“[Prudential Sussex Realty] is one of the most admired names in real estate, with a long history of successfully marketing some of Canada’s most valuable homes,” said Phil Soper, the president and CEO of Royal LePage. “This transaction is a game-changer in British Columbia’s Lower Mainland, adding more strength and quality to the nation’s largest real estate company.”
Indeed, Royal LePage is set to benefit from Sussex’s stronghold on the region, quadrupling its dollar-value take of sales in the luxury real estate market in the Greater Vancouver Area. With this acquisition, the big-name brokerage will also control a more than 25 per cent share of the North Vancouver, West Vancouver and Sunshine Coast markets.
“After coming to know the team at Royal LePage, I’m more convinced than ever that our people will benefit from their national market share, industry-leading support resources and technology tools available to them,” said Alan Stewart, general manager of Sussex, who will stay on board following the acquisition.
“This is truly the coming together of two celebrated real estate companies,” said Gino Romanese, the senior vice president of Royal LePage. “Sussex, a top player in the Vancouver and Sunshine Coast areas, and Royal LePage, Canada’s leading national real estate service provider, are together creating a dominant force in the Lower Mainland.”
Not everyone is betting on a slow-down in the luxury market. One major brokerage believes one of the most expensive markets in Canada will continue to climb well into 2015, as evidenced by its acquisition of a major player there.