It’s not just housing prices that have seen growth, but broker incomes as well.
The September issue of CMP, which was recently published, took a close look at current broker incomes which, unsurprisingly, have increased along with home sales.
Last year, the Canadian real estate market saw housing prices increase 7%; home sales also grew at a rate of 5%.
As for brokers, they collectively reported a 20% income boost, according to the most recent CMP Broker Lifestyle survey.
So what have brokers been doing with that extra cash?
Many have prudently used it to pay down their own mortgage debt, reinvesting into the real estate market, and saving.
According to the Lifestyle survey, brokers have an average of 60% home equity; 45% own rental properties; and the average rate a broker pays for his or her mortgage is 2.5%
Talk about practicing what you preach.
CMP also took a closer look at the income breakdown based on province, and the results reveal brokers in the busiest markets are cashing in.
The average broker in British Columbia – where home prices average $568,405 – made $98,036 last year.
Alberta brokers, meanwhile, took home an average of $140,542. The average home price in oil country last year was $400,590.
In Saskatchewan, where homes averaged $298,360 last year, brokers reported an average income of $73,333.
Manitoba-based brokers earned an average of $90,000 in 2014, placing mortgage for homes with an average price of $266,329.
Ontario brokers seem to earn the most – with an average salary of $157,453. The average price, meanwhile, was $439,984 last year.
Finally, Quebec-based brokers earned an average of $61,250 in the relatively affordable market, where home prices averaged $271,227.