How to Become a Real Estate Agent in Canada
Published August 29, 2023.
The sharp increase in Canada’s interest and inflation levels has led to rising rents and mortgage rates across the country. Despite these increases, property sales across the country remain high and the rental market is more competitive than ever. There has never been a better time to start a career as a real estate agent in Canada. This blog will share the steps to becoming a real estate agent and how a loan from Windmill Microlending can help you pay for getting licensed.
What are the responsibilities of a real estate agent in Canada?
If you enjoy meeting new people and having autonomy over your work schedule, you’ll love working as a real estate agent. In this role, typical responsibilities include:
- Meeting with potential buyers of a property and taking note of their specific requirements for a property
- Finding a property that matches a buyer’s specifications
- Carrying out property inspections to ensure that it meets specific standards
- Working with a listing agent to arrange property viewings
- Preparing various purchase documents and legal contracts to finalize a sale
Excellent networking and communication skills are essential to succeed as a real estate agent, as well as a keen eye for detail.
How to become a real estate agent in Canada
If you’re new to Canada and interested in becoming a real estate agent, it’s worth noting that the process varies slightly from province to province. The first step is to begin your real estate certification. Each province administers their own certification courses through sanctioned real estate councils. More information about province-specific requirements is available here.
The second step is to find an agency that will sponsor your real estate licensing. Many people organize meetings with a few different brokers in order to find the right fit. It’s important to ask questions about the agency setup and brokerage fee structure. The goal is to find an agency with a similar work style to yours and a reasonable fee structure in place.
Once you’ve settled on an agency, you can start the process of taking the real estate licensing exam. Most provinces require applicants to pass a written licensing exam in order to secure a real estate license in Canada. If your application is approved, you’ll need to pay a licensing fee.
The next step is to get errors and omissions insurance through your province’s real estate association. This will insure you against any mistakes or accidents that could take place on the job. Learn more about errors and omissions insurance here.
After your real estate license has been approved, many provinces require a novice real estate agent to undergo a period of supervised training, referred to as articling. Articling is where the agent receives mentorship from a more senior and experienced professional in the industry.
Once your articling period has ended, you’re free to start working as a fully qualified real estate agent in Canada! Many real estate agents start out with business cards and a basic website to promote their services in the location that they live in.
Windmill Microlending can help you become a real estate agent
If you’re new to Canada with permanent status, you may be eligible for a low-interest Windmill loan of up to $15,000. This loan can be put towards the licensing process for becoming a real estate agent in Canada. Learn more about how our loans help newcomers achieve career success.