Code:
Real Estate: Money in property is probably the most widely used proof of funds. Many people plan to sell property owned in their home country before landing in Canada and will use the equity to establish themselves.
This is totally acceptable by CIC and they appreciate that you may not have actually sold the property at the point you are required to supply this information and make allowances for this.
You will be allowed to supply a mortgage statement from your lender stating how much money is owed on the property. You should then get your property valued by three independent companies. These can be real estate agents, property valuation companies, your mortgage lender etc. Make sure you get the valuation on letter headed paper and signed.
If you send both the mortgage details and the valuations the CIC can see how much equity you have available.
Now, since you have sold that property, do you have paper trail (for source of funds) to prove that you received payment in return of that sold property?
Your case is not new. Many agents suggest not to update the chart as it takes great amount of paperwork again to change all the figures in evaluation. In my view, it doesn't come under fraud, but if you rectify it and give reasonable explanation, they are quite generous and accept it, but you must give them detailed explanation and proof of payments which you have received from it.
Usually, CIC suspect that when you don't declare correctly and if they find out themselves, then they may consider it a case of money laundering, because you failed to declare. If you come clean before they find out, this gives a positive impression.
After my immigration interview, I was also asked to update the list of my properties and I had sold and purchased properties, but I was mentioning it accordingly. So, I have not experienced such situation, but if I was have faced such situation, I would straight away make updated chart and mention whatever reason is truthful (e.g. property still under process of being sold at that time). I don't know about India, but in my case, I had sold property in govt-owned scheme. They couldn't let me transfer it to buyer's name unless I get NOC. So, issues or situations like these can cause delays in transactions.
