How does it work?
The real estate market in Toronto and, generally, in Canada is organised and government-regulated. Most real estate properties sold or being sold through Toronto Real Estate Board (TREB) are registered with Multiple Listing Services (MLS®). Every house, condo apartment, commercial, industrial or other real estate property receives MLS® number that uniquely identifies it. Nothing is hidden there and anyone can get access to properties currently being sold (residential only - for the time being) via online services using one of the existing Web sites.
Fortunately, the site you are presently visiting has just developed the capability of giving you direct access to virtually all the MLS® listings in Greater Toronto Area and beyond when you click on "Find" in the menu bar at the top of any page.
When you decide to sell your property, you hire a Real Estate Agent to help with the sale. The Agent will register the property with MLS®, will advertise it, will show it to the potential Buyers and will represent you, the property owner, and your best interests at all times until closing the sale. In return, you will pay commission fee to the Listing Agent, usually about 5% of the property price (residential). Note that the Listing Agent's interest is in selling the property and that he works for Seller, not for the Buyer. Everything is straightforward here.
Things become more complicated when you want to see a property. Once you found what to view (using an MLS® Web site or a newspaper/TV ad) - you can call the Listing Agent and they will be more than happy to show you the property and to close the deal: this way the entire commission fee stays with them! But be careful - Listing Agents work for the best interests of their principal, that is a Seller, and legally obligated to get for him the best price possible. A better approach is to get another Agent that will work for you. The Agent will show you the property, will provide you with al the information available and will help you to read and understand the Agreement of Purchase and Sale and all other documents necessary to purchase the property - all for FREE! Yes, Buyer pays nothing to the Agent, the compensation comes from the commissions paid by the property owner. Will you refuse the opportunity to have a person working for you and not asking any money from you? Probably, you won't.
So, let us say it again:
- Canada has an organised real estate market.
- Whether you sell or buy real estate, you should work with a real estate professional. When you buy, you do not pay any fees to the Agents for their services.
- Vast majority of properties can be found on the MLS® and all licensed Real Estate Agents - members of Toronto Real Estate Board - have access to the same information database.
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