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If you have time check out this book about Mortgages in Canada.Author is Mortgage broker / Canadian.....written for Canadian.
https://www.amazon.ca/Mortgage-Code-Helping-Property-Mistakes-ebook/dp/B07HFHR8TV
Below is podcast interview of Moodys Analytics taking about Vancouver. 1% drop in employment = 4% drop in home prices. Assume similar impact in Ontario.
I'm based in Ottawa, Ontario, so depending upon where you're based the climate for a new Realtor may be different.
You don't have to start with a license to get a feel for what the business is like. A few good resources:
- SOLD: Every Real Estate Agent's Guide to Building a Profitable Business (Amazon Link) by David Greene is an excellent overview. I give a copy to new team members when they join. He's American and one of the hosts of Bigger Pockets Podcast (about property investing) and writes a series of very approachable books about Real Estate and Investing.
- If you have a friend in the business (or someone who can introduce you to someone) and who has some experience working for a similar type of clients you'd like to serve, take them for lunch or ask if they can do a series of meetings with you in exchange for service, such as putting out their signs or dropping flyers or addressing envelopes for mailers. They'll give you good insight into your local market, and you may get to see them at work in some really useful situations, such as listing presentations, new buyer meetings, negotiations and showings.
- Tom Ferry Podcast - Tom Ferry is a Real Estate coach (son of another famous coach, Mike Ferry. I wouldn't recommend listing to this one in sequence, but there are some great episodes on specific topics if you pick ones that interest you. His strategies for running your business are sound, and not "salesy." They're very fundamentally based upon strong knowledge, consistent marketing and excellent client service. He gives a lot of good resources away on his site for free as well.
Feel free to shoot me a question if you have one or want a look at what me and my team do.
Source: I'm a Realtor in Ottawa, Ontario.
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Best book I've read on real estate ever. Follow this advice and read the book, you'll be well on your path to success. This $32 book in itself has made me hundreds of thousands of dollars.
I recommend start reading some books in investing in general and real estate.
I would start with this book onReal Estate Investing in Canada which helped me a lot and also this book Simple Path to Wealth. I also recommend joining real estate investment groups or attend workshops.
It's really important to figure out your goals and if you don't know what they are, these two book will be a good start. Everyone who invests has different goals so no one person's advice or experience will apply to your own path.
Honestly, the best thing you can do is read a ton of books. Spend a few months learning. The ultimate leverage is learning from other people and specifically other people’s mistakes. You can start right now by going to the forums on Biggerpockets.com. I’ll post some links.
https://www.amazon.ca/Multifamily-Millionaire-Achieve-Financial-Investing/dp/1947200941
i'm not an accountant but most people have advised me NOT to bother setting up a corp for your first property. the banks will want you to back the loan as an individual anyways, and corporate tax rate on rental income is (i believe) around 40% so unless you're in a high tax bracket you won't save anything there.
if you plan to eventually buy many properties it might be worth it, for liability and other reasons, but for just 1 probably not.
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you might check out this book too: