An exodus of 45,000 Ontario real estate workers has hit the industry since the slowdown - but some say Toronto still has too many agents

• By Shawna Connelly
• Posted Monday, Feb 26, 2024 10:24 am

An exodus of 45,000 Ontario real estate workers has hit the industry since the slowdown - but some say Toronto still has too many agents

Agent revenues have plunged as the market slowed to a crawl. But Toronto still has more agents per capita than anywhere else in the world, and some worry even more could jump back in. 

Cailey Heaps of Heaps Estrin Real Estate says a silver lining of the real estate downturn is that those who stayed in the professional have experience. "If you're competing for a property with an agent who lacks the skill or knowledge and aren't as aware of how to structure an offer that can be detrimental for the buyers."

Not a lot surprises Cailey Heaps when it comes to buying and selling houses. Having spent more than 25 years as a broker in Toronto’s competitive real estate landscape, she has navigated almost every type of market, adapting to the ebbs and flows of sales activity.

That’s why, when she was hired to sell a classic, three-bedroom brick house in midtown’s tony Davisville Village in 2021, she knew what to expect — it would be business as usual. But it wasn't: she and her team were met with a frenzy of inquiries, endlessly ringing phones, back-to-back showings, and packed...[READ MORE]