A lawsuit wants to change the way you pay your Realtors. What to know – National [Video]

The buying and selling of homes in the United States could undergo massive changes this year — but what about in Canada?

The National Association of Realtors in the U.S. settled a US$418-million lawsuit, which means that the standard six per cent commission for Realtors could be on its way out.

With the spring housing market heating up, a Toronto law firm wants to see those changes come to Canada too, says Garth Myers with the Toronto-based law firm Kalloghlian Myers. 

“We believe that the rules agreed to between real estate brokerages relating to the payment of commissions to buyer brokers were anti-competitive and inflated the price of these commissions and had a negative impact for seller of houses,” said Myers, whose firm has brought a proposed class-action lawsuit before the Federal Court to change the rules along similar lines in Canada.

Not everyone agrees that changes in Canada are needed, though, and the …