Franchisor posts loss as Canadian sales volume falls 12.2%

Canadian real estate franchisor Brookfield Real Estate Services Inc., which provides services to residential real estate brokers and agents operating under the Royal LePage, Via Capitale Real Estate Network and Johnston & Daniel brand names, posted a $500,000 net loss for the first three months of 2012 as tightened mortgage rules introduced in July continued to have a “lingering impact” on entry-level buyers, and discouraged some sellers from listing due to speculation of a market correction, the company said. Some $34.8 billion in residential properties traded hands in Canada during the first quarter, a 12.2 percent decline from a year ago, as prices held firm but units sold declined. Brookfield Real Estate said the 15,558 Realtors operating within its franchise network as of March 31 have a 24 percent share of the Canadian market.  Source: brookfieldresinc.com.