What is the difference between a Real Estate Agency and a Real Estate Brokerage?

There is no difference. Which name applies depends on the governing legislation and licensing of each Canadian Province or Territory.

In New Brunswick, Prince Edward Island, Newfoundland and Labrador , Yukon , Nunavut and Northwest Territories the legislation refers to Agent (agency).

In Nova Scotia, Quebec, Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia the legislation refers to Brokerage and Broker

The principle of agency in real estate is well articulated in Canadian law.

The agency relationship is between a consumer client and an Agent/Agency or a Broker/Brokerage. Real estate documentation reflects this contractual relationship between the consumer client and the Agent/Agency or Broker/Brokerage.

Salespersons are not Agents.
Salespersons are licensed under the Agent/Agency or Broker/Brokerage.
Salesperson licensees do not have a direct agency relationship with clients.
Salespersons licensees may not collect a commission directly from the client.

And how does any of this matter to consumers? It matters most when a consumer client could be asked to agree to double (dual) agency.

Consumers should be aware that they have a right to full representation and the undivided loyalty of their own Agent/Agency or Broker/Brokerage. Before they enter into an agency relationship consumers have a right to know  the policy of the Agent/Agency or Broker/Brokerage should a conflict of interest (dual agency) situation arise.

This is known as "Disclosure of Role - Agency"

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I'm a licensed independent real estate agent in Moncton, New Brunswick.
For help understanding real estate agency relationships and disclosure in New Brunswick,
find me at www.LarryEstabrooks.com or (506) 856-0202