In languishing market, big brokerage closes its doors

by Ryan Smith21 Dec 2015
One of the largest real estate brokerages in Calgary – a city whose housing market has been hit hard by the oil slump – is closing its doors.

Royal LePage Foothills has shut down all six of its offices in the area, impacting hundreds of agents and clients, according to a report by the Calgary Sun.

Royal LePage brokerages are independently owned franchises that operate under license from Royal LePage Canada, the Sun reported. According to a statement from Royal LePage Canada’s Toronto head office, while Calgary’s languishing economy hasn’t done local brokerages any favors, this week’s closure was due largely to poor performance the Royal LePage Foothills.

“The economy may have played a role in increasing stress over the past year on Royal LePage Foothills but today’s situation is attributable to the performance of this individual business,” the statement read. “This is a case of financial challenges impacting a local brokerage firm.”

Two other Royal LePage agencies, Royal LePage Benchmark and Royal LePage Solutions, remain open. They have reached an agreement with Foothills agents to allow continued operation under the company name, the Sun reported.


  • by 12/27/2015 11:31:58 PM

    I work for a small independent brokerage.....we never had issues with any markets as long as we worked hard,,,,we dont need all this fancy advertising and corporate images,,,,these days are gone,,,,,Buyers and Sellers today do not care about all this fancy stuff ,,they want their home sold with a hard worker and the Buyers want an agent to help them buy ,,,,,,
    Lets face it ,,,if you are working for a firm just so you can impress your clients ,,,,,thats not what they want ,,,,,,,
    Small brokerages are owned by hard working Brokers of Record that know how to manage their affairs and dont need to burden themselves with tons of secretaries and corporate ads and expensive space,,,,,overhead can kill any business,,,,,,
    So if you as an agent needed to have all this ,,,,then you might learn a few things from all this,,,,,

    Food for thought,,,,,the world is changing


Is a Toronto foreign sales tax a good idea?