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Speaking of commission.....
In Saskatoon the "most commonly used commission structure" goes this way...
6% is paid on the first $100,000,
4% is paid on the second $100,000
2% is paid on the remaining amount of the sale price
PLUS GST & PST
Commission on a house that sells for $300,000 (given the above scenerio) is:
$6000 (for the first $100,000)
$4000 (for the second $100,000)
$2000 (on the remaining amount...$100,000 in this case)
for a subtotal of $12,000 + $1320 (11% tax) for a total of $13,320
The cost to sell this home with One Percent:
$7950 + tax = $8,824.50
In either example the total commissions payable is divided between the Listing Agent
(representing the Seller) and the Buyer's Agent. 11% (tax) goes to the government.
Please note, there can be many variations to the commissions charged!
One size does not fit all!
Real Estate Agents can independently set their fees so it pays to ask!
Do you have questions? I'm here to help!