Kalkine Media - Summary
Real estate prices have once again taken flight, after pacing slowly in the start of 2023. The spike in property prices has come alongside the central bank’s interest rate hike to its highest level in 22 years.
- The Canadian real estate market has started showing momentum after staying flat for the early months of 2023.
- The Real Brokerage, a tech-powered real estate brokerage, reported total revenue of US$ 107.85 million during the March 2023 quarter.
- Bridgemarq Real Estate Services is an information and services provider for propery agents and brokers.
The Bank of Canda’s 25-basis-point rate hike announcement on June 7, 2023 took the trendsetting rate to 4.75%. The reason behind this move was restoring the balance of economic demand and supply in the economy as the central bank believes that excess demand is more persistent than expected.
Amid the current increased activity seen in the real estate market, investors can examine some TSX-listed real estate stocks. On that note, here are two TSX-listed real estate stocks that have shown YTD gains.
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The Real Brokerage Inc. (TSX: REAX)
The Real Brokerage is a tech-powered real estate brokerage that operates an online platform for its agents.The Real Brokerage reported total revenue of US$ 107.85 million during the March 2023 quarter. The operating income for the period was negative US$ 7.04 million. Meanwhile, the EBIT for the period was negative US$ 6.98 million. The Real Brokerage’s operating cash flow was US$ 9.28 million in the March quarter of 2023.
TSX: REAX Price Chart; Powered by: TradingView
As per data available on TradingView, REAX saw a YTD price increase of 66.89% as of June 23, 7:54 am UTC. The price to book ratio for the stock is 14.69 as per Thursday’s closing price.
REAX closed at CA$ 2.47 on June 22, 2023. The stock hit its 52-week high of CA$ 2.70 on August 11, 2023.
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Bridgemarq Real Estate Services Inc. (TSX: BRE)
Bridgemarq is a real estate services company that provides information and tools to property agents and brokers.Its total revenue during the March 2023 quarter was CA$ 11.99 million and the gross profit during the period was CA$ 11.77 million. Bridgemarq reported net income of negative CA$ 4.71 million and an EBIT of negative CA$ 1.79 million.
The real estate company also offers a monthly dividend, with its latest announcement including a dividend of CA$ 0.1125 for each restricted voting share. It is to be paid to shareholders on July 31, 2023.
TSX: BRE Price Chart; Powered By: Tradingview
BRE’s price performance has shown an interesting path this year. As per TradingView data, BRE stock price saw YTD gains of 14.23% as on June 23, 2023 7:54 am UTC. The P/E ratio for the stock as per Thursday’s close price is 32.75.
The stock closed at CA$ 14.85 on June 22, 2023, and attained its 52-week high of CA$ 15.15 on May 8, 2023.