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

(TORONTO, ON) November 9, 2023 – Bridgemarq Real Estate Services Inc. (“Bridgemarq” or the “Company”) (TSX: BRE)   

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


  • Revenue in the third quarter amounted to $12.8 million, compared to the $12.2 million generated in the third quarter of 2022. The increase is due to improved markets as overall activity in the Canadian Market increased by 9.5% compared to Q3 of last year.

  • The Company generated net earnings of $8.6 million or $0.91 per Share, compared to a net loss of $1.1 million or $0.12 per Share in 2022, primarily due to a gain on the fair value of Exchangeable Units compared to a loss last year. 

  • Distributable Cash Flow was $5.1 million or $0.40 per Share compared to $4.8 million or $0.37 per Share recorded in the third quarter of 2022.

  • The board of directors approved a dividend to shareholders of $0.1125 per Share payable on December 29, 2023, to shareholders of record on November 30, 2023.




Revenues during the third quarter were $12.8 million, compared to the $12.2 million generated in Q3 of 2022. The change in revenues is primarily due to improved markets as sales activity across Canada increased by almost 6% and prices increased by more than 3% compared to the third quarter of 2022.  
During the quarter, the Company generated net earnings of $8.6 million or $0.91 per fully diluted restricted voting share (“Share”), compared to a net loss of $1.1 million or $0.12 per Share in the same quarter in 2022. Net earnings increased primarily due to a gain of $6.8 million on the fair value of the Exchangeable Units compared to a loss of $3.0 million in the third 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. 

Distributable Cash Flow amounted to $5.1 million for the quarter, compared to $4.8 million in the same quarter last year driven by higher revenues, lower cost of sales and lower current income tax expense, partly offset by higher administration expenses and management fees. For the year-to-date, Distributable Cash Flow amounted to $14.5 million compared to $16.4 million last year.


“Once again in the third quarter, we have shown that the company has the ability to deliver compelling results during a period of slower real estate markets with significantly lower transactional volumes,” said Phil Soper, President and Chief Executive Officer, Bridgemarq Real Estate Services, Inc. “The Bank of Canada’s year-and-a-half-long battle with pandemic-fueled inflation has taken a toll on the real estate industry, with the volume of transactions this year sitting below the ten-year average. Yet, while the market continued to cool in the third quarter, our revenues were up year over year and compared to the previous quarter, albeit modestly. 


“This growth is possible as we have continued to expand our network of real estate professionals - thanks to the attraction of industry-leading technology platforms and best-in-class training and coaching, as well as the premium attributes agents associate with the Company’s brands. In slower markets, we typically experience a ‘flight to quality’ as Realtors® seek advantage in their drive to earn a slice of the smaller pie,” added Soper.


“Taming inflation is taking longer than policy makers had originally anticipated. While the timing of any potential rate cuts is uncertain, we believe the company can continue to successfully navigate slower residential and commercial markets. Furthermore, it is possible that we will see a modest market lift in the spring of 2024 as pent-up demand builds, and consumers adjust to the higher rate environment.” 



The Canadian Market posted a national increase in transactional dollar volume of 9.5% in the third quarter of 2023, compared to the same period last year.[1] Since April 2022, the Bank of Canada has increased its key lending rate ten times, causing a slowdown in housing market activity and a decline in home prices across the country. According to the Canadian Real Estate Association, the national average selling price increased 3.5% in the third quarter compared to the same period last year, while transactions rose 5.9%. On a quarter-over-quarter basis, however, the national average selling price and volumes declined 8.5% and 21.3%, respectively.


As activity slowed through the third quarter relative to the second quarter, major markets in Canada saw an increase in listings inventory, allowing critically low supply levels to build marginally. However, the number of available homes for sale remains well below what is needed to satisfy existing and anticipated demand, from both current residents sitting on the sidelines and new immigrants arriving under Canada’s expansive immigration targets. Once interest rates begin to ease, buyers may begin to return to the market, once again creating competitive conditions and putting upward pressure on home prices.   


The Bank of Canada held interest rates steady in September and October, following two 25-basis-point hikes in the summer, keeping the overnight lending rate at 5%.[2] The central bank noted that while higher interest rates are moderating inflation on many goods including food, elevated mortgage interest costs, rent and other housing costs remain a concern. The central bank said it will raise the policy rate further in the future if necessary. In September, Canada’s Consumer Price Index was up 3.8% compared to the same month last year; down from the 4.0% increase recorded in August.[3] The central bank remains committed to achieving its target inflation rate of 2%, which it does not expect it will reach before the middle of 2025.




The Company declared a cash dividend of $0.1125 per restricted voting share payable on December 29, 2023, to shareholders of record on November 30, 2023. The dividend distribution represents a target annual dividend of $1.35 per restricted voting share. 



As at September 30, 2023, the Company Network was comprised of 20,796 REALTORS® operating under 288 Franchise Agreements from 729 locations. This figure, up less than 1%, is consistent with the agent count as at September 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, November 9, 2023, at 10 a.m. Eastern Daylight Time to discuss its third 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, November 20, 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 “achieving”, “anticipated”, "are not", “arriving”, “begin”, “believe”, "believes", "can", “creating”, “future”, "if", "is", “may”, “not expect”, "possible", “putting”, “reach”, “return”, “to”, “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 maintains policy rate, continues quantitative tightening, October 25, 2023

[3] Consumer Price Index, September 2023, October 17, 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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