Could Canadian Realtors' commission structure change after US lawsuit?

A landmark court settlement in the U.S. regarding the standard six per cent commission for Realtors, and a similar suit in Canada, could lead to major changes when buying and selling homes.

The rule changes, which are set to take effect in mid-July, represent a major change to the way real estate agents have operated going back to the 1990s, and could potentially lead to homebuyers and sellers negotiating lower agent commissions.

As the spring housing market heats up, a Toronto law firm is hoping to see similar changes come to Canada.
Global's Catherine Urquhart reports.

#GlobalNews #realestate #housingmarket

[theflowpowaoshow]

I sold my own house and kept the commision. screw these middle men

[RaghuvirMohanta]

Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult❤

[davidanthony]

Real Estate Lawyer: Undergraduate Education | Law School | Articling Period | Barrister and Solicitor examinations | Complete the Professional Responsibility and Practice Course (PRP) | Apply for Call to the Bar | Continuing Professional Development | Fulfill continuing professional development (CPD) requirements |
Optional Specialization(s).

Charges: $1500 in fees (give or take)

Realtor: No previous education/experience required. Passes online exam.
Charges seller $30k, plus taxes, on a Toronto 1BR condo.

Something is off here.

[tomasYEG]

5% for showing me where the damn bathroom is. About time for a change.

[George-zd]

You have to be crazy to pay 5% at these prices. 5% for what??

[dorianf]

Realtors make way too much money for what they do.

[Andrico]

Realtors are worse than lawyers. Lawyers at least need to have years of education. Realtors take a quick course, write a test and think they are doing you a favour.

[danb]

Way over payed for the level of education required.

[toolbaggers]

Realtors need to be salaried employees with reasonable bonuses linked to performance. Salespeople should never make more money than a teacher or doctor that need higher education.

[thatswhatshesaid]

I like how the government blames everyone else for you being poor while taking half your labor.

[harpgrewal]

realtors are worse than lawyers these days

[MrJmpowers]

Realtors are overpaid for doing barely anything.

[michaelre]

Always wondered what value these people actually bring

[tracywatts]

Back when housing could sell for 100 grand I understand that commission but now markets are out of control 5% is a lot of money for little effort. 90% of the time a realtor knows nothing about the house they are marketing.

[jeremymulder]

Real estate, one of the filthiest professions. Right up there with lawyers and politicians.
I have a few good ones.... But I have worked with a bunch that are willing to step outside the boundary of client privilege to make a deal!

[thetarotroomforsaggiesandcappy]

In Canada agents listed prices well under market value and wouldn't accept full list offers. THAT SHOULD CHANGE. If you go to a store to purchase a chocolate bar and the store price is 1.99 that's what you pay. You wouldn't get to the counter and hear "oh I just put that price there so you'd come in. The Chocolate Bar is really 7.99".

That's what happened in our market. I got caught in it. It was unethical, it was disgusting, it triggered bidding wars and people buying homes without inspections just to get one.

AGENTS CAUSED the housing increase. Yet everyone seems to ignore that part. They were even putting in fake offers, to drive up prices for higher commission (the government caught this and started regulating it).

What exactly do agents do? They don't sell you a house, you'll decide if you want a house. They are nothing but an issue and a job that won't be around in the future if they continue to be unethical like they have in Ontario!

[planet-karma]

I sold my house through a listing agency - got the MLS listing and photos for $2, 000. Buyer had no realtor so that is all it cost me (I offered $5, 000 to any buyer's agent if they had one). For a basic house or condo you really don't need a realtor (get a lawyer to review the contracts) and, the fact is, that for more complex properties, average realtors often don't have much education or understanding of potential issues (e.g. riparian areas, septic systems, wells, setbacks, statutory right of ways, etc.) and more knowledgeable realtors are few and far between.

[rgen]

they better. those realtor fees add to the housing prices.

[powderiders]

Why cant everyone selling just list personally on MLS with no listing agent ?....and then IF a prospective buyers wants to use an agent offer a a full commission to be paid but have that added onto the purchase price for the buyer to absorb as an added cost?

[rebelsnappingturtle]

My landlord's realtor has been harrassing me mercilessly to get out of the house. They either want more rent or a better sale.
Who do i complain to?