New numbers suggest British Columbians are cashing in on rising real estate prices, including young professionals who have not even purchased their first home.
It seems the only way to make the best out of Vancouver’s ascending home prices is to become a real estate agent, and if you have been considering this career change lately, you’re not the only one.
The Real Estate Council of B.C. has released their annual report, highlighting some enormous growth in real estate licensing programs. UBC’s Sauder School of Business operates the province’s main licensing school for real estate and mortgage brokering, and saw a 34% increase in the number of students enrolled in trading, rental and strata licensing courses this year over last.
A total of 4,619 students were enrolled in those courses in the 2014/2015 year, up from 3,374 in 2013 and only 2,835 in 2012.
“The numbers of individuals licensed to deliver real estate services in BC are currently at their highest levels ever: there are 22,005 licenced real estate professionals in the province,” says the Real Estate Council of B.C, “Since 2005, the number of licensees has increased by nearly 40%.”
Meanwhile, the price of a home in Metro Vancouver has risen 75% in that time period.
But course enrollment is not always telling of how many agents make it into the market.
“Although course enrollment is high, not all students go on to obtain their real estate licence: some do not complete the course, others are unsuccessful in attempts to pass the licensing examination, and still others choose not to become licensed.”
While there are more real estate agents than ever, it makes competition fierce. Even though there were 40% less agents in 2005, that year saw over 40,500 home sales, compared to 2015 which will likely reach about the same number with almost double the number of agents hoping to make a sale.
Have you considered becoming a real estate agent?