When you are selling your house in British Columbia, the amount you pay in realtor commission is based on the home’s selling price. If you use a realtor to buy or sell a home, they’ll charge a commission on the sale price. The commission is typically 5% of the home’s selling price, but can range from 2% to 6%.
Calculating Your Realtor Fee
Whether you’re buying or selling a house in BC, here’s how to calculate your realtor commission:
Find out what percentage of the selling price your Realtor charges as a commission. This figure varies depending on where you live and the type of property being sold (single-family home or condo). In general, expect realtors to charge 5% of the selling price for single-family homes and 2% for condos.
Multiply this percentage by the selling price of your new home. Multiply that number by 0.02 (if you’re paying cash) or multiply it by 0.7 (if you’re financing most of the purchase). If you have less than 20% down, some lenders will require an additional 1% or more on top of the commission.
Calculate Realtor Fees Using A Real Estate Commission Calculator
Use online BC real estate commission calculator to get an idea of how much your commission will be. The calculator should include all the fees associated with buying and selling a home, such as title insurance, escrow fees and closing costs. Use the calculator to get a rough estimate of what your commission will be. Then, call a real estate agent for an exact number based on your home’s location, size and amenities.
How to Use a Commission Calculator
Online real estate calculators can give you a rough estimate of how much commission you’ll pay. Start by entering the home’s purchase price, as well as your down payment amount and loan type (for example, if you’re financing most of the purchase). The calculator should include all the fees associated with buying and selling a home, such as title insurance, escrow fees and closing costs.
