With the current economic state and the housing market in a daily state of volatility, there is a record number of Realtors NOT renewing their license when it comes up for renewal. RE Council of BC has seen a drop of nearly 70% of agents who are up for renewal but have chosen not to renew.
Agents in BC renew their license once a year at a cost of roughly $1000. If an agent does not renew their license, they have to take the Real Estate test over again if they want to ‘activate’ it. This is a good indicator in the business as to who is in it for the long haul.
Many of the agents who leave at this point are usually part time agents who have second jobs.