Brookfield Real Estate Services (BRES) grew by 141 agents in the first quarter of this year, the company reports. It says the growth was “a result of the Jan. 1 acquisition of 23 franchise agreements with 247 Realtors operating under the Royal LePage and Via Capitale brands, which were partially offset by net organic attrition of 106 agents.” The attrition was mostly in Quebec, “where the introduction of Quebec’s new Real Estate Brokerages Act in May 2010 has resulted in dramatically fewer new entrants to the industry,” the company says.
Phil Soper, president and CEO, says, “We’re entering a period of more modest house price growth and lower transaction volumes in the Canadian real estate market. Despite these conditions, Brookfield continues to grow and expand its Realtor network”
At the company’s annual meeting in May, Soper said the Consent Agreement signed by CREA and the Competition Bureau last fall “has not had material impact on BRES brands to date.”
The former La Capitale has been rebranded Via Capitale. The name change was stipulated in the purchase agreement when the company was acquired, says Soper. A new branding campaign for Via Capitale has been launched, including new lawn signs, billboards, TV ads and other marketing. Part of the company’s strategy, says Soper, is for Via Capitale “to capture more market share beyond Francophone Quebec.”
Soper said the company is “monitoring the U.S. to determine expansion timing” there. BRES owns the Real Living and GMAC brands south of the border.