Start-Up Costs

Start-Up Costs

Real estate is a demanding profession with high standards. Those standards are maintained through comprehensive education and experience requirements, and supported by the services of several organizations at the provincial and real estate board levels.

The following is a brief summary of the start-up costs associated with a career in real estate. For more information, new or potential REALTORS® should consult:

Contacting a real estate brokerage may also help potential REALTORS® learn more about the business.

Licensing Education Fees
These fees are payable directly to the organizations noted.

Licensing Education
Organization
Fee
Licensing Course
Financial calculator
Real Estate Division, Sauder School of Business, the University of British Columbia  1150.00
60.00
Residential Trading Services Applied Practice Course or the Commercial Trading Services Applied Practice Course (includes GST) British Columbia Real Estate Association 918.75

Licensing Fees
Effective April 1, 2017

  First-time applicant Renewal applicant
Real Estate Compensation Fund assessment 300 0
Errors & Omissions Insurance assessment 700 700
Superintendent of Real Estate assessment 150 150
Real Estate Council of BC licensing assessment 450 450
Application fee 60 30
Total Licence Fee for Individuals $ 1660 $ 1330

Real Estate Board Fees
These fees are payable directly to the local real estate board and vary throughout the province. They include:

Fee Description
Fee
GST
Total
BCREA new member initiation fee 495.00 24.75 519.75
BCREA annual dues 232.00 11.60 243.60
The Canadian Real Estate Association (CREA) new member installation fee 200.00 24.00 224.00
CREA annual dues 246.00 12.30 258.30
Total (start-up)
$ 1173.00
$ 72.65
$ 1245.65
Yearly after start-up $ 678.00 $ 47.90 $ 725.90

Additional real estate board fees may include a board initiation fee, board monthly/annual dues and listing fees.

Check with your local board for specific fee information.

Other Expenses
The following may also apply:

  • Mobile phone
  • Computer and printer
  • Contact management software
  • Website, business cards and other promotional materials
  • Business automobile insurance
  • Business attire
  • Desk and transaction fees
  • Criminal record check (for licence application)