Canada has become a paradise for those who are aspiring to be in the real estate industry. Canada is undeniably big, with an infinite amount of land from the Pacific to the Atlantic, not to mention the many different islands scattered all over the seas. As a result, there are many opportunities for real estate agents to make it big in Canada.
With Canada opening its borders to more and more immigrants, owning real estate is a top priority for many people, and cities like Vancouver and Toronto are known to be real estate jackpots to agents.
More people are becoming very much interested in becoming real estate agents in Canada. Contrary to popular belief, it is easy to become a real estate agent in the Great White North.
Becoming a Real Estate Agent in Canada
Here are the things we need to know about becoming a real estate agent in Canada.
Requirements and Educational Attainment
An aspirant must be qualified under the following basic requirements to be a real estate agent in Canada:
- At least 18 years old;
- Finished from 12th-grade minimum; and
- A Canadian citizen.
As for the education needed, it is highly recommended that an aspirant would be able to finish a real estate course. This is important because it teaches them everything they need to know to succeed in the real estate industry.
Each of the thirteen Canadian provinces and territories has its own version of the real estate course. Still, they are most likely similar to one another. The only difference lies in the geographical and political aspects, including cities and towns.
Finding a Suitable Agency For You
When the aspirant has finished taking the real estate course, they should look for a brokerage agency that fits their needs to sponsor them. Each applicant should do their own research about the work ethic, working environment, and principles one must-have when choosing their brokerage of choice.
Real Estate Licensing Requirements
The education and license requirements for real estate occupations are set by provincial regulators. However, in most cases, it is imperative to first achieve a minimum educational requirement.
Before one may be registered as a real estate professional, one must complete a period of supervised practical training, generally known as articling. In addition, although provincial and territorial licensing standards differ, all provinces and territories need potential salespeople and brokers to complete a written exam.
A range of real estate or related courses is currently available at colleges and universities. In addition, students can concentrate on a program leading to a bachelor’s degree in real estate at many universities.
Graduate-level courses are available at some universities. For course information and directories, contact the institution or college of your choosing.
Continuing education is also mandated in certain provinces and accessible in others to ensure that real estate professionals stay current with the latest advancements in their field. After obtaining a provincial license, a person can join a local board and the Canadian Real Estate Association and become a realtor.
Getting an Errors and Omissions Insurance
Before getting a real estate agent license, the applicant must get errors and omissions insurance obtained through the province or territory’s real estate association.
Errors and omissions insurance (E&O) is:
- Professional liability insurance coverage businesses.
- Their employees.
- Other professionals from claims of shoddy work or carelessness.
This will protect you against any errors, damage, or other catastrophes that may occur when on the job.
Completing an Articling or Professional Practice
Many provinces require new real estate agents to complete specified articling educational requirements when their license is approved.
This is essentially a time of supervised training. The new real estate agent is mentored by a more senior real estate professional — most likely with their chosen brokerage.
Getting First Clients in Real Estate
After completing every requirement, we can now handle sales in real estate agencies. Since we are already licensed and equipped with the experience needed to become competent real estate agents.
Real Estate Agent Income
One of the most important questions is about the salary a real estate agent earns. Neuvoo, a Canadian job posting site, mentioned that the average income for a regular real estate agent in Canada is about $100,000, or around $51 an hour. For beginners, they can earn up from $33,000, and it can go up as experience piles up.
It is important to note that Ontario and British Columbia offer higher opportunities for real estate agents to earn more. This reason is that Toronto and Vancouver are located there, respectively.