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As the Toronto market heated up, the number of Real Estate Agents working in the market increased. The ranks of Real Estate Agents in Canada's largest city have increased by 77% since 2008. But as it slows, the number of Real Estate Agents will decrease.
Garth Turner on his blog The Greater Fool quotes the Toronto area realtor-correspondent Old Ron, with a fresh report from the field:
"The agents are starving from 1) Absurdly high number of realtors. 2) A 66% crash in number of sales. 3) A 20%+ decline in sale prices, and 4) a softer commission picture. A perfect storm."
It’s clear that it will harder for Ontario real estate agents to make a decent living. Even if the “real estate market” continues it’ frenzied pace, there are more and more “real estate agents” chasing the supply of listings and the new buyers.
To add to the problem, more and more home owners are attempting to sell their properties outside the conventional model. Using discount brokerages or the "For sale by Owner" model. In short, many sellers are are attempting to avoid the fees that they must pay to use the services of a “full service broker”.
It’s time for Ontario real estate agents to consider carefully how they will compete in this new reality. For some, it may be time to take a break. If this is you, contact us to see how we can help.