Bridgemarq Real Estate Services (TSE:BRE) reported higher full-year revenue and a return to net profitability for 2025, while management highlighted uneven regional housing conditions and continued investments in recruiting, technology, and professional development across its Canadian real estate network.
Financial results and dividend
Chief Executive Officer Spencer Enright said the company “remained resilient” in 2025 despite “geopolitical turbulence and trade disruptions,” adding that Bridgemarq’s brands continued to grow even as the broader industry saw an outflow of real estate professionals.
Chief Financial Officer Wallace Wang reported fourth-quarter revenue of CAD 98 million, compared with CAD 101 million in the fourth quarter of 2024.
The company’s board approved a dividend of CAD 0.1125 per share, payable April 30 to shareholders of record March 31. Enright said the amount implies an annualized dividend of CAD 1.35 per share, consistent with 2024.
Profitability, adjusted earnings, and cash flow
Wang said Bridgemarq generated net earnings of CAD 7.3 million in 2025, compared with a net loss of CAD 10.3 million in 2024. He attributed the improvement primarily to a CAD 11.3 million gain on the valuation of exchangeable units in 2025, compared with a CAD 9.3 million loss on the same item in 2024.
On an adjusted basis, the company posted adjusted net earnings of CAD 5 million in 2025, down from CAD 7.3 million the prior year. Wang said the decline was “primarily due to the lower operating income generated in the year.”
Cash provided by operating activities fell by CAD 7.2 million year-over-year, which Wang said reflected lower operating income, higher interest payments, and working-capital changes. Bridgemarq reported free cash flow of CAD 10.6 million for 2025, down from CAD 16.8 million in 2024, which Wang said was partly due to increased capital expenditures as the company continued to invest in its agent network.
Network growth and operating footprint
Wang said the number of realtors in Bridgemarq’s network stood at 21,409, including more than 2,400 agents operating within the company’s corporately owned brokerages in the Greater Toronto Area, Greater Vancouver, and Quebec.
The company grew its network by more than 470 professionals on a net basis, an increase of 2% compared to last year, Wang said. By contrast, he noted that the total number of realtors in Canada contracted by 3% over the same period.
Market conditions: softness in Toronto and Vancouver, strength in Quebec
Management pointed to economic and geopolitical uncertainty as a headwind for home-buying activity in 2025, particularly in higher-priced markets. Wang said the Canadian residential real estate market closed the year at CAD 220 billion, down 6% from 2024. For the full year, the national average selling price declined 1%, while sales volume fell 4%.
Regionally, Wang said the Greater Toronto Area contracted 12% year-over-year, reflecting a 4% decline in average home prices and an 8% decline in unit sales. In Greater Vancouver, total transaction dollar volume decreased 14% year-over-year as selling prices and unit sales declined 4% and 10%, respectively.
In contrast, Wang said Quebec’s residential real estate market increased 16% compared with the prior year, driven by an 8% increase in both unit sales and average selling price.
Enright said affordability in Toronto and Vancouver has been gradually improving as prices soften, and that increased inventory has shifted conditions toward buyers in those markets. He characterized the resulting backdrop as one that could be favorable for home sale transactions “once other external economic factors eventually stabilize.”
He added that Quebec continued to show resilience and growth, citing tight supply conditions as a driver of home price gains, similar to some regions in The Prairies and Atlantic Canada.
Enright also noted the Bank of Canada had held its target overnight rate at 2.25% since October 2025 and said the central bank was widely expected to maintain that level at its scheduled announcement the following week, while signaling readiness to support economic growth if conditions warrant. He cited January CPI of 2.3% year-over-year, down from 2.4% in December, as remaining within the central bank’s target range.
Operational updates: acquisitions, marketing, and technology initiatives
Enright said 2025 marked “meaningful progress” in market share growth and innovation. In Ontario, he said the acquisition of two major brokerages from a U.S. competitor brought approximately 900 agents into the Royal LePage network. In Quebec, he said the Via Capitale brand expanded with the addition of roughly 200 agents.
Enright also described a series of marketing, recruiting, and technology initiatives undertaken during the year, including:
- Two national digital advertising campaigns supporting Royal LePage’s “Canadian-first” positioning, which management said generated more than 16 million impressions.
- A new recruiting microsite designed to help franchisees grow.
- Expanded adoption of practical AI tools across the network and training on Google’s AI-powered applications to support daily workflows.
- Within the Proprio Direct network, updated website technology and internal platforms aimed at strengthening brand consistency, enhancing usability, and optimizing lead generation.
- Expansion of accredited training, onboarding, and continuing education programs within Proprio Direct.
Looking ahead, Enright said the company plans to build on its 2025 progress while adapting to an uncertain industry environment, and he characterized Bridgemarq’s operating model as supported by stable cash flows and diverse opportunities for expansion.
The call concluded without analyst or webcast questions.
About Bridgemarq Real Estate Services (TSE:BRE)
Bridgemarq Real Estate Services Inc is a Canada-based real estate services company. Its segment includes providing information and services to real estate agents and brokers in Canada through a portfolio of real estate services brands. It supplies realtors with information, tools, and services to assist them in providing and delivery of real estate sales services. The company’s brands include Royal LePage and Via Capitale and Johnston and Daniel.
