In Toronto, commissions are amounted to about five per cent of a home’s sale price, but thirty years ago the typical 1980s house sold at a fraction of today’s eye-popping levels, real estate commissions were around $2,500. Today, with average home worth an estimated $470,000, the commissions might easily hit $25,000. Even after factoring in inflation, realtor’s fees have exploded in size.
In February The Canadian Competition Bureau filed charges against The Canadian Real Estate Association (CREA) claiming realtors are engaged in anti-competitive behavior. Last month, CREA members voted to tweak some of its rules. Under the new terms, sellers can pay agents a flat fee of a few hundred dollars to list their homes on MLS, without having to hire the agent for the entire sale process.
Today more and more Canadian home owners have opted to handle the sale on his own. Realbate is one of several service providers, to allow homeowners to choose from a menu of different à la carte services, including flat-fee listings on MLS. At Realbate, sellers do not have to pay commissions, we have helped lots of sellers successfully sold their home and saved tens of thousands on commissions.
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