Nova Scotia Real Estate Commission Calculator 2024
What Are Real Estate Commissions?
The average real estate agent commission in Nova Scotia is 5%, but it can range from 4% to 6%. The seller of the home would pay this commission, not the buyer. This commission is usually split equally between the seller’s agent and the buyer’s agent.
Nova Scotia 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 remaing values is what you receive.
Seller/listing real estate agent commissions are negotiable in Nova Scotia. In some cases, the seller agent may take a smaller cut of the commission and provide the buyer’s agent with a larger portion. This incentivizes buyer agents to show the house to prospective buyers.
Do you pay tax on real estate commissions?
HST applies to real estate agent commissions. This means that on top of paying both the buyer’s agent and the seller’s agent commissions, the seller would pay tax on the commission. The HST rate in Nova Scotia is 15%.
Can real estate agents split the commission with buyers?
Real estate agents may provide incentives to homebuyers, such as giving buyers a portion of their commission. This is known as a cashback rebate, and it is provided by cashback agents.
Comparison of Real Estate Commission Across Provinces
| Province | Typical Real Estate Commission Rate | Average Sold Prices of Homes in September 2020 | Average Total commission Paid to Both Agents |
|---|---|---|---|
| Alberta | 7% for 1st $100K and 3% for the remaining balance | $403,163 | $16,095 |
| Ontario | 5% of total price | $741,395 | $37,070 |
| B.C. (Greater Vancouver Area) | 7% for 1st $100K and 2.5% for the remaining balance | $801,039 | $24,526 |
| Saskatchewan | 6% for 1st $100K, 4% for the 2nd $100K, and 2% for the remaining balance | $403,163 | $16,095 |
| Manitoba | 5% of the total price | $308,689 | $15,434 |
| Quebec | 5% of the total price | $477,609 | $23,880 |
| Nova Scotia | $1,500 flat fee for properties under $25,000, and 5% of the total price for other properties | $319,726 | $15,986 |
| New Brunswick | 5% of the total price | $203,907 | $10,195 |
| Prince Edward Island | 5% of the total price | $300,538 | $15,778 |
| Newfoundland and Labrador | 5% of the total price | $249,368 | $13,091 |
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.
