Canada is a vast country, and there are plenty of property development opportunities in various parts of it. Statistics show that real estate business is growing rapidly, and the Canadian real estate industry is recovering from the real estate bubble of 2016-17.
This means that, sooner or later, there will be a lot of vacancies for real estate agents. Here, we will guide you on how to become a real estate agent in Canada:
What Are the Requirements to Become a Real Estate Agent?
Just like any other jobs, there are some prerequisites to become an agent in Canada. Basically, you must be:
- At least 18 years old
- Graduated from 12th grade
- A citizen of Canada
There are also some requirements for licencing that will be discussed next.
What Schooling Do You Need to Become an Agent in Canada?
Completing a real estate course is the first step. Each province in Canada operates its own version of the course, but the basics are more or less the same. Following that, you should find a suitable brokerage agency to sponsor you. Every applicant should do their own research about work style and principles when choosing a brokerage. Once your sponsorship is
approved, it is time to pass the licensing exam. The fees for these exams varies across the country.
Those who pass the exam can now undergo a period of professional training supervised by their brokerage. This is often referred to as articling. The context and requirements vary among different provinces.
What is Caib and How to get CAIB designation?
The commission ranges from five to 20 percent on the first year premium with a reduced amount often paid for renewals. Brokers who sell life and health insurance often earn a high first-year commission and lower commissions on individual health and life renewals.
Understanding CAIB designation
If you are in the real estate industry or if you are wanting to become an insurance broker in Canada, you’ve run across the term CAID designation. So, what exactly is CAIB designation? It is a professional designation made by the IBAC or Insurance Brokers Association of Canada. It is a nationally accepted designation that’s basically a way for brokers to establish themselves as an Insurance expert in the field and at the same time build a credible reputation with their clients. That’s basically the reason why a lot of insurance brokers want to know how to get CAIB designation.
CAIB or Canadian Accredited Insurance Broker program is designed and made by brokers for upcoming brokers. It’s a program that provides each insurance professional with the necessary skills and knowledge to work in insurance brokerage firms. CAIB designation program which is governed and led by the Insurance Brokers Association of Canada will cover all the aspects of casualty and property insurance. This includes auto, home and business, as well as brokerage management.
After a successful completion of the four modules of the CAIB designation program, the graduates who work for and also the IBANS brokerage members are entitled to use the nationally recognized designation of CAIB. On the other hand, graduates but not a member of the brokerage will receive a certificate but they are not entitled to use the CAIB designation.
About the Author