BrokerageIndustry News

Canadian company acquires GMAC Home Services

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A Canadian company has entered into a deal to buy GMAC Home Services LLC, which operates one of the largest real estate brokerage companies in the United States. Brookfield Residential Property Services, based in Toronto, Canada, will gain a fast foothold in the U.S. real estate market with the purchase -- the company already operates several brokerage brands in Canada, including Royal LePage, La Capitale, Johnston & Daniel and Centract. GMAC Real Estate's company-owned operations ranked 10th in total transaction sides and fifth in transaction volume in 2007 among U.S. real estate companies ranked in an annual survey by real estate research and analysis company RealTrends, and the company also operates a larger franchise network. Brookfield also gets GMAC Global Relocation Services and GMAC's GHS Mortgage in the deal -- the companies did not reveal the financial terms. Graham Badun, managing partner and CEO for Brookfield Residential Property Services, a part of globa...