June 29, 2022
Real Estate

How to get your real estate license in Canada

Real estate sales can be a fabulously rewarding job, but you must enter with your eyes wide open! Successful individuals, like most things in life, make it look easy. What you see, however, is the result of their skills and money. In Canada, there are even more than 1lakh Willow Real Estate Salesmen with a commercial property licence (registered in Canada) or roughly one from each 266 mature Canadians, therefore they faced fierce rivalry.

They’ve also had to invest in their careers. Real estate, unlike other real estate vocations such as mortgage brokers, may be costly. New Real Estate  Salespeople in Ontario will spend more than $7,500 to get a registered licence, while mortgage brokers will pay just over $1,600. That will only get you in the door. Now you have to pay for promotion, your car, and all of the other expenses that will eat into your credit line until you start producing money. And once you start making money, you’ll most likely be splitting the commission with your brokerage (and CRA, of course). But, having said that, it’s a fantastic career if you have the time & expense to devote to it. If you’re wondering how to get into real estate Canada, follow these instructions.

Canada
Canada

Know your eligibility You must be:

  1. at least 18 years old
  2. able to perfectly legally study and work in Canada
  3. able to just provide particular government-issued identification (ID)
  4. have a minimal level of Canadian high school degree or approximately equal
  5. be skilful in the English

Begin your real estate certification

The first stage in the procedure is to successfully complete your province’s basic real estate licence course. Each jurisdiction conducts its own certificate programs through authorized real estate councils or association boards. While school requirements, institutes, and courses differ by province, the fundamental real estate licencing requirements appear to be pretty uniform across the board.

Join a brokerage firm

Mortgage brokers can be a rewarding career path if you know what you’re getting into. With less than 16,000 mortgage brokers/agents in Ontario (as of March 20, 2021), competition is substantially lower than in real estate transactions. While approximately 90% of consumers utilise Real Estate Salespersons to buy and sell a house, only roughly 30% use mortgage brokers/agents to secure a mortgage. There is plenty of space for expansion, or customers may not require mortgage brokers/agents as frequently as they do Real Estate Salespersons; it all depends on your outlook.

Apply for licencing and take the licencing exam

Now that you’ve found a new agency to sponsor your application, it’s time to submit your real estate licence application. While the requirements for licensure vary by province, most provinces require a written licencing exam in order to obtain a real estate licence. If your application is accepted, you must pay the licencing charge. In some jurisdictions, you may also be needed to join a professional association and pay membership dues.