A week ago today, the Real Estate Board of Greater Vancouver (REBGV) welcomed it’s 10,000th active member. The marks the second time in the REBGV’s 91-year history that membership has reached this number.

The last time we hit the 10,000 active member mark was in 1994, where membership peaked at 10,029 in September of that year.

Looking at this graph we can see that there is clearly a correlation between the number of active members and the health of the local real estate market. For example we see that during the market downturn that spanned the late 1990s to the early 2000s  membership numbers declined significantly. In January 2002 membership was at about  6,500 which marked the lowest total since January 1989. Even in the 2008 downturn we saw a drop of almost 500 active members.

Given the recent record setting activity we saw in the last half of 2009 and earlier this year, it’s no surprise that membership numbers are on the rise.  When the market is hot new- comers are often lured by the prospect of making 'easy money' (a hope which never actually materializes for most). As the market cools and the reality of what it takes to make a living in real estate sets in, many agents leave the market.     

What does this mean for you, the consumer? This increase in the number of REALTORS ® out there means that buyers and sellers theoretically have more choice with whom they do business with. This increased competition can result in some positive benefits for the consumer, as some REALTORS ® may offer certain incentives for new clients. However there are downsides to this as not all agents are created equal. Consumers should always exercise diligence when selecting their agent. Make sure you select someone who is knowledgeable about the market and who you trust has your best interest in mind.