Operating revenue for the real estate agents and brokers as tracked by Statistics Canada grew 10.8 per cent from 2013 to hit $10.8 billion in 2014.
Statistics Canada says this increase was “largely attributable to strong growth in the three largest provincial markets in 2014.”
During the same period, operating expenses were up 8.9 per cent to $8 billion, raising the operating profit margin from 24.4 per cent in 2013 to 25.7 per cent in 2014, the agency says.
Ontario real estate agents and brokers generated $5.5 billion in operating revenue in 2014, up 9.8 per cent from 2013. Businesses in British Columbia grew 19.3 per cent from 2013 to $1.7 billion and Alberta’s operating revenue increased 19.4 per cent to $1.4 billion over the same period.
Subcontract expenses, which included the commission expenses paid to other brokers, accounted for the largest share of the industry’s operating expenses at 34.3 per cent.
Salaries, wages, commissions and benefits totalled $1.2 billion in 2014, up seven per cent over the previous year and accounted for 15.2 per cent of total operating expenses, says Statistics Canada.
Operating revenue ($560.8 million) and operating expenses ($468.9 million) held steady for the real estate appraisers industry, resulting in an operating profit of 16.4 per cent, it says.
