The real estate market has been booming since the beginning of the COVID-19 pandemic. So, is it any wonder that scores of Canadians are joining the industry?
According to figures collected by realtor Scott Ingram, the number of members of the Toronto Regional Real Estate Board rose 10 percent to about 63,000 during the fiscal year that ended June 30. As The Globe and Mail put it, that works out to one realtor for every 88 adults in the Toronto region. I don’t have to tell you that’s a lot of competition. The G&L, in its article, wonders whether the real estate market can handle that many agents. But there’s evidence to suggest that it can. In November, home sales prices in Toronto reached an all-time high and The Toronto Star recently reported that 2022 will be a seller’s market, with double-digit price gains to remain a trend. Meanwhile, Re/max, one of Canada’s largest real estate brokerages, projects that the market will rise 20 percent over the next 12 months, with cities like Toronto forecast to see their home prices rise more than they did with falling interest rates. Indeed, housing prices are skyrocketing so fast in the Toronto area that many young people there have given up the hope of ever being able to purchase a home. Now I think we can all agree that we want a society where everyone who wants to be able to purchase a home can do so. But that kind of attitude among Generation Zers just speaks to the larger issue at hand: Real estate in Toronto is hot and is going to remain so for quite some time. Which just makes the real estate business that much more attractive. But if you’re eying a jump into the real estate business, be aware of some of the hard realities. Most real estate agents have to wait long, long periods of time before they receive their commissions on home sales. That can put realtors into a serious cash crunch, especially if they’re waiting on several big commissions at the same time. The company I work for, AccessEasyFunds which helps address this common problem by advancing realtors their commissions as soon as their sales are firm. Our services provide a cushion for real estate agents, which is especially valuable for someone just entering the business. I’ve been working for AccessEasyFunds since 2007 – 14 years! – but our services have never seemed more critical than right now, as the realtor ranks swell in these fast-paced, pandemic times. It’s a great time to get into real estate, and I’m glad AccessEasyFunds is here to help people make the transition to this exciting industry. |
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AuthorLarry Weltman is a Customer Service Representative for AccessEasyFunds Limited, or AEF, an Ontario-based firm Archives
November 2022
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