Bridgemarq Real Estate Services Inc., the parent company of Royal LePage, reported a decline in second-quarter revenue, with executives pointing to improving momentum as the quarter progressed. The company posted revenue of $97.5 million in Q2, down roughly 10 per cent from the $108 million it recorded in the same period a year earlier.
The company attributed the drop primarily to weakness in the Canadian housing market and a decrease in the number of Realtors in its network.
CEO Spencer Enright said housing market activity was slower to build than expected this spring, but the company saw encouraging signs as the quarter went on. Buyers and sellers are gradually returning to the market, supported by stable borrowing costs.
Although consumers remain cautious, the broader trends point to a more balanced environment heading into the second half of the year.
Bridgemarq ended the quarter with a net loss of $1.2 million, or 13 cents per share, an improvement from a net loss of $5.4 million, or 57 cents per share, in Q2 2025.
Adjusted net earnings came in at $0.9 million, down from $2.2 million a year earlier, which the company attributed to lower revenue that was only partly offset by reduced commissions expense.
Free cash flow was $2.2 million, compared with $3.6 million in the same quarter last year, reflecting lower operating income and higher capital expenditures.
As of June 30, 2026, the franchise network consisted of 19,352 agents operating under 285 franchise agreements, compared to 20,745 agents under 282 franchise agreements as of June 30, 2025.
The results are the first since Bridgemarq overhauled its dividend policy, with a new capital allocation framework that slashed its payout.
The company’s shares dropped more than 50 per cent in a single session after it announced the new framework, which moves from a monthly dividend of 11.25 cents per share to a quarterly dividend with a new annualized rate of $0.05 per share.
Enright reiterated that the company’s network investments remain a priority regardless of the payout change, pointing to a redesigned digital platform, expanded artificial intelligence capabilities, and professional development resources rolled out during the quarter to support smart renovations that can move listings.
Our focus remains on equipping our vast network with the tools, technology and support needed to perform in any market environment, Enright said.
We believe our competitive offering remains highly relevant and continues to differentiate us in the competitive Canadian market.
