commission % & housing prices
Doesn't it seem odd that the commission rate is basically the same no matter where the house is? If I sell my 2-bedroom, 2-bath bungalow (=ranch in the US) for $340,000, I pay $20,400 in commission, but this same house elsewhere might sell for $120,000, and be much harder to sell (with the commission being $7,200).
It is still a seller's market here, but that commission cost for a house that will sell quickly seems high, and with no relationship to the difficulty of selling. I would never try to sell on my own and recognize that realters work hard, and I also realize that they have to split the commission with the buyer's agent. Just seems like so much money to me!
Here are current Ottawa sale prices:
Standard condos witnessed the largest price increase, climbing to an average of $227,667, but standard two-storey homes also rose 5.9 per cent year-over-year to an average of $345,167. Prices for detached bungalows were also up four per cent, to $339,750.