It might be very easy to sale a Condo Unit in Toronto with 0% commission!
Real estate commissions in Toronto and GTA for Condo Units sale are generally set as a percentage of the Condo price. Usually, there is no fixed commission rate and it is not legal to fix the rate, but the total commission rates are typically in a range of 3.0% to 5% or higher – this is the most common rate. Generally, this total commission is shared 50/50 between the listing and the selling brokers. Of course, some Real Estate Brokers could advertise such rates as 2.5% or even 1 % for full MLS service.
Sometimes, the reduced commission is not really being offered on the sale of your existing Condo but on the purchase of your next Condo. You may also see ads with “maximum 2.0 % commission”, and again, reading the fine print of the ad you may see that this is just one half of the total commission that is being charged, so it will be 4 % or 4.5 % in reality. And, be careful and read the fine print and see something under asterisk marks ***
Sometimes, Condo Owners prefer to list their Condo with an agentbecause that agent offered them 1% less than another one. Yes, commission is important, but Condo Owners could loose much more with “discounted” listing agent because he/or she does not aggressively market and promote your property to the agents and public, support your price and does not negotiate properly on your behalf to receive the best possible price and terms and Owner could easily loose $10,000, $20,000 or even $30,000 or more on the sale price!
Today, when Toronto Condo is a highly demanded Real Property with an average number of days on market (DOM) – 17 days in 2018 year for Condos located in Toronto Downtown, Condo Owners might not need any Real Estate Agent to advertise their Condo Units if they are able to create an advertisement and show the Condo Unit by themselves.
Toronto Condo prices are increased dramatically during last a few years and Condo Owners might prefer to advertise their Unit here in this Social Network than pay $30,000-$50,000 commission to Real Estate Agents for a Condo advertisement and showing because actually, Toronto Downtown Condos do not need any promotion. According to TREB September 2019 year Report market is still very hot!