top of page

Bridgemarq Real Estate Services Reports First Quarter Results and Monthly Dividend

(TORONTO, ON) May 11, 2023 – Bridgemarq Real Estate Services Inc. (“Bridgemarq” or the “Company”) (TSX: BRE) today released its first quarter consolidated financial results and announced a monthly dividend to holders of the Company’s restricted voting shares.


  • Revenue in the first quarter amounted to $12.0 million, compared to the $13.4 million generated in the first 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 a net loss $4.7 million or $0.50 per Share, compared to net earnings of $4.7 million or $0.50 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 $4.8 million or $0.37 per fully diluted share compared to $5.8 million or $0.45 per share recorded in the first quarter of 2022. 

  • The Board of Directors approved a dividend to shareholders of $0.1125 per Restricted Voting Share payable June 30, 2023, to shareholders of record on May 31, 2023.

  • The Company’s annual shareholders’ meeting will be held virtually on May 11th, 2023, at 10 a.m. Eastern Daylight Time.



Revenues during the first quarter were $12.0 million, compared to the $13.4 million generated in Q1 of 2022. The change in revenues is primarily due to weakness in the Canadian Market partly offset by an increase in the number of REALTORS® in the Company network over the past twelve months.   

During the quarter, the Company generated a net loss of $4.7 million or $0.50 per Share, compared to net earnings of $4.7 million or $0.50 per Share in 2022. Net earnings decreased primarily due to a loss of $6.0 million compared to a gain on fair value of Exchangeable Units of $1.3 million in the first quarter last year. The fair valuation adjustment on the Exchangeable Units is directly related to changes in the market price of the Corporation’s Restricted Voting Shares.

Distributable Cash Flow amounted to $4.8 million, 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.  

“As anticipated, our first quarter results were softer when compared to a year prior, when the Canadian housing market was at its pandemic-driven peak. The Bank of Canada’s aggressive twelve months of interest rate increases, a monetary policy made necessary when inflation reached a thirty-nine-year high, took its toll on our industry. However, the Company’s ability to retain talent and continue attracting new agents over the course of 2022 underscores our brands’ reputations as the proven choice of real estate professionals, even during a down-market,” said Phil Soper, President and Chief Executive Officer, Bridgemarq Real Estate Services, Inc. “In uncertain times, highly productive agents are better positioned to weather the storm, while others flock to brands that demonstrate superior leadership. Our sustained investment in, and emphasis on, delivering industry-leading technology platforms, best-in-class training and an unwavering commitment to client services continues to attract top talent. While sales volumes dropped more than 35% nationally in the first quarter, our agent count remained stable.

“Looking ahead, we believe that the market has turned the corner and that the residential real estate industry is growing again. While some buyer hopefuls will remain sidelined by a reduced capacity to borrow in this stable but higher rate environment, many of those who had chosen to pause their search to see where prices and interest rates would land have resumed their home buying plans. The constrained supply of homes available for sale remains a concern and will likely be the most serious challenge facing our industry in the months ahead.”


After record sales and price appreciation in Canada’s housing market peaked in the first quarter of 2022, the Canadian residential real estate market posted a national decline in transactional dollar volume of 47% in the first quarter of 2023, compared to the same period last year.[1] According to the Canadian Real Estate Association, the national average selling price declined 16% year-over-year in the first quarter, however increased 5% on a quarter-over-quarter basis. Although the total units sold in Canada declined by 37% in Q1 compared to the first quarter of last year, the number of homes sold rose by 8% over the fourth quarter of 2022, indicating an uptick in housing market activity and price appreciation during the first three months of 2023. 

Following eight consecutive interest rate hikes since March of 2022, which brought the target overnight rate to 4.25%, the Bank of Canada held lending rates steady at its meetings in March and April. The increases appear to have had the desired effect, gradually driving Canada’s Consumer Price Index to 4.3% in March, down from its peak of more than 8% last June.[2] The central bank’s governing council noted, however, that it remains prepared to raise rates further if necessary to return inflation to its 2% target rate.[3]  

The decision to hold rates, which signaled that stability is returning to the market, has had a swift and significant impact on demand, coaxing many buyers off the sidelines and once again fueling competition for too few available listings. We anticipate increased activity will continue through the spring and summer, as inventory shortages persist across the country.  

Further supporting long-term growth in the housing market is increased household savings, federal immigration targets of up to 500,000 newcomers per year by 2025,[4] and the continued strength of Canada’s labour force. 


The Company declared a cash dividend of $0.1125 per restricted voting share payable on June 30, 2023, to shareholders of record on May 31, 2023. The dividend distribution represents a target annual dividend of $1.35 per restricted voting share, which is consistent with 2022. 


As at March 31, 2023, the Company Network was comprised of 20,619 REALTORS® operating under 286 Franchise Agreements from 726 locations. This represents a 2% increase over the agent count as at March 31, 2022. Based on 2022 transactions, REALTORS® in the Company Network participate in approximately 28% of all home resales in Canada.


The Company will be holding its annual meeting of shareholders on May 11th, 2023, at 10 a.m. Eastern Daylight Time. The meeting is a virtual only, live audio webcast.

To access the shareholders’ meeting, please visit and follow the login instructions. Shareholders and proxyholders will require their unique control number, which is provided by TSX Trust Company Canada in accordance with the instructions provided to shareholders. Guests are welcomed to join the meeting by following the platform’s instructions on the morning of the meeting.

For more information on participation at the virtual only, live audio webcast, please review the Company’s meeting guide ( and the Management Information Circular. For answers to frequently asked questions regarding the virtual meeting platform, please visit


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 “anticipate”, “appears”, “believe”, “continue”, “continues”, “growing”, “if”, “looking ahead”, “persist”, “remain”, “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.

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

* 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.

[1] CREA Canadian Housing Market Statistics
[2] Consumer Price Index, March 2023, April 18, 2023
[3] Bank of Canada maintains policy rate, continues quantitative tightening, April 12, 2023
[4] 2022 Annual Report to Parliament on Immigration, December 31, 2022



may 11.jpg
bottom of page