Becoming a REALTOR® in the largest real estate market in the country will require a lot of hard work and dedication. It is not as easy people think, but if it is the right career for you, it ends up paying off in the end. It can take up to four years to finally become a fully licensed REALTOR®.
Becoming A REALTOR®
A lot of courses and practicing will need to take place between that time frame, and depending on how flexible you are, you can complete all the requirements sooner.
The Toronto Real Estate Council of Ontario (RECO) requires you to be a resident of Canada 18 years of age and have your high school diploma to begin. The Registration Education Program is $3,580.
Within 18 months, the following courses need to be completed to receive your basic license:
|
Course |
Hours |
Cost |
|
Real Estate as a Professional Career |
40 |
$575 |
|
Land Structures and Real Estate Trading |
60 |
$600 |
|
The Real Estate Transaction (General) |
40 |
$450 |
|
The Residential Real Estate Transaction OR The Commercial Real Estate Transaction |
40 |
$450 |
Approximate total cost of becoming a REALTOR® (as of January 2018): $5,150 + HST
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Maintaining Your Basic Real Estate License
You will have up to 12 months to be find employment with a real estate brokerage and register as a real estate agent. Within 24 months afterwards, you must complete:
|
Course |
Hours |
Cost |
|
The Residential Real Estate Transaction OR The Commercial Real Estate Transaction |
40 – You will do whichever course you did not do before |
$450 |
|
Real Property Law |
40 |
$550 |
|
|
ONE of these electives |
|
|
Principles of Appraisal |
40 |
$505 |
|
Principles of Mortgage Financing |
40 |
$505 |
|
Principles of Property Management |
40 |
$505 |
|
Real Estate Investment Analysis |
40 |
$505 |
|
Real Estate Broker |
40 |
$925 |
Approx. Total: $1,505 + HST
Every two years, a completion of 24 hours of courses is needed to maintain your basic license. But by this time, you will be able to get your name out there and start selling. Typically, REALTORS® reach a higher reputation at the five-year mark.
What Other Fees Are Involved?>>
There is a Toronto Real Estate Board Annual Membership Fee that you will have to pay (approximately $850) to keep your license, as well as insurance fees. Monthly payments to rent office space, advertise and market, and even your phone need to be taken into consideration as well. You will also most likely need to have your own laptop and mode of transportation.
Get Qualified Leads From Fivewalls
We match qualified home buyers and sellers with real estate agents. Sign up to learn how our Fivewalls works.
The best way to understand the market in Toronto is to be there yourself. Living in the area, previously or currently, will help you understand what your clients are looking or asking for.
Speak to professionals in the industry before even getting started. Hear what they have to say about their career and if they thought the costs, and long-term costs, are worth it. Most professionals will probably tell you the best, most satisfying feeling, was making that first sale.
See how becoming a Fivewalls Partner Real Estate Agent can help you get introduced to new clients.
Disclaimer: prices subject to change
