Making a commitment to a career in real estate also includes a number of financial considerations. Licensing course fees, licensing fees and a number of business related expenses (cell phone, computer, etc.) are just a few of the expenses you will need to consider.

Start-up costs

Real estate is a demanding profession with high standards. Those standards are maintained through comprehensive education and experience requirements, and supported by the services of several organizations at the provincial and local real estate board levels.

The following is an overview of some of the costs associated with a career in real estate:

Licensing fees

Program/ServiceOrganizationFee

Licensing Course

(Real Estate Trading Services Licensing Course)

Real Estate Division, Sauder School of Business, University of British Columbia 1,075

Licensing Course

(Residential Trading Services Applied Practice Course or the Commercial Trading Services Applied Practice Course)
British Columbia Real Estate Association 875
Licensing fee and assessments Real Estate Council of British Columbia 450
Errors and Omissions Insurance 700
Real Estate Compensation Fund Corporation 100

Total start-up licensing fee

$3,200

Every two years after start-up $1,250

Source: Real Estate Council of BC
Fees updated July 2018, and are subject to change. Note: GST not included.

 

Member fees

Fee descriptions
Entrance (new member) feesFee
Real Estate Board of Greater Vancouver (REBGV) 100.00
British Columbia Real Estate Association (BCREA) 495.00
The Canadian Real Estate Association (CREA) 200.00
GST 39.75
Total new member fees $834.75
Annual duesFee
REBGV 468.00
BCREA 144.00
CREA 310.00
GST 46.10
Total annual fees $968.10
Total start-up and annual fees $1,802.85

Fees updated July 2018, and are subject to change.

 

Other expenses

You may also consider the following to assist in your new profession:
  • Real estate company costs
  • Contact management software
  • Website
  • Promotional and marketing materials
  • Business attire
  • A reserve to cover your costs while you develop your client base

 

For more information:

Contacting a real estate brokerage may also help you learn more about what initial costs to expect.