BC Real Estate Facts:
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In 2002 the average yearly income of all workers within the real estate field was $44,700. Sixty three percent of these workers were full time and averaged $50,400. This is higher than the average occupation income level. However, it must be noted that agents have varying degrees of income. Some make very large amounts of money but a larger number make a modest income and some cannot even support themselves off their income.
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Do to the competitive nature of real estate since 2002 many agents have had to resort to work outside the real estate world to supplement their income.
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There are over 15,000 practicing real estate agents in BC today. There was under 13,000 in 2001.
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Approximately 95% of people working in real estate sell properties or are in the rental and leasing part of it. The majority of these workers are in the lower mainland (69%), approx. 15% are on Vancouver Island, about 100% in the Southern Interior and there approximately 5% practicing in Northern BC.
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Approximately 63 % of people working in the real estate field are male with the remaining 37% being female.
Things To Consider….
Employment growth for real estate agents, at a rate of 0.6%, is slower than the national average for other occupations. It is projected that there will be 5,070 new positions between 2001 and 2011. 84% of these openings are due to retirement and the remainder will be from the rise in the number of new jobs. Real estate agents used to be prohibited from working outside the their occupation, however, this no longer exists and getting started in real estate has become easier. However, it is quite hard to become established in this field and earning an income from sales commission has resulted in a high rate of turnover, which in turn constantly creates additional openings.
Employment in real estate is controlled by the insurance, market trends and finance industry. Over the past few years there has been a market boom across BC especially in the lower mainland that will eventually ease off and hinder the growth of employment in this field. There a number of factors that will affect the housing market:
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Size and age structure of population
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International and inter provincial migration
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Mortgage and interest rates
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Family and/or personal income
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Consumer spending habits
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Regional wealth
Technology advancements will make searching and posting data and information more efficient. This will allow real estate agents to work faster and be more effective which will eventually reduce employment growth to a certain degree. Agents can give show houses and give virtual tours of real estate without even having to leave the office. The internet can be used to search real estate and other relevant information without having to hire an agent.
is substantial.
For the next 5 years there will be a substantial amount of competition for employment in this field. Industry related sources say that BC has a surplus of real estate agents. Estimates show that approximately 9% of newly licensed agents leave the field within the first 12 months. Another 16% leave the following year for a total of 25%. Only half of all real estate agents stay in business for 5 years.
COLDWELL BANKER WESTBURN REALTY
5489 Kingsway Burnaby, BC V5H 2G1
Office Phone: 604.437.1123
Office Fax: 604.437.9077
admin@westburn.com