Bridgemarq Real Estate Services Inc. expanded its national agent network in 2025, even as the housing market cooled in Canada’s biggest cities.
The Toronto-based company behind Royal LePage and several other real estate brands said its network had 21,409 agents at the end of December, a net increase of more than 470 agents, or about two per cent growth from the previous year, according to Bridgemarq’s fourth quarter earnings report released March 13.
The network includes more than 2,400 agents working in corporately-owned brokerages in the Greater Toronto Area, Greater Vancouver and Quebec, alongside thousands more operating through franchise brokerages.
Bridgemarq said it continued expanding its agent base through acquisitions and recruitment. During the earnings call, CEO Spencer Enright noted the company brought about 900 Ontario agents under its banner with the “acquisition of two major brokerages from a top U.S. competitor.”
In Quebec, the company’s Via Capitale network added roughly 200 agents, contributing to growth in the company’s national footprint.
Investment in recruiting, marketing and technology
The company said it also continued investing in marketing, technology and professional development aimed at helping franchise brokerages recruit and retain agents.
Enright said Bridgemarq launched two national digital advertising campaigns during the year, which generated more than 16 million impressions, boosting brand awareness among Canadian consumers.
The company also introduced a recruiting “microsite” designed to help brokerages attract new agents and expanded professional development programs across its network.
Housing market activity weakens
Bridgemarq CEO Spencer Enright (courtesy: Bridgemarq).
Those efforts come as Canada’s housing market shows signs of slowing following several years of volatility.
Enright said market conditions remain uneven across the country, pointing to ongoing affordability challenges in Toronto and Vancouver, even as home prices trend lower in some areas and interest rates come down from the peak.
“We are navigating a period of persistent consumer uncertainty that is dampening overall demand,” he said during the call.
CFO Wallace Wang said during the call that economic and geopolitical uncertainty also contributed to softer housing activity during the year. Concerned consumers “held back,” Wang said.
Revenue up, but adjusted earnings fall
Despite the weaker housing environment, the company increased revenue. Revenue for the year totalled $407.4 million, up from $350.7 million in 2024, reflecting operating results from businesses acquired beginning April 1, 2024, as well as fee increases and growth in the number of agents in the network.
Bridgemarq reported net earnings of $7.3 million in 2025, compared with a net loss of $10.3 million in 2024.
On an adjusted basis, however, profitability declined. Adjusted net earnings were $5 million, down from $7.3 million a year earlier.
Free cash flow totalled $10.6 million in 2025, compared with $16.8 million in 2024.
Wang said cash provided by operating activities decreased by $7.2 million compared to the prior year, primarily due to lower operating income, higher interest payments and changes in working capital.
The company said its investments in recruiting, marketing and technology are intended to support agents as the housing market adjusts to slower sales activity.
Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.
