Bridgemarq Actual Property Providers : This fall 2022 Investor Name – recording transcript

involve known and unknown risks and uncertainties that may cause the actual results to differ materially from anticipated future results. Please see our cautionary language found in our news release, on our website, and on SEDAR.

Canada’s housing market closed out 2022 much as expected: high inflation, the increased cost of living, and certain monetary policy measures contributed to weaker buyer demand, lower home valuations, and a decline in overall sales activity compared to the record highs experienced during the pandemic real estate boom.

While home prices have come down from their peak in February of last year, home values

remain significantly higher than pre-pandemic levels, protecting homeowners’ investments. In addition,

the chronic shortage of inventory, along with a fundamental need for more homes in our country due to increased household formation and a slower building process than necessary, has helped to slow the recent slide in home prices.

In the face of such a significant reduction in transactional volumes in the Canadian real estate market over the last three quarters of 2022, we are pleased with our performance over the last year and the Company’s ability to weather all kinds of market cycles.

Revenue for 2022 was $49.9 million compared to $50.2 million in 2021, basically flat, a modest

0.7 percent, a less than 1 percent decrease. This is due to our fixed fee revenue, which provides investors with exposure to the Canadian real estate market while also mitigating the impact of market volatility on revenues and cash flows.

I’m pleased to report that we continue to see positive agent growth in our network. In 2022, the Company’s network count rose to 20,686, an increase of 3 percent over 2021. Despite a softening in the Canadian real estate market, industry professionals continue to choose our highly respected brands, a testament to the value they provide.

While demand has slowed due to rising interest rates and affordability and supply challenges, we believe that there are many Canadians waiting on the sidelines who have the capacity to buy and have chosen not to at this time. They are waiting for conditions to stabilize. We anticipate these buyers will return to the market in the coming months, and sellers who have been waiting for prices to stop their decline and flatten or turn upwards will begin to return, and, of course, yesterday’s announcement by the Bank of Canada that interest rates will remain (inaudible) for the very first time in a year and since monetary policy began to tighten will be supportive of our industry overall.

At its meeting yesterday, the Board of Directors approved a dividend payable on April 28 of $11.25 per share to shareholders of record on March 31. This indicates an annualized dividend of $1.35 per share, which is consistent with 2021.

With that, I’ll turn things over to Glen for a look at our fourth quarter and full year financial performance.

Glen McMillan – Chief Financial Officer, Bridgemarq Real Estate Services, Inc.

Thank you, Phil and good morning everyone.