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The Real Estate Agent Boom
Toronto agent population up almost 20% in three years
Despite increased competition and a declining market more and more people want to get into the real estate business these days. The Real Estate Council of Ontario, or RECO, the regulating body for the real estate brokerage industry in Ontario, says there has been a 20 per cent overall increase in the number of registrants in Ontario since 2005. RECO is currently processing more than 400 applications for new registrations each month. In 2003, there were about 300 new applications per month processed by the industry regulator.
In 2005, Ontario had 40,665 registrants with 11,675 of those coming from Toronto (M postal codes) and 26,792, which included Toronto and Brampton, Durham, Mississauga, Oakville, Milton, Orangeville, and York. In 2007, Ontario had 49,429 registrants with 12,472 of those coming from Toronto (M postal codes) and 29,222, which included Toronto and Brampton, Mississauga, Oakville, Milton, Orangeville, plus Durham and York Regions.
As of today, the Real Estate Council of Ontario is showing 53,932 registrants on its website.
There has been a corresponding increase in membership of the Toronto Real Estate Board:
- 2005 — 22,953;
- 2006 — 24,894;
- 2007 — 26,861;
- 2008 — 27,046 (to date)
Given a GTA population of about 4 million, that means there is one real estate agent every 150 residents — men, women and children. And they all want to list your house. In fact there are probably several looking for you right now.
Source: Real Estate Council of Ontario and Toronto Real Estate Board.
February 23, 2008 in Agency Matters | Permalink
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Comments
Most markets experienced the same issues. Friends of mine in Atlanta saw almost a 300% rise in the Ranks of Realtors in just a few years. The National association of realtors saw their numbers rise from 750,000 in 2001 to almost 1.4 million in a few years.
Posted by: Prince William Homes | Mar 1, 2009 8:29:14 PM
While city halls have been generally objecting proposals on the implementation of a unified real estate tax, they have been gradually increasing the ratio of real estate related tax revenues in their total income.The rise in the ratio of taxes linked to real estate within total revenues is indicated by the fact that local governments' proceeds from property tax and land tax rose 14.7% yr/yr in 2007
Posted by: Greenville North Carolina Real Estate | May 20, 2008 4:42:56 PM
