Have you ever thought about paying a friend for sending a home buyer your way? Or maybe someone offered you a "cut" for referring a family member to a specific agent?This payment is often casually called a "finder's fee." While it might seem harmless, it's one of the most misunderstood and legally risky areas in Canadian real estate.This guide will walk you through what a finder's fee really is, why it's a...
TL;DRIn Canada, the Multiple Listing Service® (MLS®) isn’t one website.It’s a co-operative network of regional databases run by local real estate boards/associations.REALTORS® use these systems to share listings, set up cooperation with other brokerages, and negotiate offers. REALTOR.ca is not an MLS® — it’s a national public portal that displays portions of MLS® listings from across the...
There is a very basic understanding of discount and full-service real estate agents, which is often reduced to a simple pros and cons list. However, due to shifts in the real estate market, some discount REALTORS® now market services that are broadly comparable to what many full-service agents provide, depending on the brokerage and the specific service agreement. In Canada, that discount full-service can...
In the dynamic landscape of Canadian real estate, one of the most persistent questions for both buyers and sellers is this: What percentage do REALTORS® actually make from a home sale in Canada?You’ll often hear “5%” quoted as a common figure, but commission structures are more nuanced than a single number. Across the country, commission structures are not fixed by law, vary by region, and are...
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When the topic of Toronto real estate comes up, commission structures remain a primary financial consideration. In a city where the average home often crosses the million-dollar threshold, the percentage fee attached to a transaction can translate into tens of thousands of dollars. With new legislation in Ontario — the Trust in Real Estate Services Act (TRESA) — shaping consumer rights and agent...
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Major real estate brands in North America often charge sellers 5–6% commissions on a home's sale price – tens of thousands of dollars per transaction – yet much of this money goes toward broker profits and massive marketing budgets rather than directly improving the client's experience. 1. Commission Structures: Where Your Money Really Goes Steep Commission Rates: In the U.S. and Canada,...
Disclaimer: It's essential to remember that agents are legally prohibited from claiming a standard or fixed rate to clients under the Competition Act. However, the percentages provided are historically accurate reflections of what the majority of full-service agents charge in those markets. Competition Act (Government of Canada) This guide explains every factor that affects realtor commission...
The terms real estate agent, real estate salesperson, and REALTOR® are often confused and misused by the general public in reference to who can do what. The terms refer to different roles and different qualifications. Let's break each of them down for better understanding as to why the differences are important to understand while buying, selling, or investing in real estate. What is a Real Estate...
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