18,000 to 20,000 people hold mortgage agent and/or mortgage broker licenses in Canada, according to CAAMP.
In Ontario alone, there are about 10,000. In BC and Alberta, there’s a total of 6,000. In Quebec, another 1,000.
It’s hard to say how many of these agents are truly active, however. The going assumption has been about 10,000 to 12,000.
Regardless, a more interesting question might be: How will the broker population change going forward?
While Canada’s broker count has increased over the last three years, it’s been stable at best in the past 12 months, says CAAMP CEO, Jim Murphy. Ontario, for example, reportedly saw a drop in their license renewals this year.
Increasing competition, falling home prices, rising rates, falling commissions, and bigger sales forces at the banks, could all conspire to shrink the industry somewhat—at least for the next year or so. Just in the last few months we’ve heard two brokerage CEOs say they expect broker headcounts have peaked for the foreseeable future.
Wouldn’t the banks just be tickled pink about that.