top of page

Bridgemarq Real Estate Services Reports Annual Financial Results and Monthly Dividend

(TORONTO, ON) March 8, 2022 – Bridgemarq Real Estate Services Inc. (“Bridgemarq” or the “Company”) (TSX: BRE) today released its annual consolidated financial results and the approval of a monthly dividend to holders of the Company’s restricted voting shares.




  • Revenue for 2021 was $50.2 million compared to $40.3 million for 2020 as Canada experienced its strongest real estate market on record. 

  • The Company recorded net earnings of $4.8 million or $0.50 per share, on a fully diluted basis compared to earnings of $0.8 million or $0.08 per share in 2020.

  • The Company generated Distributable Cash Flow for the year of $21.3 million compared to $13.9 million in 2020.

  • The Company’s network of REALTORS® increased to 20,159 as at December 2021, up from 19,046 in 2020.

  • The Board of Directors approved a dividend to shareholders of $0.1125 per restricted voting share payable April 29, 2022 to shareholders of record on March 31, 2022.


For the year ending December 31, 2021, revenues were $50.2 million compared to $40.3 million in 2020. The increase in revenue is a result of very strong real estate markets across the country.  In addition, the Company grew its agent count by 6% and benefited from the expiry of the Pandemic Fee Relief Plan on December 31, 2020. During the fourth quarter, revenues were $10.7 million, compared to $7.1 million in the same period in 2020.


The Company recorded net earnings of $4.8 million compared to $0.8 million in 2020. The improved results were driven by a $9.9 million increase in revenues and a $1.9 million gain on the fair value of the interest rate swap compared to a $2.2 million loss in 2020. These improvements were partly offset by a $5.0 million loss of the fair valuation on the Exchangeable Units, an increase in management fees as a result of higher revenues, and a higher income tax expense. The fair value of the exchangeable units is determined with reference to the trading price of the Company’s restricted voting shares. For the fourth quarter, the Company generated net earnings of $2.5 million, compared to net loss of $8.0 million in the fourth quarter of 2020.


Distributable Cash Flow for the year amounted to $21.3 million or $1.66 per share, $7.4 million higher than the $13.9 million generated in 2021 primarily due to higher revenues and less cash used in investing activities due to rebates provided under the Pandemic Fee Relief Plan in 2020. This increase was partly offset by higher management fees and a higher current income tax expense. For the fourth quarter, Distributable Cash Flow amounted to $4.1 million, compared to $1.9 million in 2020.


“It was an exceptional year for the Canadian residential real estate industry, and for Bridgemarq,” said Phil Soper, President and Chief Executive Officer, Bridgemarq Real Estate Services. “The mid-2020 launch of rlpSphere, our revolutionary cloud-based, AI driven operating platform continued to capture the attention of Canadian Realtors® right through 2021. Coupled with the country’s most popular real estate company website,, which saw over 100 million consumer visits during the year, and we have shown once more that we are not just the nation’s oldest national real estate firm, but the most innovative.


“This focus on innovation, combined with best-in-class training, business services and marketing, helped Bridgemarq’s highly regarded brands attract over 1,100 new practitioners during the year,” Soper concluded.





As Canadians continued to prioritize home ownership during the pandemic, home sales reached all-time record levels. The chronically low supply of housing continued to put upward pressure on home prices. Demand from new household formation; newcomers to Canada; and buyers who were not able to transact in 2021, are expected to continue to put upward pressure on home prices through the spring market as demand continues to outpace supply.  


Low interest rates are generally supportive of real estate markets in Canada. On March 2, the Bank of Canada, increased the overnight rate by 25 basis points to 0.50%.  This increase comes almost two years after the overnight rate was slashed to its current levels in response to uncertainty around the impact of the pandemic. Included in the announcement was the statement that economic growth is very strong and that inflation remains well above the Bank’s target range.  The Bank further stated it will use its monetary policy tools to return inflation to its 2% target, it remains to be seen how much interest rates will increase and what impact those increases could have on the Canadian Market.


While economic growth in the fourth quarter of 2021 was ahead of the Bank’s forecast of 4% in 2021, there remains a concern that if a new wave of COVID-19 infections occurs, it could impact the economy and employment, potentially slowing housing demand.



The Company declared a cash dividend of $0.1125 cents per restricted voting share payable on April 29, 2022 to shareholders of record on March 31, 2022. The dividend distribution represents a target annual dividend of $1.35 per restricted voting share, which is consistent with 2021.


As at December 31, 2021 the Network was comprised of 20,159 REALTORS®, operating under 281 franchise agreements providing services from 723 locations, with an approximate 32% share of all home sales in Canada, consistent with 31% in 2020.



Bridgemarq Real Estate Services Inc. will host a conference call on Tuesday, March 8, 2022 at 10 a.m. ET to discuss its fourth quarter financial results.


To access the call by telephone, please dial 1-888-664-6392 or 416-764-8659.

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 Friday, March 18, 2022.




This news release and accompanying financial statements makes 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 “are”, “continues”, “commitment”, “expects”, “most”, “put”, “remains”, 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: the duration and effects of the COVID-19 pandemic, including the impact of COVID-19 on the economy and the Company’s business, the impact of government or other regulatory initiatives to address the impact of the spread of COVID-19 on the Canadian economy, including the impact on real estate markets, 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 as a result of COVID-19, 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, laws or regulations which could reasonably affect the housing markets in Canada, 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 demand for and prices of natural resources on local and international markets, the level of residential real estate transactions, competition from other real estate brokers or from discount and/or Internet-based real estate alternatives, the closing of existing real estate brokerage offices as a result of COVID-19 or otherwise, other developments in the residential real estate brokerage industry or the Company that reduce the number of REALTORS® in the Company’s Network or royalty revenue from the Company’s Network, our ability to maintain brand equity through the use of trademarks, the methods used by shareholders or analysts to evaluate the value of the Company and its publicly traded securities, 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, including as the foregoing relate to COVID-19. 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.


About Bridgemarq Real Estate Services

Bridgemarq is a leading provider of services to residential real estate brokers and a network of approximately 20,000 REALTORS®1. 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:


Sarah Louise Gardiner
Director of Investor Relations
Bridgemarq Real Estate Services
Tel: 416-510-5783

1 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.


bottom of page