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By Andrea Hopkins

OTTAWA — Canada’s long housing boom has drawn thousands into the sector, from realtors and home stagers to construction workers, and a looming slowdown threatens to trigger an exodus that could wipe out many of those jobs and force the economy to shift down.

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While housing has long been the main engine of Canadian growth, economists say a drop in home sales has already started to weigh on the economy and if price declines follow, consumer spending and jobs will suffer.

Toronto has 48,000 realtors. By comparison, Chicago has 13,500

“To a lot of people, it is a get-rich-quick scheme,” Toronto realtor David Fleming said about the real estate market. “But history shows when the market turns, half of the agents leave.”

Realtors’ ranks in Canada’s largest city and hottest housing market have surged 77 per cent since 2008 to more than 48,000 — nearly 10 times the pace of Canadian job growth. Nationwide, that number has risen 26.9 per cent.

By comparison, there are over 13,500 realtors in Chicago, according to the Chicago Association of Realtors.