Getting a real estate license in Canada

In taking up a career as a real estate agent, it is important that you know that it can be very
challenging, rewarding, and even financially gratifying. In Canada, if you are dreaming of taking
to this line of work, then there are some important steps that you have to take before you can get
to the Promised Land. The first regulation that you have to cross, as usual, is that you have to be
at least eighteen years old. A high school education is necessary and you must also be fluent in
both spoken and written English. The criteria and regulations to be an agent generally vary from
one province to another and as such, you have check with your respective provincial regulatory
board. On top of this, you will have to take an examination, which in most provinces is issued by
the provincial real estate board.

However, before taking the licensing exam, one should take a real estate program or course. The
course can be taken in a traditional classroom setting or even online. Information pertaining to
where the real estate courses are taken can be acquired from your relevant provincial real estate
board offices. The program contains a set or a few courses that must be completed. Basically, the
courses are divided into three; the first part the basics such us what it entails to be are estate
agent and the process one has to follow to become an agent. This should be pretty easy
considering you are already in the process. The second part is a more detailed and includes
things such as the rules and guidelines in the real estate industry. At this stage, you are expected
to study the rules and policies that govern real estate both in your province and in the nationwide
real estate governing policies. Finally, the third part involve going into real estate specifics and
one is expected to select the type of real estate you wish to practice i.e. either the residential
course or the industrial commercial investment(ICI) course

The ICI course mainly covers areas such as; vacant land procedures, retail and office building
sales. On the other hand, the residential course covers areas such as; marketing procedures and
finding of buyers and sellers of property. Both of these courses provide in-depth analysis of the
real estate business such that one completes them; they are ready to dive in to the business. First,
however, you have to apply to work as a real estate broker in order to acquire the necessary
experience before taking the real estate licensing exam. The time required for one to acquire
experience varies from one province to another and as such, you should enquire from either your
employer or the real estate board offices in the relevant province.

The licensing exams usually require one to pay for them before they sit for them. In some
provinces, you may be required to sit for a pre-licensing exam before sitting for the main real
estate exam. If you do pass, then you finally get your license to work as a real estate agent.
Guide when buying real estate in Canada

If you are looking to buy a house in Canada for the first then this article is just for you.   Buying
a home for the first time can be quite a grueling situation and that is why I have taken my time to
give you a step by step guideline on how can acquire that dream home. The good news of the
market though is that currently, there are more sellers than buyers of property and you will most
probably acquire your dream home at a relatively low price than you would otherwise have paid
for it. Purchase of property in Canada as a whole is a step-by-step process that needs to be
mastered before one embarks on the long and tough journey that lies ahead in an attempt to
purchase a home. Here are the steps;

The first step should involve acquiring secured mortgage with your relative bank or even a
mortgage broker. Both agents essentially do the same thing the main difference being that a bank
only represents itself while a mortgage broker may approach various banks as your agent to fin
you the best mortgage that meets your particular needs. The advantage with these brokers is that
they do not charge you anything as they are paid by the banks that they bring in clients for. If
however, you have a particular bank that you have worked with before and come to grow some
form of loyalty, then it is better you approach it for the mortgage. Do not begin your search for a
house until you are certain if and how much the bank is willing to lend you. This is probably the
biggest mistake buyer make. You find the individual has found a house that he/ she would want
and because he assumes he will get a substantial mortgage, they go ahead and pay a deposit for
the house with their own money. If the bank fails to lend them, they stand to lose their deposit or
even get sued.

The next step for you should be acquiring a qualified realtor to help you with the house seeking.
It is important that you do not pick a realtor that has the property that you are looking to buy. If
the realtor acts as both a buyer and seller of the property, then, he/she is most likely going to give
preference to the seller. Once you have picked your realtor, you can now start the house search
with him/her leading the way. Once you have identified a property, sit down with the owner and
iron out all issues. All the items of transaction between the two of you should be recorded and
signed by both of you to make it legally binding after you pay the deposit. At this point, there is
no turning and any breach of the contract can lead to a legal suit against you or the owner.
Finally, ensure that your realtor insert clauses that you may feel are necessary to the contract
before actually signing it. This may safe guard you against some unforeseeable problems in the
future.
Tips when selling real estate in Canada

If you are seeking to sell your house or property in Canada, then you have come to the right
place. In this article, I seek to give you some simple tips on how best you can achieve this
goal. It is no mean feat to sell property, especially a house, in a market that is full of options
for the prospective buyers. The number of houses for sale in the market currently exceeds the
number of buyers in the market, thus you have to have an extraordinary product for you to be
able to sell. So what happens when you do not have an extraordinary product? Does it mean
you have to give up on the whole idea of selling your property? Not necessarily. Here are
some tips to make that buyer want your house and not the next one.

First thing is first; impression. It is true what they say about first impressions; a good first
impression sets the tone for the rest of the items on the menu. You should ensure that
everything is as clean and tidy. The potential buyer will judge the whole property by just how
well the sidewalks and backyard are kept. Other important things to take into consideration
should be how your house smells and the setting of your home. The house should smell as
good as it looks. The longer the client stays in the house, the higher the probability that he/she
will get to see the house in good light.

In putting your house in the market, it may prove quite beneficial if you employed the services
of a home-staging consultant. At a minimal fee, you can your house in an attractive manner
that could easily sway the decision of the potential buyer. How your house is set may easily
help the buyer know if the house meets the needs that he/she may be requiring of the house. If
this not possible, then you may consider bringing in a cleaning crew to ensure that, your house
is sparkling and shinny. As I mentioned earlier, first impressions are quite important and your
house looking shinny may not only get you a buyer, but may also fetch you a very good price
for the property.

In terms of advertising, it is important that you check for details in the MLS website if your
realtor has placed the proper details. It is common that the realtor gives the wrong information
as pertains to your property. You thus be able to correct the mistakes as soon as possible to
avoid meeting irate buyers who find out that the advertisement is different from the real
property. If you are intending to sell the house yourself, know that advertising of the property
is everything. If no one knows that your house is for sale, then do not expect anyone to make
an offer. Though selling the house may seem the cheaper option, you should know that it is no
mean feat and as such, you are advised to make use of a realtor who may most probably have
more experience and connections than you.
Foreign ownership of real estate in Canada

Planning to buy property in Canada? Then you could not have it any easier than in Canada. The
bottom line is that buying or acquiring a piece of the great country is the easiest thing you could
ever do. Purchase of property is set under the Canadian real estate law. Under the Canadian law,
purchase of property can be bought depending on the residency point of view. If one intends to
stay in the country for a period less than 6 months in a year, then the government considers them
non-residents. This is not so bad considering the fact that this allows them to open bank
accounts, purchase property, own property etc. however, if one intends to live in the country for
a period longer than 6 months, then they are considered to be permanent residents. Under the
law, the government requires them to apply for immigrant status.

It should be noted however, that each province generally has its own laws that govern the
ownership of land. A majority of provinces such as British Columbia and Quebec have no
restrictions on foreign ownership of real estate ownership in those particular provinces. The other
few remaining provinces however do limit the amount and extent of foreign ownership of
property or real estate to some extent. Some may be more stringent than others. In Prince Edward
Island for non-resident buyers to own land, they must apply to the Island’s Regulatory and
Appeals Commission for land over 5 acres in size, or land with a shore frontage greater than 165
feet while in Manitoba, the non residents are prevented from ownership of farm land in the
province unless they plan on moving within the next 2 years. Other provinces such as Alberta
and Saskatchewan are more liberal. In Alberta one can own up to two plots of not more than two
acres each while in Saskatchewan, non-residents may own land up to 10 acres in size.

Before purchasing real estate, it is essential that you acquire a trustworthy realtor. After the
acquisition of a realtor, you should be secured mortgage then go out in search of your preferred
property. Once you have found your property, an offer is made and if accepted a deposit is
payable. You should note that as per the law, when one is buying a real estate in Canada, the
offer should be in writing so that all the aspects of the offer are captured in the document. Once
the owner of the property or even you signs the document, it becomes legally binding.

Finally, know that if you withdraw, you stand to lose your deposit once you have signed the
contract. In addition, if the owner of the property chooses to, he/she may sue you if you
withdraw from the contract. On your end, it is important that all the items on the property are
recorded in the document such that if removal of any of them can be grounds for you to launch a
legal suit against the owner.
Buying vs. renting real estate in Canada

Probably the greatest debate raging on in Canada right now is whether renting or buying a
property is the best option right now. Everyone holds their own opinion as pertains to the
matter for various conflicting reasons. Some base their opinions on personal experiences or
through those of others around them. However, one man’s meat may be another man’s poison
thus the conflicting opinions. This article on the other hand discusses the advantages and
disadvantages of both options in detail in order to help you make an informed decision. The
ultimate of selecting whichever option will be left to you since you know yourself best.

Advantages of Renting

i. It is generally much cheaper to rent than to buy a house. For majority of the
population, this would prove to be the most viable option of the two.
ii. Renting requires little or no commitment on the part of the tenant. Though currently
most of the property owners in Canada may require you to sign up to a 1-year lease,
this rule is generally negotiable. One can reduce it and make it a month-to-month
lease.
iii. Unless expressed in the lease, the tenant is not required to make any changes or
repairs to any part of the property. Whenever anything requires maintenance, the
tenant calls in the property owner to carry the repairs at no cost whatsoever. This
saves up a lot of money and time for the tenant.
iv. Moving houses takes an instant. The headaches associated with looking for a buyer
in case you own the house does not exist. Owning a house basically ties down an
individual to one place.

Disadvantages of Renting

i. Renting restricts one to use the house as they found it. The tenant has no right to
change anything on the property without the express authorization from the property
owner.
ii. Renting a house may be inconveniencing for some tenants due the large number of
rules and restrictions that may be in place. These restrictions may interfere with
 someone lifestyle to some extent. Examples include rules against smoking, drinking
or even ownership of pets, which are common in most rental units.
iii. Living in rental apartments may be a very unpleasant experience as you have to put
up with a combination of smells and noises from your neighbors.

Advantages of buying

i. Buying a house is a great way of investing I yourself. Ownership of a house is

one of the most essential personal investments one can undertake.
ii. A house can be used as collateral to secure important funds to carry out other
important activities.
iii. Ownership of a house gives one the freedom to do whatever he/she wishes to do.
iv. Ownership of a house installs upon the owner a sense of security.

Disadvantages

i. Buying a house is not cheap at all and not all people can afford to do so.
ii. The maintenance costs that may be incurred are catered for by the owner of the
house
iii. Buying a house restricts one to movement. If one feels that they are bored by
their location or even a change in job, they can move easily without bearing a
large cost.