There's no set rate. In Ontario, real estate commission is fully negotiable between you and the brokerage, so anyone quoting you a "standard" fee is giving you a starting point, not a rule.
How it usually works. When you sell, commission is typically a percentage of the sale price, or sometimes a flat fee, written into your listing agreement. It's often split between your brokerage and the buyer's brokerage. HST is charged on top.
Buyers sign agreements too. Since December 2023, buyers in Ontario must sign a written agreement with their brokerage before receiving services. It spells out how the buyer's agent gets paid: from the seller's offered commission, by the buyer directly, or a mix. Read it carefully before signing.
What you're paying for. Pricing strategy, professional photos and marketing, MLS® exposure, showings, negotiation and managing the deal to closing. Compare what's included, not just the percentage.
Questions to ask before you sign:
What's the total fee, and how is it split with the buyer's agent?
What's included in the marketing?
Are there any other costs?
How long is the agreement, and can I cancel it?
Cheaper isn't always cheaper. A lower fee that leads to a lower sale price or more time on market can cost you more. Focus on what you net at the end.
Want a straight answer on fees? Ask Steve. I'll lay out my fees and exactly what's included, in writing, before you commit. 416-791-3665 or info@asksteve.ca.
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