How To Become A Licensed REALTOR® In Toronto

Fivewalls: Becoming A Real Estate Agent in Toronto

Tips & Advice, Real Estate Agents
Last Updated: Sep 15, 2020

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
 

Fivewalls connects home buyers and sellers with real estate agents by showcasing their personal brand and reviews.  See how becoming a Fivewalls Partner Real Estate Agent can help you get introduced to new clients.

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. 
 

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

 

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