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Bridgemarq Real Estate Services® Reports Second Quarter Results and Monthly Dividend

(TORONTO, ON) August 10, 2023 – Bridgemarq Real Estate Services Inc. (“Bridgemarq” or the “Company”) (TSX: BRE)   

today released its second quarter consolidated financial results and announced a monthly dividend to holders of the Company’s restricted voting shares.




  • Revenue in the second quarter amounted to $12.8 million, compared to the $13.8 million generated in the second quarter of 2022, due to weakness in the Canadian Market partly offset by an increase in the Company’s network of REALTORS® over the past year.

  • The Company generated net earnings of $1.1 million or $0.12 per Share, compared to net earnings of $11.3 million or $0.36 per Share in 2022, primarily due to a loss on the fair value of Exchangeable Units compared to a gain last year.

  • Distributable Cash Flow was $4.5 million or $0.35 per Share compared to $5.8 million or $0.46 per Share recorded in the second quarter of 2022.

  • The board of directors approved a dividend to shareholders of $0.1125 per Share payable on September 29, 2023, to shareholders of record on August 31, 2023.


Revenues during the second quarter were $12.8 million, compared to the $13.8 million generated in Q2 of 2022. The change in revenues is primarily due to weakness in real estate markets across Canada (the “Canadian Market”) partly offset by an increase in the number of agents in the Company’s network of REALTORS® (the “Company Network”) over the past twelve months.  


During the quarter, the Company generated net earnings of $1.1 million or $0.12 per fully diluted restricted voting share (“Share”), compared to net earnings of $11.3 million or $0.36 per Share in the same quarter in 2022. Net earnings decreased primarily due to a loss of $0.5 million on the fair value of the Exchangeable Units compared to a gain of $8.1 million in the second quarter last year. The fair valuation adjustment on the Exchangeable Units is directly related to changes in the market price of the Company’s Shares. Lower revenues and higher administration expenses also contributed to the reduction in earnings for the quarter.


Distributable Cash Flow amounted to $4.5 million for the quarter, compared to $5.8 million in the same quarter last year driven by lower revenues and higher administration expenses, partly offset by lower management fees and lower current income tax expense. 

“Results for the second quarter were in line with our expectations: softer than the same quarter last year - which marked the tail-end of the pandemic-driven real estate boom - but improved over the first quarter,” said Phil Soper, President and Chief Executive Officer, Bridgemarq Real Estate Services, Inc.


“Sales activity increased and property prices rose in the second quarter, as the Bank of Canada temporarily paused its interest rate increase program,” added Soper. “Our Company’s reputable brands have continued to attract and retain high-producing agents. This is due, in no small part, to our ongoing commitment to results for our agents and their clients through continued investment in industry-leading technology platforms, including lead-generating and nurturing tools, and best-in-class training programs and support.”


The Canadian Market posted a national decline in transactional dollar volume of 4% in the second quarter of 2023, compared to the same period last year. Compared to last quarter, however, the market grew by 74%.[1] In the second quarter of 2022, the Bank of Canada continued increasing interest rates to combat inflation, marking the start of sales and price declines after two years of pandemic-fueled growth. According to the Canadian Real Estate Association, the national average selling price remained flat, increasing just 1% in the second quarter of 2023 compared to the same period last year, and increased 9% on a quarter-over-quarter basis.

Following two consecutive rate holds in March and April, the Bank of Canada raised interest rates by 25 basis points in June and again in July, bringing its key lending rate to 5%.[2] The central bank noted the continued strength of Canada’s economy, including a pickup in the housing market. The Bank also acknowledged that, while inflation has reduced, downward momentum is coming from lower energy prices, while core inflation remains elevated, due in part to newcomers to Canada adding both supply and demand to the economy; filling labour shortages and adding to real estate demand.

Despite the central bank’s decision to reignite its campaign to increase interest rates, homebuyers continue to be active in the market. Meanwhile, some would-be sellers have put their plans to list on hold, waiting for interest rates and the economy to stabilize, further shrinking the low supply of housing and putting continued upward pressure on home prices.


The Company declared a cash dividend of $0.1125 per restricted voting share payable on September 29, 2023, to shareholders of record on August 31, 2023. The dividend distribution represents a target annual dividend of $1.35 per restricted voting share.


As at June 30, 2023, the Company Network was comprised of 20,752 REALTORS® operating under 289 Franchise Agreements from 733 locations. This represents a 1% increase over the agent count as at June 30, 2022. Based on 2022 transactions, REALTORS® in the Company Network participate in approximately 28% of all home resales in Canada.



Bridgemarq Real Estate Services Inc. will host a conference call on Thursday, August 10, 2023, at 10 a.m. Eastern Daylight Time to discuss its second quarter financial results.

To access the call by telephone, please dial 1-888-664-6383 or 416-764-8650.

To access the call online, please visit

Please connect approximately ten minutes prior to the beginning of the call to ensure participation.

A recording of the conference call will be available in the Investor Centre section of the Company's website by Monday, August 14, 2023.




This news release and accompanying financial statements make reference to Distributable Cash Flow and Distributable Cash Flow per Share, which are non-GAAP financial measures and do not have any standardized meaning under International Financial Reporting Standards and, accordingly, may not be comparable to similar measures used by other companies. Distributable Cash Flow represents operating income before deducting amortization and net impairment of intangible assets, minus current income tax expense, minus cash used in investing activities. Distributable Cash Flow per Share is calculated by dividing the Distributable Cash Flow by the total number of Restricted Voting Shares outstanding, on a diluted basis. Management believes that Distributable Cash Flow and Distributable Cash Flow per Share are useful supplemental measures of performance as they provide investors with an indication of the amount of cash flow generated after investing activities, which is available to holders of Restricted Voting Shares and Exchangeable Unitholders, subject to working capital and other investment requirements. 




This news release contains forward-looking information and other “forward-looking statements”. Words such as “believes”, “continue”, “may”, “remains”, “will”, and other expressions that are predictions of or could indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those indicated in the forward-looking statements include: any changes in credit markets that affect the availability of credit or changes in interest rates, changes in the supply or demand of houses for sale in Canada or in any particular region within Canada, changes in the selling price for houses in Canada or any particular region within Canada, changes in the Company’s cash flow or profitability, changes in the Company’s strategy with respect to and/or ability to pay dividends, changes in the productivity of the Company’s REALTORS® or the commissions they charge their customers, changes in government policy, consumer response to any changes in the housing markets in Canada or any changes in government policy, laws or regulations, changes in general economic conditions (including interest rates, consumer confidence and other general economic factors or indicators), changes in global and regional economic growth, the level of residential real estate transactions, other developments in the residential real estate brokerage industry or the Company that reduce the number of REALTORS® in the Company’s Network or revenue from the Company’s Network, changes in tax laws or regulations, and other risks detailed in the Company’s annual information form, which is filed with securities commissions and posted on SEDAR at Forward-looking information is based on various material factors or assumptions, which are based on information currently available to management. Material factors or assumptions that were applied in drawing conclusions or making estimates set out in the forward-looking statements include, but are not limited to: anticipated economic conditions, anticipated impact of government policies, anticipated financial performance, anticipated market conditions, business prospects, the successful execution of the Company’s business strategies and recent regulatory developments. The factors underlying current expectations are dynamic and subject to change. Although the forward-looking statements contained in this press release are based upon what management believes are reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.


[1] CREA Canadian Housing Market Statistics

[2] Bank of Canada raises policy rate 25 basis points, continues quantitative tightening, July 12, 2023

About Bridgemarq Real Estate Services

Bridgemarq is a leading provider of services to residential real estate brokers and a network of approximately 21,000 REALTORS®. 
We operate in Canada under the Royal LePage, Via Capitale and Johnston & Daniel brands. For more information, go to

Bridgemarq is an affiliate of Brookfield Business Partners, a business services and industrials company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs. Brookfield Business Partners is listed on the New York and Toronto stock exchanges. Further information is available at

For more information, please contact:

Anne-Elise Cugliari Allegritti
Director of Investor Relations
Bridgemarq Real Estate Services Inc.
Tel: 416-510-5783

BRIDGEMARQ & DESIGN / BRIDGEMARQ REAL ESTATE SERVICES are registered trademarks of Residential Income Fund L.P. and are used under licence by Bridgemarq Real Estate Services Inc. and Bridgemarq Real Estate Services Manager Limited.

The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.

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