New Brunswick Real Estate Commission Calculator 2024
What Are Real Estate Commissions?
Federal Competition Act forbids price fixing. Thus, real estate commissions are always negotiable. The typical real estate agent commission in New Brunswick is 5%, but it can range from 5% to 7%. If you are buying a home in the province, most likely, you will not have to pay any commission. Instead, the home seller pays the commission to both the buyer and seller agents.
Most commissions are a percentage of the selling price of the home. Some real estate agents may charge a flat fee instead, especially for homes that have a low value.
As real estate agents provide a service, you will have to pay tax on real estate commissions. The HST rate in New Brunswick is 15%.
New Brunswick Real Estate Commission
What is the Average Real Estate Commission Rate?
$750,000 Property Selling Price Example
The above chart demonstrates the following: 5% commission on the selling price and a 15% tax that is applied to the total commission. The remaining amount is what you receive.
Will real estate agents negotiate commissions?
While the average commission is 5% in New Brunswick, you can always negotiate with your agent. There is no set standard or regulation that prevents you from getting a lower commission rate. Some cashback agents. may even share a portion of their commission with the buyer.
There are discount real estate brokerages that operate in New Brunswick that allow you to list a property for a much lower rate, or even for a flat fee.
Are real estate agents licensed in New Brunswick?
All real estate agents must be licensed by the New Brunswick Financial and Consumer Services Commission as well as be a member of the New Brunswick Real Estate Association.
Comparison of Real Estate Commission Across Provinces
| Province | Typical Real Estate Commission Rate | Average Sold Prices of Homes in April 2024 | Average Total commission Paid to Both Agents |
|---|---|---|---|
| Alberta | 7% for 1st $100K and 3% for the remaining balance | $499,505 | $18,985 |
| Ontario | 5% of total price | $900,161 | $45,008 |
| B.C. (Greater Vancouver Area) | 7% for 1st $100K and 2.5% for the remaining balance | $1,006,248 | $29,656 |
| Saskatchewan | 6% for 1st $100K, 4% for the 2nd $100K, and 2% for the remaining balance | $324,474 | $12,489 |
| Manitoba | 5% of the total price | $382,658 | $19,133 |
| Quebec | 5% of the total price | $498,124 | $24,906 |
| Nova Scotia | $1,500 flat fee for properties under $25,000 and 5% of the total price for other properties | $468,543 | $23,427 |
| New Brunswick | 5% of the total price | $334,561 | $16,728 |
| Prince Edward Island | 5% of the total price | $379,366 | $18,968 |
| Newfoundland and Labrador | 5% of the total price | $304,570 | $15,228 |
Ontario and British Columbia have some of the highest housing prices, which results in higher average total real estate commissions. Although British Columbia’s real estate commission rates are one of the lowest in the country, homeowners ultimately end up paying a comparatively higher real estate commission due to the higher average selling price of homes.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.