplii Financial’s High Interest Savings Account (HISA).

Are you planning to sell your home?

The real estate market has been relatively subdued despite recent reductions in the Bank of Canada’s benchmark rate and some buyer-friendly mortgage rule changes. Economists widely expect further rate cuts later in the year, which could help revive activity. If you’re preparing to sell, it’s smart to plan ahead—not only for the sale itself but also for how you will manage the proceeds until you buy again or decide on your next financial steps.

Before you receive the funds, expect a short administrative process. Closing day triggers a series of actions handled by your lawyer and other parties, which determines when and how the proceeds arrive in your account.

How do home sellers get paid?

The buyer’s funds pass through several steps before reaching you. Your lawyer coordinates the closing process: they arrange discharges for any existing mortgage and title obligations, review property tax and other adjustments, prepare closing paperwork and handle payments. From the sale proceeds your mortgage lender is typically paid first, including any prepayment penalties or outstanding balance. Your lawyer’s fees and any closing costs follow, then real estate commissions for both the buyer’s and seller’s agents. What remains after those deductions is your net proceeds.

After closing, you will receive a full accounting from your lawyer showing each deduction and the final amount you’ll receive. Proceeds are usually delivered as a certified cheque, bank draft or wire transfer on or shortly after closing day; exact timing varies by transaction, so confirm the schedule with your lawyer.

If you don’t have an immediate purchase lined up, consider parking the funds in an account that preserves capital while earning competitive interest. A HISA can offer both safety and flexibility during your house hunting or planning period.

What are high-interest savings accounts?

High-interest savings accounts pay higher rates than standard savings products while allowing easy access to your money—unlike GICs that lock your funds for a fixed term. When evaluating HISAs, prioritize accounts with low or no fees, reliable customer service and straightforward access by mobile or online banking.

Simplii Financial’s HISA is an example of a no-fee, no-minimum account that earns interest and keeps your money liquid. Interest is calculated daily based on the annual rate and paid monthly, which helps your balance grow steadily while you decide on your next move. Keep in mind that rates can change, so check current offers and terms when you open an account.

The HISA advantage

A HISA is an appealing option for housing sale proceeds because it combines principal protection, ease of access and higher returns than a traditional savings account. Putting your sale proceeds in a Simplii HISA (or a similar product) lets you earn meaningful interest while preserving the flexibility to withdraw funds quickly when the right opportunity—such as a new home purchase—arises.

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