Is it a GOOD TIME to become a Real Estate Agent in Alberta?

Real Estate Raman Gakhal

A common question before someone starts the course is: ‘Is this a good time to become a Real Estate Agent in Alberta?’ According to me, it is always a good time to become a realtor, but I am an educator, and I am very passionate about Real Estate, so for me, it is always a good time. However, is it really a good time to become a Realtor in Alberta?

Now, there are a few things to consider:

Benefits of Real Estate in Alberta

1- Alberta is growing 📈

We are witnessing a lot of migration from different parts of Canada into Alberta. Many people are moving because Real Estate in Alberta is more affordable compared to other places like Ontario and BC. Moving to a new province can feel overwhelming, especially when you’re on the hunt for a new place to live. Real Estate Agents can help clients with the legal requirements and provide more information about neighborhoods.

2- Newcomers 🛬

We also have a lot of immigrants coming to Canada. Even though they may initially land in Ontario or BC, many will eventually make their way to Alberta. Our population is trending upwards, which means we need more homes, and more people will be looking for properties to buy. All these people looking to purchase properties will need someone to help them with the process, especially if they are coming from outside the city, province, or a different country. They may not know the process of buying Real Estate in Alberta, and therefore, they will need someone to guide them through it. This will create job opportunities in this area.

3- Real Estate investors 💰

Another reason to become a realtor is the increase of investors moving into Alberta or looking to invest in Alberta. I am a Real Estate investor, and I love all aspects of Real Estate. From an investor’s point of view, Real Estate in Alberta is more affordable, and the return on investment is much better. You don’t need $2 million to buy a house in Alberta, which makes it easier for many investors to purchase properties in Alberta. That being said, if somebody is an out-of-town investor, they won’t know the process and the market, so they will need guidance to buy properties. Even if someone is an investor in Alberta, they may not have access to all the properties that realtors will have access to.

4- You control your schedule 📅

Being a Real Estate Agent in Alberta is a rewarding career. Unlike the traditional jobs, Real Estate Agents have the benefit of having a flexible schedule, especially for those who want a more work-life balanced life. You decide the times you will be working for your clients while maintaining a personal life.

5- No cap on your earnings 🤑

In a 9-to-5 job, your earnings may be restricted by the job market. However, when you work as a real estate agent, you are self-employed and can increase your processes, attract more clients, and, therefore, increase your earnings. Scaling up your earnings is easier as a self-employed Real Estate Agent, as you don’t need permission to earn more. You can be more competitive and actually earn more.

After highlighting these points, as I mentioned earlier, it’s always a good time to become a realtor, especially now, as our market dynamics are changing. Alberta is growing, and its economy is expanding. We are witnessing a lot of migration, resulting in more people looking for houses, whether it’s for investment or for living. I expect this trend to continue. Additionally, as the Bank of Canada possibly changes its interest rates and lowers them over time, we are likely to see even more people entering the housing market.

At Alberta Real Estate School, we equip future Real Estate Agents and Mortgage Associates in Alberta with the necessary skills. Pass your Alberta Real Estate exam on the first attempt.

Check out the list of courses we offer for you:

Fundamentals of Real Estate

Fundamentals of Real Estate Exam Prep Course

Fundamentals of Real Estate Mock Test

Practice of Residential Real Estate

✅Practice of Residential Real Estate Exam Prep Course

Practice of Residential Real Estate Mock Test

Fundamentals of Mortgage Brokerage

Fundamentals of Mortgage Brokerage Mock Test

For more information, you can give us a call at 587-936-7779. We are open Monday – Friday from 8:30am to 5pm MST.

💯 We train tomorrow’s top Real Estate Agents and Mortgage Associates in Alberta!

This is WHY you should Join Alberta Real Estate School

Cover for Join Alberta Real Estate School

Are you ready to become a Real Estate Agent or Mortgage Associate in Alberta? One of the questions we often hear is “why should I choose Alberta Real Estate School?”

Alberta Real Estate School passing grades are the highest of all the course providers in Alberta. In addition to that, the marks that our students get are the highest too. One of the reasons why our students do so well in the final exam is because at Alberta Real Estate School we are truly committed to our students’ success. Having said this, we are the best Real Estate School in Alberta! Look at the following charts provided by the Real Estate Council of Alberta (RECA):

Fundamentals of Real Estate course in Alberta
Practice of Residential Real Estate in Alberta
Fundamentals of Mortgage Brokerage in Alberta

In these charts, you can see the names of course providers, exam attempts, success rates, and average scores from students. If you want to explore these statistics further, visit RECA’s official website.

Now let’s take a sneak peek and go behind the scenes and see what Alberta Real Estate School students see when they join our courses:

1. Students support 💪

We are here to support you; we’re just an email or a phone call away. If you need help with anything, please feel free to email your questions to our support email or call us during business hours. We have a Facebook group where you can ask questions as you are going through the material. We also have bi-weekly Q&A Sessions. In the Q&A sessions, Raman answers questions about course topics or concepts that aren’t clear to you. Please make sure that you use these valuable support tools.

2. Course materials 📒

The course is set up in a way that supports people with different learning methodologies, choose the one that works best for you. Make sure that you complete the slides and unit quizzes, those are the requirements for passing the course. In addition to that, we have given you PDFs. If you like to learn by reading and writing on paper, you can download the PDFs and make your own notes. We also provide videos. Videos are optional, but we highly recommend watching them, as Raman explains the many concepts, giving you a deeper understanding. Secondly, she points out concepts that are important to learn to prepare for the Alberta Real Estate final exam. Make sure that you pay attention to these important topics.

3. Access Exam Prep Materials 📑

We have summarized notes in point form, so you don’t have to go through the entire course material again, focusing on things that are important to know before you take the exam. We have also added extra questions for every unit, important topic review videos, and PowerPoint slides with concepts you need to know.

4. Mock tests 📝

We have 3 timed mock tests that have the same structure as RECA’s final exam. You will receive the same number of questions and they are timed for three hours. Once you complete the test, you can go back and review your answers. These answers have explanations to help you learn the concept in case you missed it during the course. 

Watch the following video to dive in behind the scenes:

At Alberta Real Estate School, we equip with the necessary skills future Real Estate Agents and Mortgage Associates in Alberta. Pass your Alberta Real Estate exam on the first attempt.

Check out the list of courses we have for you:

Fundamentals of Real Estate

Fundamentals of Real Estate Exam Prep Course

Fundamentals of Real Estate Mock Test

Practice of Residential Real Estate

✅Practice of Residential Real Estate Exam Prep Course

Practice of Residential Real Estate Mock Test

Fundamentals of Mortgage Brokerage

Fundamentals of Mortgage Brokerage Mock Test

For more information, you can give us a call at 587-936-7779. We are open Monday – Friday from 8:30am to 5pm MST.

💯 We train tomorrow’s top Real Estate Agents and Mortgage Associates in Alberta!

5 C’s of Credit – Things you need to know when applying for a Mortgage in Canada

Raman Gakhal from Alberta Real Estate School explaining the 5 C's of Credit whihc includes the things to keep in mind when applying for a Mortgage in Canada.

When applying for a Mortgage in Canada, you have to get eligible for a number of criteria’s – the 5 C’s of Credit. Thus, here are the 5 things to keep in mind when applying for a Mortgage in Canada.

To understand the concept of the 5 Cs of Credit, we have to first understand the concept of Credit. When it comes to the Real Estate and Mortgage Brokerage Industry, Credit means borrowing finances (money) or a physical substance that has monetary value. When someone takes a sum of money or a physical property that has monetary value on credit from someone, they take it as a loan. It can be defined as a value given in advance to someone and offer them time to pay that back.

Now, we all know that Money Grows with Time. So, whenever you lend someone a physical thing that has monetary value added to it, at the time of paying back, the person also has to give the added value of time taken to repay the same thing.

For Example

If A borrowed $10 from B today and decided to pay him back the same $10 after 7 days, then we can say that A took a loan of $10 from B. Now, when A is paying back the same $10 to B after 7 days, he also has to pay an extra charge for the time gap he took to return the same $10 to B. This is because, if B had invested the same $10 in a financial reserve, he must have earned some interest on $10 after 7 days. Money grows with time. The same $10 will have more value than its original value of $10 in future. That is why, we have “Present Value” and “Future Value” of Money.

Get the Key takeaways of the blog from the video below –

Financial Institutions like Banks work on the same principle. They lend money to people in need and charge a rate of interest for the time they take to repay the principal amount. Now, giving out money can be riskier if they are not pre-cautious about the situations of the person, they are lending the money. If the lender does not get repaid, he can occur a loss on the sum of money lent.

To check the probability of getting the money repaid, lenders use some tactics to understand the borrower’s capacity to repay the money they have lent. Here comes the 5 Cs of Credit that lenders consider when they have to lend money to the borrowers.

The 5 Cs of Credit are:

Each one of them has their own characteristics and importance while assessing the borrower’s repayment credibility.

[I] Character

Although it’s called character, the 1st C more specifically refers to Credit History, which is a borrower’s reputation or track record for repaying debts. This information appears on the borrower’s credit reports. Generated by the three major credit bureaus (TransUnion and Equifax), credit reports contain detailed information about how much an applicant has borrowed in the past and whether they have repaid loans on time. These reports also contain information on collection accounts and bankruptcies, and they retain most information for 7 to 10 years. Information from these reports helps lenders evaluate the borrower’s credit risk. The credit bureaus use this information to create a credit score, a tool lender use for a quick snapshot of creditworthiness before looking at credit reports. The Credit Scores range from 300 to 850 and are designed to help lenders predict the likelihood that an applicant will repay a loan on time.

[II] Capacity

Capacity measures the borrower’s ability to repay a loan by comparing income against recurring debts and assessing the borrower’s Debt-to-Income (DTI) Ratio. Lenders calculate DTI by adding a borrower’s total monthly debt payments and dividing that by the borrower’s gross monthly income. The lower an applicant’s DTI, the better the chance of qualifying for a new loan. Every lender is different, but many lenders prefer an applicant’s DTI to be around 35% or less before approving an application for new financing.

[III] Capital

Lenders also consider any capital the borrower puts toward a potential investment. A large contribution by the borrower decreases the chance of default. Borrowers who can put a down payment on a home, for example, typically find it easier to receive a mortgage. Down Payments indicate the borrower’s level of seriousness, which can make lenders more comfortable extending credit. Down payment size can also affect the rates and terms of a borrower’s loan. Generally speaking, larger down payments result in better rates and terms. With mortgage loans, for example, a down payment of 20% or more should help a borrower avoid the requirement to purchase additional Private Mortgage Insurance (PMI).

[IV] Collateral

Collateral can help a borrower secure loan. It gives the lender the assurance that if the borrower defaults on the loan, the lender can get something back by repossessing the collateral. The collateral is often the object one is borrowing the money for: Auto loans, for instance, are secured by cars, and mortgages are secured by homes. For this reason, Collateral-backed Loans are sometimes referred to as Secured Loans or Secured Debt. They are generally considered to be less risky for lenders to issue. As a result, loans that are secured by some forms of collateral are commonly offered with lower interest rates and better terms compared to other unsecured forms of financing.

[V] Conditions

Conditions can refer to how a borrower intends to use the money. The conditions of the loan, such as the interest rate and amount of principal, influence the lender’s desire to finance the borrower. Consider a borrower who applies for a car loan or a home improvement loan. A lender may be more likely to approve those loans because of their specific purpose, rather than a signature loan, which could be used for anything. Additionally, lenders may consider conditions that are outside of the borrower’s control, such as the state of the economy, industry trends, or pending legislative changes.

Understanding the 5 Cs is critical to your ability to access credit and do it at the lowest cost. Delinquency in just one area can dramatically affect the credit you get offered. If you find that you are denied access to credit or only offered it at exorbitant rates, you can use your knowledge of the 5 Cs to do something about it. Work on improving your credit score, save up for a larger down payment, or pay off some of your outstanding debt.

Join Alberta Real Estate School for expert help with understanding the concepts of Real Estate and getting uncommon and detailed tutoring sessions summarized as per your needs. Get our personalized Notes designed to get you through the Real Estate Exams in the first attempt! Visit our list of Real Estate Tutoring Sessions for details.

If you have any doubts for Exam Preparation of any of the real estate courses or topics, reach out to us directly at 587.936.7779.

You can also listen to the blog on our Podcast below. We hope you found this blog useful. Happy Realtoring!

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RECA Approved Course Providers – June 2022 Update

Alberta Real Estate School - RECA-recognized Course Providers Update - June 2022

As of June 1st, 2022, RECA (Real Estate Council of Alberta) has divested itself from offering Real Estate Licensing Courses in Alberta. This has been a big news in the Alberta Real Estate Industry as RECA is the direct authority that regulates Real Estate / Mortgage Brokerage – Licensing Services in Alberta.

In reference to the same topic, there has been a buzz about the new “RECA-Recognized Course Providers” for Real Estate / Mortgage Brokerage Education in Alberta. And we are absolutely pleased to announce that we, Alberta Real Estate School, have been approved as a RECA-recognized Course Provider to offer Real Estate Pre-Licensing Courses in Alberta.

Check it out yourself at RECA’s website for the list of approved Course Providers.

First of all, who is RECA?

The Real Estate Council of Alberta (RECA) is the governing body for Alberta’s real estate brokerage, mortgage brokerage, property management, and (New) condominium management licenses.

In other words, RECA licenses and regulates real estate agents, mortgage brokers, property managers, and condominium managers to enhance consumer protection.

What were RECA’s original duties?

Licensed professionals have to meet RECA’s Eligibility Criteria to enter the industry. They’re required to comply with RECA’s rules for doing business along with competently assisting the public of Alberta in buying, selling, or managing a property or condominium, or obtaining a mortgage.

RECA primary role in the industry was to offer:

  1. Education – Eligibility, Courses, Exams: RECA offered Eligibility guidelines for applicants in order to enter into Pre-licensing courses. Self-paced online pre-licensing course materials were offered by RECA. The pre-licensing exams were also under RECA’s administration.
  2. Issuing, Renewing and Cancelling Licenses: RECA is the only body who is authorized to issue, renew or cancel licenses for real estate, mortgage brokerage, property management and condominium management professionals in Alberta.
  3. Information & Resources: RECA is the one-stop shop for all the resources that you may need as a Real Estate / Mortgage Brokerage Professional or client.
  4. Regulation of Bylaws: RECA sets and regulates the functionality of the industry standards and makes periodic checks on the professionals to ensure fair operations are taking place.

Why RECA gave up Pre-Licensing Education?

Couple of years ago, KPMG (Klynveld Peat Marwick Goerdeler) did an audit on RECA and realized that education should be moved away from RECA and should be passed on to other educational institutions.

This created a need to amend the Real Estate Act (REA), Alberta, thereby changing RECA’s role in the Alberta Real Estate Industry to make it more robust and useful to the learners and other industry professionals. Visit the link ahead to get further details on the Amendments to the Alberta Real Estate Act.

The course content is still licensed by RECA. All courses and course providers become recognized by RECA if they pass the application process; Also, RECA’s content can be licensed but some course providers are creating their own materials. All recognized course providers must map their courses to RECA’s competency exam blueprints.

Tip for New Learners

The course materials offered by the various course providers will stick to RECA’s course competency exam blueprints. The exams for the courses will still be offered by RECA in the same format and approach, without making any major changes making it good for the learners.

Steps for becoming a Licensed REALTOR®, Mortgage Broker, Property Manager, Condo Manager in Alberta – After June 1, 2022

The way it would work from June 1, 2022 onwards is –

STEP 1: Register yourself with RECA by meeting RECA’s Eligibility Requirements.
STEP 2: Select a RECA-Recognized Course Provider for the specific courses that you are interested in.
STEP 3: Pass the required number of courses that you need for a specific license you are looking to get.
STEP 4: Join a Brokerage – and that completes the process to get you licensed in any of the industries (real estate, mortgage brokerage, property management or condominium management).

Changes in total that are effective in the Alberta Real Estate Industry since June 1, 2022

  1. RECA’s Education Divestment
  2. Changes in the REA (Real Estate Act)
  3. New Course Providers for Existing Pre-Licensing Courses
  4. Changes in the Condominium Property Act
  5. Introducing Condominium Management Licenses & Pre-Licensing Courses

Benefits of RECA Changes to New Learners & Licensees

  1. Learners will have more options to explore and select the course providers that suits them and will not have to self-study everything by themselves.
  2. All these course providers will be RECA-Recognized.
  3. The base content of the courses offered by the RECA-Recognized course providers will be inline with RECA’s course competency and exam blueprints, making it reliable for learners.
  4. Some course providers will also have the option of offering multiple training options including tutoring or in-person training, thereby making it beneficial for the learners.

Where to find more updates?

Some of these changes are still in-process and are functioning on an ongoing basis. More updates will be posted once there is a confirmation about the news from reliable sources. Keep in touch!

Need help with Exam Prep for Real Estate & Mortgage Brokerage Courses?
Visit our YouTube Channel and watch a demo of our Tutoring Sessions!!

Get our Focused Study Guides, Video Courses and “in-demand” Tutoring Sessions to get you through the Real Estate Exams on the first attempt!

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Happy Studying!

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