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Bridgemarq Real Estate Services Reports Third Quarter Results and Monthly Dividend

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




  • Revenue for the first three quarters of 2022 was $39.4 million, compared to $39.5 million in 2021. Third quarter revenue was $12.2 million, down marginally from $12.4 million in the same quarter last year.  

  • The Company recorded a net loss for the quarter of $1.1 million, or $0.12 per Restricted Voting Share, on a fully diluted basis, compared to net earnings of $3.9 million, or $0.28 per share, in the third quarter of 2021. The difference was due to non-cash, revaluation adjustments on the Exchangeable Units issued by the Company, driven by an increase in the market price of the Corporation’s Restricted Voting Shares. 

  • In the quarter, Distributable Cash Flow amounted to $4.8 million, compared to $5.2 million in the third quarter of 2021.

  • The Board of Directors approved a dividend to shareholders of $0.1125 per Restricted Voting Share payable December 30, 2022, to shareholders of record on November 30, 2022.


Revenues during the third quarter were $12.2 million, compared to the $12.4 in the same period in 2021. Year to date, revenues were $39.4 million, compared to $39.5 million in same period last year. After a strong first quarter, the Canadian real estate market started to soften in the second quarter and showed significant weakness in the third quarter, relative to 2021. The impact of weaker markets has been substantially offset by an increase in number of REALTORS® in the Company Network over the past twelve months.

The Company generated a net loss of $1.1 million, or $0.12 per Restricted Voting Share, compared to net earnings of $3.9 million, or $0.28 per Share, in the third quarter of 2021. Year to date, net earnings improved to $15.0 million from net earnings of $2.2 million, as a result of a $6.4 million gain on the valuation of the Exchangeable Units, compared to a loss of $6.2 million in 2021. 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 in the quarter and $1.28 per Share on a year-to-date basis. The lower results were driven by lower revenues and higher administration expenses, partly offset by lower management fees. For the twelve-month period ended September 30, 2022, Distributable Cash Flow per Share amounted to $1.60, compared to $1.49 for the same period ended in 2021. 

“Canada’s real estate market contracted in the third quarter, as higher borrowing costs and economic uncertainty pushed more prospective buyers to the sidelines,” said Phil Soper, President and Chief Executive Officer, Bridgemarq Real Estate Services, Inc. “The Company continued to grow its REALTOR® network during the period, a testament to its suite of best-in-class technology, training and marketing services. We believe the Company’s trusted brands will continue to differentiate us in today’s marketplace.”



The Canadian residential real estate market continued to soften in the quarter as sales volumes decreased nationally by 29%, compared to the third quarter of 2021, and 22% in the first nine months of the year compared to 2021.[1]  According to data published by the Canadian Real Estate Association, home prices remain significantly higher than pre-pandemic levels, with the national average home price 29% higher in the third quarter, compared to the third quarter of 2019. Price gains made in the first quarter of the year have been reversed in many real estate markets across the country. These price reductions have been most pronounced in the larger metropolitan areas of Toronto and Vancouver, where prices fell by 11% and 6% respectively during the quarter, relative to the second quarter of 2022.[2]  

With demand and supply falling in tandem, we anticipate limited downward pressure on prices in the coming months. Gradually decreasing inflation and low unemployment rates are supportive of long-term housing market growth. In September, Canada’s Consumer Price Index (CPI) was 6.9% on a year-over-year basis,[3] down marginally from 7% the month prior; and the national unemployment rate sat at 5.2%, a modest decline from the previous month and very low by historical standards.[4]   

With inflation above the Bank of Canada’s 2% target, interest rates have risen significantly since March, 2022. The Bank has acknowledged that rate increases will have a negative effect on growth with GDP expected to stall through the first half of 2023.[5] It remains to be seen whether slower growth will impact employment levels and/or, potentially, housing demand. However, if interest rates do return to lower levels and economic impacts on employment are moderate, there remains a healthy pipeline of demand from potential buyers who have moved to the sidelines in the rising interest rate environment, as well as those unable to transact over the last two years, due to supply and affordability challenges. 


The Company declared a cash dividend of $0.1125 per Restricted Voting Share payable on December 30, 2022, to shareholders of record on November 30, 2022. The dividend distribution represents a target annual dividend of $1.35 per Restricted Voting Share, which is consistent with 2021.


As at September 30, 2022, the Company Network was comprised of 20,761 REALTORS® operating under 283 Franchise Agreements from 722 locations. During 2021, REALTORS® in the Company Network participated in approximately 26% of all home resales in Canada.



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

To access the call by telephone, please dial 1-888-254-3590 or 647-484-0475 and enter confirmation number 6971002.

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, November 11, 2022.



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”, “are”, “continue”, “do”, “expected”, “growth”, “if”, “may”, “potentially”, “to be”, “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 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, 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, 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 more than 20,000 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


[1] CREA Canadian Housing Market Statistics

[2] CREA Canadian Housing Market Statistics, TRREB Real Estate Market Statistics

[3] Statistics Canada Consumer Price Index, September 2022

[4] Statistics Canada Labour Force Survey, September 2022

[5] Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening

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.

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