The housing boom has not only resulted in record real estate prices, it has spawned an unprecedented number of realtors, reports The Financial Post.
The number of people selling real estate reached 108,706 during the first quarter of the year, according to the Canadian Real Estate Association. To put it another way, that’s one realtor for every 245 Canadians over the age of 19.
So what’s going on? Much of it is an influx of speculative careers from would-be real estate agents who see a quick buck to be made because they know someone selling their house and they want to get the listing and the fat commission — up to 5% of the house price — that comes with it.
Phil Soper, chief executive of one the largest real estate companies in the country, Royal LePage Real Estate Services Inc., says there has been a rise in what he calls “the speculative” agent.
“You’ve got speculative agents who get their licence on the chance they might be able to sell a home,” says Mr. Soper.
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