What Are the Most Important Facts Regarding Real
Estate Commissions In Ontario, Canada?
In accordance with the industry standard in Ontario, the seller typically pays 5% commission on the final sale price of a property to the listing and also the agents of the buyer. Sometimes, they are also known as reduced commission realtor.
Additionally, the HST is added on the top of the commission and so, this is a fee which the seller is responsible for. After that, each and every agent has to split this fee with their brokerage offices that varies per agent.
How Is The Real Estate Commission Determined?
The commission is evenly split between the buyer’s agent and also the seller’s agent i.e. typically 2.5 % to the buyer’s agent and also 2.5% to the seller’s agent. Sometimes, this can also vary and which depends on what the seller arranges with their agent.
On the other hand, sometimes, it is seen that the buyer’s agent commission is around 3% which is a great way to attract more views to a home. This commission is again considered to be negotiable and this depends on the market and also the property.
Real Estate Commissions For Buyers
The real estate commission is not typically paid by the buyers as the seller is involved in distribution the commissions to the agents.
In this way, it is particularly evident from the above section, that the real estate commissions are considered to be a very important part of the MLS listings in Ontario.