How Much Does It Cost to Maintain Real Estate License in Ontario?
Wondering how much it costs to maintain your real estate license in Ontario?
You’re not alone! Many people are curious about the cost of maintaining their real estate license. That’s why we’ve put together this handy guide, which outlines the fees associated with license renewal.
We know everyone’s situation is unique, so we’ve included information on late fees, reinstatement fees, and more. Read on to learn more about how much it costs to maintain your real estate license in Ontario!
In this post, I will cover the following:
- How much does a real estate license in Ontario cost to maintain?
- How can you pay for your license renewal?
- What are the late fees for license renewal?
- What is the process for reinstatement of a real estate license?
- How long does a real estate license last in Ontario?
How Much Does It Cost to Maintain Real Estate License in Ontario?
It’s important to understand the costs associated with maintaining your license once you’ve completed the initial licensing process.
First, let’s talk about the pre-registration phase. During this phase, you’ll need to complete five courses, four exams, and two simulation sessions. The total cost for this phase is $3,590. This includes the cost of eLearning modules, invigilated theory exams, and in-person simulation sessions.
Once you’ve completed the pre-registration phase, you’ll need to pay some licensing fees to maintain your license. These fees include a one-time TREB registration fee of $460, an annual TREB membership fee of $859.65, one-time CREA and OREA fees totalling $400, an annual CREA and OREA fee of $400, and an annual errors and omissions insurance fee of $440. Every other year, you’ll also need to pay a license fee to RECO, which is currently $350. The annual cost of maintaining your real estate license in Ontario is $2,509.65.
While these fees may seem steep, it’s important to remember that a career in real estate can be very rewarding and provide a good income for those who are successful in the field. So, it’s worth considering. Make sure you understand the costs involved in maintaining your license before taking the plunge.
Pre-registration:
| Fee/Cost | Amount |
|---|---|
| Course 1 | $525 |
| Exam 1 | $100 |
| Course 2 | $595 |
| Exam 2 | $100 |
| Course 3 | $315 |
| Exam 3 | $100 |
| Simulation Session 1 | $750 |
| Course 4 | $315 |
| Exam 4 | $100 |
| Simulation Session 2 | $600 |
| Course 5 | $90 |
| Total Pre-registration cost | $3,590 |
Licensing Fees:
| Fee/Cost | Amount |
|---|---|
| TREB Registration (License Fee) | $460 |
| TREB Membership (Every July 1st) | $859.65 |
| CREA/OREA Registration | $400 |
| CREA/OREA Fee (Every January 1st) | $400 |
| E&O Insurance | $440 |
| RECO License Fee | $350 |
| Total Licensing Fees | $2,509.65 |
Grand Total: $6,099.65
How Can You Pay for Your License Renewal?
Renewal: You can pay for your license renewal in a few different ways.
You can either fill out an online form on their OREA Portal or email them a renewal form.
What Are the Late Fees for License Renewal?
If you don’t renew your license on time, you’ll be charged a late fee of $100.
In addition, if your license has expired for more than two years, you’ll be required to retake the Real Estate and Business Brokers Act exams.
Also, check out these related articles:
How Many Hours Do Real Estate Agents Work?
When Do Real Estate Agents Get Paid Their Commission?
What Is the Process for Reinstatement of A Real Estate License?
If your license has expired for more than two years, you’ll need to apply for reinstatement.
The first step is to take the Real Estate and Business Brokers Act exams. Once you’ve passed these exams, you’ll need to apply for reinstatement and the applicable fees.
If your license has expired for more than five years, you’ll also be required to complete mandatory education courses. The cost of these courses varies but is typically around $200.
How Long Does a Real Estate License Last in Ontario?
A real estate license in Ontario is valid for two years. After this, you’ll need to renew your license to continue working as a real estate professional.
Conclusion
We hope this guide has helped answer your questions about how much it costs to maintain your real estate license in Ontario! If you have any further questions, we encourage you to contact the OREA for more information. Want to learn more about the cost of being a brand-new real estate agent in Ontario? Check out this video.
