Housing crisis in Canada
- Thread starter ZZDown
- Start date
Canadian and US markets have a lot of similarities although there is certainly some exceptions. For example Florida has a ton of second home/investment properties especially in certain areas, larger amount of hedge funds/investors purchasing real estate, larger amount of US residents moving out of the large expensive cities and heading to southern red states, etc. while many Canadians are still sticking to the same province if they want to move. Both markets dealing with the effects of prolonged low interest rates, both dealing with not enough homes built in the past few decades, huge amount of investors purchasing single family homes in very large quantities from smaller investors to hedge funds making real estate into a commodity (percentage of sales to investors and often in cash in some communities is absolutely crazy), huge shift in where people live pushing up prices in markets that were pretty affordable pushing locals and longterm businesses out, etc. Lots of countries facing similar issues. There is unlikely to be a huge correction in prices. Governments needed to act a long time ago to try to slowdown growth in prices. The goal is really to try and flatten the growth of prices as much as possible.
So everyone who doesn't agree with you is an agent. Damn you must be part of r/canadahousing.
Depends on what the disagreement is. If its about the value of agents - then yes. Anyone who thinks that opening a lockbox and fwding some emails to the lawyers (who do the real work) is worth $25,000 is an agent themselves. And this is before the rampant lying and cheating comes in.
So you're angry at agents because they make more money than you? There are dishonest people in all professions. I used an agent and very happy with the services. If you use a bad one, I would recommend you contact another one.
Think that compensation based on work needed to sell a home in a hot housing market is often pretty unreasonable. Many agents switched to seller on.y agents since they could make easy money quick by selling while trying to get a client into a home could take many months.
If compensation was linked to the amount and quality of work done, we have bigger problems than realtors lol.
There is a reason that so many people have become real estate agents. For the work you are very well compensated. Once you become well established as a real estate agent you can make a lot of money without a lot of work in this market. The percentage compensation amount dates back to a time where housing was substantially less expensive. Not saying that there aren’t hard working and talented agents but when almost all houses are easily sold these days you aren’t working for months trying to sell a home and get a commission.
I don't disagree with you but noone is forced to use their services. Say tomorrow I want to be a realtor and charge 15% commission, if someone retains my services, why wouldn't I do it.
Umm yes we are forced. Its a cartel. I tried to buy without an agent, listing agents told me to get an agent and hung up. I tried to sell without an agent, buyer agents wouldnt show my property. Govt needs to ban agents.
A few years before, agents had successfully lobbied to keep sold prices a secret. Thankfully, thats gone. Agents should go next. They do nothing of value. In fact, they lie and raise prices for everyone.
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So you want to ban agents because you tried to sell your house and nobody without an agent bought? I mean noone is forcing anyone to use agents. It seems more like you are angry against them because they make good money for not too much work. I'm not saying it's not legitimate to be envious, but there is a fine line IMO.
I have a problem because they take 5% of my money. I dont give a damn if someone makes money for no work or immoral work....as long as its not my money.
Its a cartel and yes i am being forced to use agents.
Either you are an agent yourself, or you just love giving away 25 to 50k for no reason.
Noone is forcing you to use agents. It's just that noone wants to buy your house without using an agent so it adds an extra cost and you're unhappy with it. I don't see the "forced" part. People make their own decisions, you can advertise your house yourself it will just take longer to sell, because it seems most buyers are going through agents.
The reason most buyers go through agents is because when they try to buy on their own, the seller agents reject them and thus, they cant buy without an agent and also without an exclusivity contract. Its a 2 way market place that is operated like a cartel. And its pretty much forced because up until very recently, buyers couldnt even search MLS and sold prices on their own.
In theory its possible to get this done without an agent, but in practice - not really. You have to pay 5% for someone who does nothing. That is 'forced' in my opinion. I am sorry if this opinion offends you so much (hey, at least you are not losing any money!) - maybe find a more honest line of work?
Again I am not an agent lol no sure how to make you understand that.
It just seems that you have troubles selling your house without an agent because buyers go through agents to purchase their homes, hence you want to "ban" an entire profession. It seems pretty extreme.