Real estate agents in Ontario get paid upon the successful completion of a real estate sale. Services, commission rates, and other fees vary from brokerage to brokerage and are negotiable. Brokerage commissions are typically a percentage of the sale price. While there is no standard commission rate, the average typically is in the range of 5% total commission. This commission is usually split 50/50 between the listing brokerage and the selling brokerage. Usually, real estate commissions are paid for by the Seller. The commission amount owing is deducted from the money received from the Buyer on closing and paid to the listing brokerage directly. Once received, the brokerage pays the listing agent and the buyer’s agent. Like with most other professional services, HST must be paid on real estate commission. For a clear understanding of the specific commission structure, potential fees, and services provided, it’s advisable to have a detailed conversation with your chosen real estate agent before proceeding with the sale of your home.
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