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Bridgemarq Real Estate Services® Reports 
Annual Financial Results

(TORONTO, ON) March 28, 2024 – Bridgemarq Real Estate Services Inc. (“Bridgemarq” or the “Company”) (TSX: BRE) 

today released its annual consolidated financial results.



  • Revenue for 2023 was $48.5 million compared to $49.9 million the prior year, due to weakness in the Canadian market, as the overall value of Canadian residential real estate transactions dropped 14% compared to 2022.

  • The Company recorded net earnings of $4.0 million or $0.42 per share in 2023, on a fully diluted basis, compared to $21.0 million or $1.19 per share in 2022, as a result of a loss of $1.1 million on the valuation of the Exchangeable Units compared to an $11.5 million gain in 2022.

  • Cash provided by operating activities amounted to $13.7 million in 2023 compared to $15.6 million in 2022, as weaker markets and higher administration expenses negatively affected cash flow.

  • Bridgemarq received shareholder approval on March 25, 2024, to proceed with the acquisition of certain real estate brokerage operations owned by Brookfield Business Partners and to internalize the management of the Company. 

  • The Board has approved the appointments of Spencer Enright to CEO of the Company and Lorraine Bell to Chair of the Board, effective upon closing of the transaction to acquire the brokerage operations of Brookfield and internalize the management of the Company. Phil Soper will continue in his current role as President of Bridgemarq.

  • The Company’s network of REALTORS® totaled 20,529 as at December 31, 2023, down modestly from 20,686 in 2022.

  • The Company had previously announced a dividend to shareholders of $0.1125 per Restricted Voting Share payable April 30, 2024, to shareholders of record on March 28, 2024. ​


For the year ending December 31, 2023, revenues were $48.5 million compared to $49.9 million in 2022. The change in revenues is primarily due to weakness in the Canadian real estate market as the overall value of residential real estate transactions in 2023 was down 14% compared to 2022, when the Bank of Canada began tightening monetary policy to combat inflation. During the fourth quarter, revenues were $10.8 million, compared to $10.4 million generated the prior year.


The Company recorded net earnings of $4.0 million compared to $21.0 million in 2022, as a result of a loss of $1.1 million on the valuation of the Exchangeable Units, compared to an $11.5 million gain in the year prior. The fair valuation adjustment on the Exchangeable Units is directly related to changes in the market price of the Corporation’s Restricted Voting Shares. For the fourth quarter, the Company generated a net loss of $1.0 million, or $0.11 per share, compared to net earnings of $6.0 million, or $0.18 per share, in the same quarter of 2022, with the main difference being the mark-to-market adjustment on the Exchangeable Units.


Cash provided by operating activities amounted to $13.7 million compared to $15.6 million in 2022.  Reduced revenues, as a result of weaker real estate markets and higher administration expenses as a result of expenses associated with the evaluation of the transaction to acquire the brokerages from Brookfield Business Partners and internalize the Manager, were the main cause of the weaker cash flows. For the fourth quarter, cash provided by operating activities amounted to $2.7 million, unchanged from the prior year, as the impact of higher administration expenses was substantially offset by the benefit of higher revenues.


“Sustained high interest rates in 2023 resulted in fewer transactions nationwide compared to the previous two years, pushing less productive real estate professionals out of the industry. Despite a modest decline in agent count, we are pleased with our performance over the course of a difficult year, and with the Company’s ability to continue to deliver stable results for its shareholders,” said Phil Soper, President and Chief Executive Officer, Bridgemarq Real Estate Services, Inc.


“Many buyer hopefuls have been sitting on the sidelines awaiting one of two signals: that interest rates are about to fall, or that house prices have begun to appreciate again. While the Bank of Canada has not yet indicated when we should expect a rate cut, our nationwide operations and real estate boards across the country report that prices in important markets have bottomed out and are beginning to rise, an indicator that market activity is gaining momentum.”  



While the Canadian residential real estate market grew by 5% in Q4 of 2023 compared to the same quarter in the prior year, it recorded a decline of 26% compared to Q3 as activity slowed through the final months of the year.[1] According to the Canadian Real Estate Association, the national average selling price increased 3.5% in the fourth quarter compared to the same period last year, alongside a modest uptick in transactions of 1%. For the full year, the national average selling price decreased 4% in 2023 compared to the prior year, while unit sales declined 11%.


Despite a slowdown in market activity through 2023, which led to a gradual increase of inventory, home price declines have been modest due to a fundamental shortage of housing supply in Canada. The number of homes available remains well below what is needed today and will be needed in the future as the population of the country increases.


The Bank of Canada held its overnight lending rate at 5% on March 6, 2024,[2] and markets broadly expect the central bank to begin cutting rates later this year. We believe that many buyers who have been waiting on the sidelines for interest rates to come down will re-enter the market this spring, ahead of the highly anticipated easing of the central bank’s key lending rate. The resultant boost in activity is expected to put further upward pressure on home prices.




On December 14, 2023, the Company announced that it had entered into a definitive agreement to acquire all of the issued and outstanding shares in the capital of the Bridgemarq Real Estate Services Manager Limited and Proprio Direct Inc. from Brookfield Business Partners, pursuant to a share purchase agreement between the Company and Brookfield and to settle certain deferred fees owing to Brookfield (the “Transaction”). The Transaction was approved at a meeting of shareholders held on March 25, 2024.

The Transaction is expected to close before the end of March, 2024. Additional details describing the Transaction can be found at

As a result of the acquisition of the brokerage operations, the Company will benefit from a broader revenue base and will earn revenues from the gross commission income earned by brokerages operating under the Royal LePage®, Via Capitale®, Proprio Direct® and Johnston and Daniel® banners, in addition to the franchise fees and ancillary revenues it currently generates from its franchise network. In addition, the outstanding deferred payments owing to Brookfield will be settled and the requirement to pay management fees to a third party will cease.


“The acquisition of these brokerage operations and the internalization of management is an important step in the long-term success and growth of our business. Expanding the Company’s profile, by including direct brokerage operations and adding Proprio Direct’s straight-to-consumer model to our portfolio, will allow us to increase revenues and better position our brands to capture greater market share. We believe this transaction will provide long-term value for shareholders by leveraging and capitalizing on our market-leading brands, and offer even more diverse, innovative and technology-forward solutions for our network of real estate professionals to maximize their growth,” said Spencer Enright, Chair of the Board.




The Board of Directors has approved the appointment of Mr. Spencer Enright as Chief Executive Officer of Bridgemarq. Mr. Enright will step down as the Chair of the Board and Lorraine Bell, a director since 2003 and current Chair of the Audit Committee, will succeed him as Chair of the Board. Mr. Colum Bastable, an independent director, will take over as Chair of the Audit Committee.  These changes will be effective upon the closing of the Transaction, which is expected before the end of March, 2024.


Phil Soper will continue in his role as President of Bridgemarq. 



The Company previously announced a cash dividend of $0.1125 per restricted voting share payable on April 30, 2024, to shareholders of record on March 28, 2024. Total dividends paid during 2023 amounted to $1.35 per Restricted Voting Share, consistent with 2022.


As at December 31, 2023, the Company’s network of REALTORS® was comprised of 20,529 REALTORS® operating under 288 franchise agreements from 723 locations. During 2023, REALTORS® in the Company’s network of REALTORS® participated in approximately 28% of all home resales in Canada.




Bridgemarq Real Estate Services Inc. will host a conference call on Thursday, March 28, 2024, at 10 a.m. Eastern Daylight Time to discuss its fourth quarter financial results. ​

To access the call, please dial in or connect via webcast as shown below:


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 and transcript of the conference call will be available on the Company's website by Tuesday, April 2, 2024.




This news release contains forward-looking information and other “forward-looking statements”. Words such as “about to”, “anticipated”, “awaiting”, “begin”, “believe”, “confident”, “continue”, “future”, “increases”, "is", “effective”, “expect”, “expected”, “growth”, “later”, “proceed”, “pursuant”, “to”, “will”, “will be”, “yet”, 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, but are not limited to: any resurgence of COVID-19 (including any impact of COVID-19 on the economy and the Company’s business), 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, 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 or the economy in general, changes to any products or services developed or offered by the Company, 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, changes in 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, 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 of REALTORS®, 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 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 maintains policy rate, continues quantitative tightening, March 6, 2024

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: 647.229.6626

Glen McMillan
Chief Financial Officer
Bridgemarq Real Estate Services
Tel: 416-417-3870

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.

Royal LePage® is a registered trademark of Royal Bank of Canada and is 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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