Frequently Asked Questions

While higher property taxes often suggest a higher assessed value of a home, this does not always accurately reflect the property's true market condition, as municipal assessments are based on generalized data and do not involve detailed inspections of every home. Consequently, a lower tax rate than neighboring properties typically indicates that the city views your property as less valuable; however, this may not be accurate if you have made renovations or improvements that the city is unaware of. Additionally, elevated property taxes can impact buyers' affordability, potentially making a home less attractive if the tax burden is significantly higher than that of nearby houses, which may lead to decreased demand and affect the overall selling price.

If you do not agree with your property assessment or classification, you can file a Request for Reconsideration (RfR) with the Municipal Property Assessment Corporation (MPAC), which will review your assessment at no cost. You can submit your RfR in three ways: by visiting aboutmyproperty.ca to attach documents and check the status of your request; by mailing or faxing your form to MPAC, with forms available at mpac.ca; or by writing a letter that includes your 19-digit Roll Number from your Property Assessment Notice, the property owner’s full name, address, and phone number, reasons for disputing the assessment, and any supporting information. Additionally, RfRs may also be filed on supplementary or omitted Property Assessment Notices, with a deadline of 120 days from the date printed on the notice.

A real estate agent is licensed to assist individuals in buying and selling properties, earning a commission upon the completion of a transaction, and can represent either the buyer or the seller. A real estate broker performs the same client-facing duties as an agent but has passed additional exams that allow them to open their own brokerage and manage other agents; however, this added responsibility often results in brokers spending a significant amount of time on administrative tasks rather than direct client service. Without opening a brokerage, both brokers and agents serve clients in similar capacities. Additionally, a realtor is a member of the Toronto Real Estate Board (TREB) and can be either an agent or a broker, signifying a commitment to uphold ethical standards and professional practices within the real estate industry.

Real estate commissions typically range between 3% and 7% of the sale price, with no set standard rate. According to the Canadian Real Estate Association (CREA), commission rates are determined by the members themselves and can be structured in various ways, including a fixed percentage of the sale price, a split percentage that decreases as the sale price rises, a flat fee for all properties, or a fee-for-service arrangement. For example, in Ontario, commissions cannot increase with the sale price; they can only remain fixed or decline. Commissions are deducted from the sale proceeds and are subject to GST or HST, depending on the province. In the Greater Toronto Area, for instance, a 5% commission on a home sold for $1,095,617 would amount to $53,721.25, or $60,705.01 including HST. It's important to note that selling a home incurs additional costs, such as legal fees and potential mortgage discharge penalties.

Selling your home without an agent in Markham is possible, but it involves more complexities than merely saving on commission. There are significant costs to consider, including preparation, staging, cleaning, photography, marketing, and legal fees. Additionally, selling a home requires considerable time and effort for marketing, scheduling showings, negotiating offers, and navigating legal complexities—tasks that skilled realtors handle efficiently. Accurately pricing your home is also challenging without the expertise to assess its true value compared to nearby properties. If the buyer has a real estate agent, they are likely to possess stronger negotiation skills, which can further disadvantage a seller without representation. Ultimately, while selling without an agent might work in specific situations—such as selling to a friend or family member—it often results in leaving money on the table, as experienced agents bring valuable skills in marketing, pricing, and negotiation to maximize your sale.

While many people believe that the individual agent you hire is more important than the brokerage itself, this perspective is only partially true. Agents affiliated with well-known brands like RE/MAX or Royal LePage are typically full-time professionals, as they often pay desk fees to their brokerage, which can indicate a higher level of commitment and training. These brokerages usually provide extensive training and resources, enabling their agents to deliver better service to clients. Moreover, only the most successful agents can afford to pay these higher desk fees—such as the approximately $20,000 in annual fee at RE/MAX Realtron, meaning that agents who remain in these environments often demonstrate strong performance and activity levels. Therefore, you can be more confident in getting top-quality service and achieving a higher dollar by hiring an agent from a top-brand brokerage like RE/MAX for selling or buying your home.