Results buoyed by "rebound in the residential real estate market," says CEO
Bridgemarq Real Estate Services announced “strong” year-end revenues on the back of rebounding real estate markets after a relatively weak earnings period in the first half of 2019.
The company posted fourth quarter revenues of $10.7 million, up 20.2% from $8.9 million in the fourth quarter of 2018, as markets rebounded in the last half of the year. On a full year basis, revenues for the year ended December 31, 2019, were $44.3 million, compared to $42.0 million in 2018.
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Bridgemarq also credited an increase in the number of realtors in its network for its strong second-half performance.
“Our company posted strong results for the final quarter of the year, buoyed by a rebound in the residential real estate market,” said Phil Soper, president and chief executive officer of Bridgemarq Real Estate Services. “We are pleased with the company's financial performance in 2019 overall, and with continued growth in the number of realtors across our network. We are optimistic that 2020 will be a solid year for the company. In particular, we are pleased with improvements in the Greater Toronto Area real estate market, which has recently shown promising signs of a sustained sales recovery.”
