The Canadian housing market is booming once again. In fact, as per statistics, home sales have increased by 10.2% in 2024. Also, to make things a bit more exciting, the Bank of Canada has recently lowered interest rates by half a percentage point to 3.75%.
Given the statistics, it is high time to either become a certified real estate agent or a mortgage broker. But choosing between becoming a real estate agent or a mortgage broker can be tricky.
In this detailed guide, we’ll help you choose between these two and answer all the questions regarding mortgage broker vs real estate agent
Differences Between Real Estate and Mortgage Broker
While some may get confused between these two or even consider them the same, these two have different roles and responsibilities.
Career Roles and Responsibilities
Comparing real estate agent and mortgage broker key responsibilities.
How to Become a Real Estate Agent in Canada?
To become a certified real estate agent in Canada, you need to follow these steps:
You must clear the prerequisites for the licensing exam:
Be 19 years of age or older
Have a valid work permit with no restrictions
Have a clean criminal record
Complete the Real Estate Trading Services Licensing Course.
Achieve a minimum grade of 70% on the exam.
Obtain a Criminal Record Check.
Join a licensed brokerage firm.
How to Become a Mortgage Broker in Canada?
To become a certified mortgage broker in Canada, you need to follow these steps:
You must clear the prerequisites for the licensing exam:
Be 19 years of age or older
Have a valid work permit with no restrictions
Have a clean criminal record
Complete the Mortgage Brokerage Course in British Columbia.
Achieve a minimum grade of 65% on the exam.
Submit a Registration Application to BCFSA
Provide proof of education completion.
NOTE: If you’re looking for a trusted online real estate course or mortgage agent course online, BC School of Real Estate provides Live and recorded lectures to help you grow in your career.
Earning Potential: Real Estate vs. Mortgage
While both career paths are primarily commission based, here are the average earnings for both careers.
Real Estate Agent: Average salary is CA$69,397 per year
Mortgage Broker: Average Salary is CA$66,136 per year
Which is the Right Career for You?
While both real estate and mortgage operate under the same industry, both careers are quite different in what they do and how they do it.
If you are a people person who enjoys marketing and showcasing properties, real estate might be your calling.
On the other hand, if you’re passionate about finances, numbers, and finding the best deals for clients, a career as a mortgage broker could be the better fit.
Frequently Asked Questions (FAQs)
Is mortgage and real estate the same?
No, they have different roles. Real estate agents handle buying, selling, or renting properties, while mortgage brokers focus on financing.
What is a mortgage agent?
A mortgage agent is someone who helps people find the best mortgage options for their needs.
How much does a mortgage agent make?
On average, mortgage agents earn around CA$66,136 per year.
What does it take to be a mortgage broker?
To become a certified mortgage broker in Canada, you need to complete the mortgage brokerage course, clear the exam, and submit a registration application to BCFSA.
What's the Difference Between a Real Estate Agent and a Realtor?
A realtor is a real estate professional who’s also a member of the Canadian Real Estate Association (CREA).
