Real estate agents must become licensed in order to trade in real estate in Canada.
As educational and regulatory requirements vary by province, make sure you find out what is required in your province.
Here is a basic overview of how to get your real estate license in Ontario, Canada:
To become a licensed real estate agent, you must:
1. Successfully complete the courses through Humber College for Ontario
Humber College is now the new provider of the Real Estate Salesperson Program in Ontario. The program is delivered on behalf of the Real Estate Council of Ontario (RECO). The program is flexible and will be offered online and in locations across Ontario. You can apply and start your coursework at any point during the year, without the time commitment of a full-time, semester-based program. Get started with your first course today.
2. Submit an application to your RECO, Ontario's licensing body, along with sponsorship from a licensed real estate brokerage (essentially an offer of employment).
3. Maintain your license by completing additional courses as required by the province.
Some of the basic costs in becoming a real estate representative, in addition to your courses from Humber College, can vary from Brokerage to Brokerage but be prepared for at least the following:
- Reco License (application fee) Check with Reco for updated fees www.reco.on.ca
- Obtain Police Background Check Report
- Reco Insurance (check their website for updated insurance fees)
The total cost of insurance, including taxes and expenses, for the 2019-2020 policy period is $465.00
- Your Local Board Fee's if you plan to start working immediately. There are options of holding your license while you are getting ready to trade. Not everyone is all set to go once they complete their course. You can register with a brokerage that holds licenses, like Future Group Realty Services, and you are not required to immediately join a board.
Sample: Toronto Board Fee's -Annual Dues, Plus Initiation Fee for First Application, plus OREA Fee's - Call for the latest update on fee's
(Expect Treb Invoice to be approximately $1,000 plus initiation fee)
Other typical agent start-up costs in the industry:
1. Business Cards
2. Website Creation
3. Buy Your Domain Name & Obtain Recognizable Email Address
5. Lock Boxes
6. Social Media Advertising Budget
Did you just finish your real estate course? Call us to obtain a Free Business Plan Report to get started with confidence.
Future Group Realty