Real estate agents and brokers see profit margins grow
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The long-term rise in residential real estate prices, particularly in Canada's large cities, has benefited real estate agents and brokers. From 2009 to 2010, total revenues increased 4.9% to $9.8 billion. The industry reported operating expenses of $7.5 billion. As a result, the total operating profit margin grew to 23.4% from 22.3% in 2009.
Real estate sales in Ontario accounted for $4.8 billion, about half (49%) of total operating revenues earned by the industry, followed by British Columbia (18%) and Quebec (13%) and Alberta (12%).
Ontario led national growth with a 9.5% increase in operating revenues for real estate agents and brokers, followed by Quebec (8.8%). Operating revenue fell in three provinces: Newfoundland and Labrador (3.4%), British Columbia (2.8%) and Alberta (2.0%), following several years of rapid growth.
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