Canada seems to remain in a housing slump, and no end is in sight. Experts do not anticipate housing prices to improve anytime soon; therefore, real estate agents are seeing a decrease in the amount of income they make. It has become very challenging for real estate agents to keep up with the slumping housing market, so they are facing a choice on whether to continue in the real estate business.
Before becoming a real estate agent, a person might be asking, “How much do realtors make?” The salary of a real estate agent will vary. The average salary of an agent is around $52,000; however, some agents make up to $115,000 a year. During the current housing slump in Canada, real estate agents are seeing their income decline significantly.
Statistics show that agents are losing up to $70 million dollars in income each month. Therefore, it is getting much more difficult to earn a decent living as a real estate agent. The housing slump is tougher in some areas of the country. Housing sales have decreased in Vancouver around 23%, and they have decreased in Victoria about 5%. However, things are looking more optimistic for Calgary.
Even though prices have remained steady, sales have drastically declined; therefore, some people calling for a market crash. In December, the average price of a home sold was 1.6% higher than it was a year ago, but the number of homes sold dropped. In Vancouver, sales were almost at 2 billion a year ago, but this year, sales dropped almost 32%.
Around 100,000 individuals are employed in the real estate business, but some realtors have started to seek other sources of employment. Some people are starting to panic because they are not receiving an adequate amount of income. Therefore, they are keeping their license but finding other jobs to make a living.
The real estate industry is a large contributor to the economy of Canada, and most citizens of the country will not be affected by the housing slump. The housing decline will continue, and real estate agents will be the individuals who are hurt most by the collapse.