• Record Revenue $1.42 billion, up 16% Y/Y
• Record Net Revenue $1.20 billion, up 18% Y/Y
• Operating Income $23 million; adjusted operating income $138 million, up 24% Y/Y
• Record Backlog $5.44 billion, up 15% Y/Y
• Raised high-end and reaffirmed midpoint of FY25 EPS guidance

PASADENA, Calif.–(BUSINESS WIRE)–#consultingandengineering–Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services in water, environment and sustainable infrastructure, today announced results for the first quarter ended December 29, 2024.

First Quarter Highlights

• Revenue increased 16% Y/Y to $1.42 billion
• Net Revenue¹ increased 18% Y/Y to $1.20 billion
• Operating Income $23 million; adjusted Operating Income increased 24% Y/Y to $138 million
• EPS $0.00; adjusted EPS¹ increased 25% Y/Y to $0.35
• Backlog increased 15% Y/Y to $5.44 billion
• Industry-leading DSO of 55.9 days

Recent Key Wins

• $498 million five-year multiple award contracts to deliver architect-engineering services and civil works support for USACE in Los Angeles and Japan Districts
• $249 million five-year multiple award contract for planning and engineering services for USACE Mobile District
• $100 million five-year multiple award contract for the Office of Land and Emergency Management for research and analysis of emerging advanced environmental technologies
• $66 million five-year single award contract to provide disaster and emergency response services in the U.S. Midwest
• $46 million multiple award architect-engineering contract for flood and emergency response for USACE

Chairman and CEO Comments

Dan Batrack, Chairman and CEO, commented, “Tetra Tech began fiscal 2025 with a strong first quarter, which included all-time record high quarterly revenue and backlog, and record high first quarter adjusted operating income and EPS. We continued to see significant demand for our differentiated services in water, environment, and sustainable infrastructure across our global operations. In the first quarter, we added over $1 billion of new contract capacity, which included contracts for essential water supply, flood control structures and inland navigation. With our record backlog and momentum, we are well positioned to respond to our U.S. and international clients’ priorities.”

Quarterly Dividend and Share Repurchase Program

On January 27, 2025, Tetra Tech’s Board of Directors approved the Company’s 43^rd consecutive quarterly dividend at an amount of $0.058 per share, a 12% increase year-over-year, payable on February 26, 2025, to stockholders of record as of February 12, 2025. In the first quarter, Tetra Tech repurchased $25 million of common stock. Additionally, as of December 29, 2024, the Company had $323 million remaining under its $400 million share repurchase program.

Business Outlook

The following statements are based on current expectations. These statements are forward-looking, and the actual results could differ materially. These statements do not include the potential impact of transactions that may be completed or developments that become evident after the date of this release. The Business Outlook section should be read in conjunction with the information on forward-looking statements at the end of this release.

At the direction of the new U.S. Administration, Tetra Tech has paused some of its U.S. federal government work, particularly with USAID, while assisting our clients with their review of multiple programs across the various government agencies we support. Tetra Tech has updated its guidance for fiscal year 2025 based on its current outlook, which includes the potential impact of the ongoing U.S. federal government review process.

For fiscal 2025, Tetra Tech expects the full year guidance for net revenue² to range from $4.365 billion to $4.765 billion and adjusted EPS³ to range from $1.37 to $1.52. For the second quarter in fiscal 2025, Tetra Tech expects net revenue to range from $1.0 billion to $1.1 billion and EPS to range from $0.30 to $0.33.

Webcast

Investors will have the opportunity to access a live audio-visual webcast and supplemental financial information concerning the first quarter of fiscal 2025 results through a link posted on the Company’s website at tetratech.com on January 30, 2025, at 8:00 a.m. (PT).

_______________

1 Non-GAAP financial measures which the Company believes provide valuable perspectives on its business results. Refer to tables at the end of the release and Regulation G Information for reconciliations to the comparable GAAP metrics.

2 Reconciliation of the net revenue guidance to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict the magnitude and timing of all the components, including subcontractor costs, required to provide such reconciliation with sufficient precision.

3 The only adjustment in our guidance for EPS is to exclude the legal settlement costs of $0.35 in the first quarter of fiscal 2025.

Reconciliation of GAAP and Non-GAAP Items
In thousands (except EPS data)
	Three Months Ended
	December 29, 2024				December 31, 2023
Revenue	$	1,420,561			$	1,228,267
Subcontractor costs		(223,231	)			(213,098	)
Net revenue	$	1,197,330			$	1,015,169
Operating Income	$	22,526			$	111,081
Legal contingency costs		115,000				–
Contingent consideration		–				(37	)
Adjusted Operating Income	$	137,526			$	111,044
EPS	$	0.00			$	0.28
Legal contingency costs		0.35				–
Adjusted EPS	$	0.35			$	0.28

About Tetra Tech

Tetra Tech is the leader in water, environment and sustainable infrastructure, providing high-end consulting and engineering services for projects worldwide. With 30,000 employees working together, Tetra Tech provides clear solutions to complex problems by Leading with Science^® to address the entire water cycle, protect and restore the environment, design sustainable and resilient infrastructure, and support the clean energy transition. For more information about Tetra Tech, please visit tetratech.com or follow us on LinkedIn and Facebook.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as “anticipate,” “expect,” “could,” “may,” “intend,” “plan” and “believe,” among others, generally identify forward-looking statements. These forward-looking statements are based on current expectations and beliefs of Tetra Tech’s management and currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release, including but not limited to: continuing worldwide political and economic uncertainties; the U.S. Administration’s potential changes to fiscal policies; the cyclicality in demand for our overall services; the fluctuation in demand for oil and gas, and mining services; risks related to international operations; concentration of revenues from U.S. government agencies and potential funding disruptions by these agencies; dependence on winning or renewing U.S. government contracts; the delay or unavailability of public funding on U.S. government contracts; the U.S. government’s right to modify, delay, curtail or terminate contracts at its convenience; compliance with government procurement laws and regulations; the impact of global pandemics; credit risks associated with certain clients in certain geographic areas or industries; acquisition strategy and integration risks; goodwill or other intangible asset impairment; the failure to comply with worldwide anti-bribery laws; the failure to comply with domestic and international export laws; the failure to properly manage projects; the loss of key personnel or the inability to attract and retain qualified personnel; the ability of our employees to obtain government granted eligibility; the use of estimates and assumptions in the preparation of financial statements; the ability to maintain adequate workforce utilization; the use of the percentage-of-completion method of accounting; the inability to accurately estimate and control contract costs; the failure to adequately recover on our claims for additional contract costs; the failure to win or renew contracts with private and public sector clients; growth strategy management; backlog cancellation and adjustments; risks relating to cyber security breaches; the failure of partners to perform on joint projects; the failure of subcontractors to satisfy their obligations; requirements to pay liquidated damages based on contract performance; the adoption of new legal requirements; changes in resource management, environmental or infrastructure industry laws, regulations or programs; changes in bank and capital markets and the access to capital; credit agreement covenants; industry competition; liability related to legal proceedings, investigations, and disputes; the availability of third-party insurance coverage; the ability to obtain adequate bonding; employee, agent, or partner misconduct; employee risks related to international travel; safety programs; conflict of interest issues; liabilities relating to reports and opinions; liabilities relating to environmental laws and regulations; force majeure events; protection of intellectual property rights; stock price volatility; the ability to impede a business combination based on Delaware law and charter documents; and other risks and uncertainties as may be described in Tetra Tech’s periodic filings with the Securities and Exchange Commission, including those described in the “Risk Factors” section of Tetra Tech’s Annual Report on Form 10-K for the fiscal year ended September 29, 2024. Readers should not place undue reliance on forward-looking statements since such information speaks only as of the date of this release. Tetra Tech does not intend to update forward-looking statements and expressly disclaims any obligation to do so.

Non-GAAP Financial Measures

To supplement the financial results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we present certain non-GAAP financial measures within the meaning of Regulation G under the Securities Exchange Act of 1934, as amended. We provide these non-GAAP financial measures because we believe they provide a valuable perspective on our financial results. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation and are not in accordance with, or a substitute for, GAAP measures. In addition, other companies may define non-GAAP measures differently which limits the ability of investors to compare non-GAAP measures of Tetra Tech to those used by our peer companies. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is set forth above in this release.

Contacts

Jim Wu, Investor Relations

Charlie MacPherson, Media & Public Relations

(626) 470-2844

OAKVILLE, Ontario–(BUSINESS WIRE)–FCT, Canada’s leading provider of title insurance and real estate technology, today announced a majority investment in Fintracker Inc., a leading identity verification provider for real estate transactions in Canada. This strategic partnership will help deliver greater efficiency, enhanced security, and consistent compliance to the Canadian real estate market.

“This investment demonstrates FCT’s dedication to driving innovation in the real estate industry,” said Michael LeBlanc, CEO of FCT. “Fintracker’s advanced identity verification technology combined and integrated with our trusted services, will help create a more secure, seamless, and fully compliant experience for all stakeholders, while shaping the future of connected and intelligent identity verification processes.”

By integrating Fintracker’s solutions, FCT aims to create a connected identity ecosystem that accelerates the home-buying process, while enhancing data security and compliance. Fintracker transforms identity verification by digitizing the process, auto-completing FINTRAC and other pre-deal forms related to Know Your Client (KYC) and Anti-Money Laundering (AML) regulations. Through its innovative digital workflows, Fintracker simplifies compliance, reduces fraud risk, and safeguards sensitive personal information.

Fintracker’s founders, Simon Fiore (CEO) and Matt Amihude (CTO), will continue to lead the company’s long-term growth and expansion.

“Partnering with FCT enables us to scale our mission of simplifying compliance for agents and brokerages across Canada,” said Simon Fiore, president of Fintracker. “Our shared vision is to minimize friction for both the public and our clients, while raising the bar for KYC and AML compliance. Together, we’re fostering greater trust, transparency, and efficiency in real estate transactions.”

With an established reputation among major real estate boards and brokerages, Fintracker is already a trusted partner for real estate agents across the country. This partnership will further solidify its position as the go-to solution for KYC and AML compliance in the Canadian real estate industry.

About FCT

Based in Oakville, Ontario, FCT has over 1,200 employees across the country. FCT provides industry-leading title insurance, default solutions and other real estate-related products and services to approximately 450 lenders, 43,000 legal professionals and 5,000 recovery professionals, as well as real estate agents, mortgage brokers and builders, nationwide.

Great Place to Work^® has named FCT one of Canada’s Best Workplaces^® for 10 consecutive years (2015-2024) and certified FCT as a Great Place to Work^®. In 2024, FCT’s parent company, First American Financial Corporation, was named both one of the 100 Best Companies to Work For and one of the Best Workplaces for Women™ by Great Place to Work^® and Fortune Magazine for the ninth consecutive year.

For more information on FCT, please visit the company website at www.fct.ca.

About Fintracker:

Fintracker is a category-leading provider of digital identity verification and compliance technology for the Canadian real estate market. Fintracker leverages advanced workflows to support seamless compliance with KYC and AML regulations, delivering value to brokerages, agents, and consumers alike.

For more information on Fintracker, please visit the company website at www.fintracker.ca.

Contacts

Jacquie Alford

Senior Communications Manager

905.483.4568

jaalford@fct.ca

TORONTO–(BUSINESS WIRE)–Dream Unlimited Corp. (TSX: DRM) (“Dream”) will be releasing its financial results for the quarter ended December 31, 2024, on Tuesday, February 25, 2025.

Senior management will be hosting a conference call to discuss the financial results. Participants may join the conference call by audio or webcast.

Conference Call:

Date:	Wednesday, February 26, 2025 at 10:00 a.m. (ET)
Audio:	1-844-763-8274 (toll free)
	647-484-8814 (toll)
Webcast:	A live webcast will also be available in listen-only mode. To access the simultaneous webcast, go to the Calendar of Events on the News and Events page on Dream’s website at www.dream.ca and click on the link for the webcast.
Digital Replay:	A taped replay of the call will be available for ninety (90) days. For access details, please click on the Calendar of Events on Dream’s website.

About Dream

Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of $27 billion of assets under management across four Toronto Stock Exchange (“TSX”) listed trusts, our private asset management business and numerous partnerships. We also develop land, residential and income generating assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. For more information, please visit our website at www.dream.ca.

Contacts

Meaghan Peloso
Chief Financial Officer

(416) 365-6322

mpeloso@dream.ca

Kim Lefever
Director, Investor Relations

(416) 365-6339

klefever@dream.ca

TORONTO–(BUSINESS WIRE)–DREAM OFFICE REIT (D.UN-TSX) or (the “Trust” or “we”) announces the sale of its 438 University Avenue property in Toronto, Ontario, for gross proceeds before transaction costs of approximately $105.6 million or approximately $327 per square foot. As part of the transaction, the Trust secured the benefit of relocating approximately 17,000 sf of tenants from 438 University Avenue to other downtown Toronto buildings within the Trust’s portfolio which will increase net operating income in those buildings by over $1 million on an annual basis. In addition, the Trust also received a relocation right to move one of the last tenants at 250 Dundas St. W. so that the building is fully unencumbered and would reduce costs significantly in the development pro forma, therefore improving the profit and value of our purpose-built rental development site.

The Trust and the purchaser have also entered into a property management agreement at market terms for the Trust to continue to manage the property for the purchaser for a period of three years.

We believe the transaction is attractive to the Trust as we estimate that these combined incremental benefits represent a value of over $20 million or $62 per square foot to the Trust.

The Trust intends to use the proceeds to repay the approximately $68.8 million property mortgage outstanding and use the balance of the proceeds to pay down its corporate credit facility to reduce leverage and improve liquidity. The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions.

Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 3.5 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world. For more information, please visit our website at www.dreamofficereit.ca.

Forward Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation, including specific statements regarding benefits to the Trust of relocating tenants, including the effect of such relocations on net operating income, the profitability and value of contemplated development projects, use of transaction proceeds and the effect of that use on leverage and liquidity, our ability to satisfy closing conditions and our expectations for closing timing. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Office REIT’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; our ability to refinance maturing debt; our ability to sell investment properties at a price which reflects fair value; leasing risks, including those associated with the ability to lease vacant space; and market interest rate fluctuations. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. Dream Office REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is contained in Dream Office REIT’s filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dream Office REIT’s website at www.dreamofficereit.ca.

Contacts

For further information, please contact:

Michael J. Cooper
Chairman and Chief Executive Officer

(416) 365-5145

mcooper@dream.ca

Jay Jiang
Chief Financial Officer

(416) 365-6638

jjiang@dream.ca

January 2025 on track to be the fastest growth month in the company’s history

TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (NASDAQ: REAX), a technology platform reshaping real estate for agents, home buyers and sellers, today announced that it has reached the 25,000-agent mark. The milestone comes on the heels of nearly 1,000 agents joining Real each month in 2024, with January 2025 on track to be the fastest growth month in the company’s history.

“Our mission and our vision from Day 1 has been to make agents’ lives better. I’m thankful to our leadership team and the Real employees who wake in the morning and go to sleep at night with our agents in mind. We couldn’t have reached this milestone without each member of our collective community,” said Tamir Poleg, Real Founder, Chairman and CEO. “I am also grateful to the growing number of agents who have chosen to partner with us. Although 25,000 feels like a big number, we are just getting started, and their partnership and the trust they have placed in Real means everything.”

With a presence in all 50 states in the U.S. and four Canadian provinces, Real is dedicated to providing agents with advanced technology and unparalleled support. Real is unique among public brokerages for its proprietary software platform, reZEN, utilized by every agent to enable rapid scalability without adding significant costs.

Over the past year, Real leveraged this platform to introduce several agent-focused programs, including Private Label, ProTeams and Real Wallet. Designed for independent brokerages and large teams, the Private Label and ProTeams programs make it easier to join Real while allowing agents to maintain the brands that they’ve worked hard to build and existing compensation structures. Real Wallet, a fintech platform, centralizes an agent’s access to Company-branded financial products. Through Real Wallet, U.S. agents can open a business checking account, while agents in Canada have access to a line of credit based on their earnings history with the Company. Additional features, including tax planning business checking accounts and revenue share advances, are expected to launch for Real Wallet users in the U.S. later this quarter.

“25,000 strong and counting! Reaching this incredible milestone isn’t just about numbers—it’s about the community we’ve built together. Every agent, every story, every deal—it all adds up to something extraordinary. This isn’t just growth; it’s a movement,” said Sharran Srivatsaa, President of Real. Here’s to celebrating what we’ve accomplished and charging forward with passion and purpose. The future is Real!”

Since the start of the year, Real has onboarded a number of high profile teams, including:

• Harvest Realty, a high-producing independent brokerage serving Southern California with 550 agents and $2.4 billion in 2024 home sales.
• The Burgman Group, led by industry influencer Shane Burgman, has averaged 50 home sales a year throughout Florida’s Space Coast for the past decade.
• Austin-based Spyglass Realty, with 140 agents and a 2024 sales volume of nearly $400 million.
• Craft & Bauer Real Estate Co., a 60-agent firm with 865 homes sales totaling $512 million across California and Arizona.

The Real Brokerage is a real estate technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC. The Real Wallet Visa debit card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted.

About Real

Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence throughout the U.S. and Canada, Real supports more than 25,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as of the date hereof. Forward-looking information in this press release includes, without limiting the foregoing expectations regarding Real’s ability to continue to attract agents.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. Important factors that could cause such differences include, but are not limited to, slowdowns in real estate markets, economic and industry downturns, Real’s ability to successfully launch additional Real Wallet features and products, Real’s ability to attract new agents and retain current agents and those risk factors discussed under the heading “Risk Factors” in the Company’s Annual Information Form dated March 14, 2024, a copy of which is available under the Company’s SEDAR+ profile at www.sedarplus.ca. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Contacts

Investor inquiries, please contact:

Ravi Jani

Vice President, Investor Relations and Financial Planning & Analysis

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

elisabeth@therealbrokerage.com
201.564.4221

TORONTO–(BUSINESS WIRE)–DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U and TSX: DRR.UN) (“Dream Residential REIT” or the “REIT”) today announced its January 2025 monthly distribution in the amount of US$0.035 per unit (US$0.42 annualized). The January distribution will be payable on February 14, 2025 to unitholders of record as at January 31, 2025.

About Dream Residential REIT

Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns a portfolio of garden-style multi-residential properties, primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit www.dreamresidentialreit.ca.

Contacts

For further information, please contact:

Dream Residential REIT

Brian Pauls
Chief Executive Officer

(416) 365-2365

bpauls@dream.ca

Derrick Lau
Chief Financial Officer

(416) 365-2364

dlau@dream.ca

Scott Schoeman
Chief Operating Officer

(303) 519-3020

sschoeman@dream.ca

Survey Highlights Expectations for Continued Commission Rate Stability in 2025

TORONTO & NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc. (NASDAQ: REAX, “Real”), a technology platform reshaping real estate for agents, home buyers, and sellers, today released results from its December 2024 Agent Survey. The survey highlights growing agent confidence as 2025 begins, with the Agent Optimism Index reaching a new high. Despite continued affordability challenges and constrained inventory, agents are signaling expectations for a market recovery in 2025.

“Our agents’ outlook for 2025 signals a turning point for the industry,” said Tamir Poleg, Chairman and CEO of Real. “Even in an elevated rate environment, agents are preparing for recovery as the housing market emerges from two years of historically low transaction activity.”

“As we enter 2025, agents’ insights point to a market regaining balance and positioning itself for sustained recovery,” said Sharran Srivatsaa, President of Real. “At the same time, our data continues to show stability in commission rates, underscoring the critical role agents play in navigating buyers and sellers through today’s dynamic market.”

Key Survey Findings: Commission Rate Trends

• Buy-Side Commission Rates Showed Stability Despite Market Challenges in 2024: Over half (55%) of U.S. agents reported no significant changes in buy-side commission rates compared to 2023, reflecting relative stability despite a challenging market. However, 16% of agents reported slight decreases (less than 0.25% of the total transaction value), while 8% reported more significant declines. Meanwhile, 9% of respondents noted increases in buy-side commission rates. In Canada, stability was even more pronounced, with 82% of agents reporting no meaningful change.
• 2025 Buy-Side Commission Rates Expected to Stay Largely Steady: Looking ahead, 52% of U.S. agents expect no meaningful change in buy-side commission rates in 2025. While 20% anticipate slight decreases and 5% foresee more significant reductions, 13% predict increases, indicating that the net impact may be limited overall.
• Listing-Side Commission Rates Reflected Even Greater Stability in 2024: Sixty-four percent (64%) of U.S. agents reported no meaningful changes in listing-side commission rates in 2024, while 13% observed declines and 15% noted increases. In Canada, stability was even stronger, with 78% of agents indicating no changes in listing-side commission rates.
• Agents Expect Minimal Change to Listing-Side Commissions in 2025: For 2025, 60% of U.S. agents expect listing-side commission rates to remain unchanged. Among the remainder, 18% foresee increases, while 13% anticipate decreases. Compared to the buy-side, agents expressed somewhat greater confidence in the relative stability of listing-side commission rates, indicating less expectation for change across most markets.

Key Survey Findings: Market Trends and Insights

• Agent Optimism Index Closes Out 2024 at a New High: The Agent Optimism Index, which measures agents’ sentiment about their local market outlook over the next 12 months, rose to 76.4 in December, up from 73.1 in November. This marks the highest reading of the year, with a score above 50 signaling a net positive outlook. In December, 52% of agents reported feeling more optimistic compared to the previous month, and an additional 29% felt significantly more optimistic. Only 4% of agents felt more pessimistic, while 15% were neutral.
• Market Conditions Reflect Balance as Year Ends: Thirty percent (30%) of agents described their market as a buyer’s market in December, down slightly from 32% in November. Seller-dominated markets also held relatively steady at 30%, up from 29% in November. Forty percent (40%) of agents cited balanced market conditions, showing a slight increase from 38% the prior month.
• Affordability Remains a Key Concern: Affordability was identified as the biggest hurdle for prospective homebuyers by 59% of agents in December, down slightly from 62% in November. Inventory constraints rose to 23% from 19% the prior month, while economic uncertainty eased to 10% of respondents from 13%. Buyer competition remained low, with 4% of agents citing it as a key challenge.
• Transaction Growth Index Shows Modest Contraction: The Transaction Growth Index, which tracks year-over-year changes in home sales activity, dipped slightly to 47.7 in December from 48.3 in November. A score below 50 indicates a year-over-year contraction in transaction activity. Canada continued to show modest expansion, with an index score of 56.7, despite a slight dip from November’s 61.0. The U.S. index edged down to 46.8 from 46.9, signaling a narrow decline as agents prepare for recovery.

A summary presentation of these results can be found on Real’s investor relations website at the link here.

About the Survey
The Real Brokerage December 2024 Agent Survey included responses from over 500 real estate agents across the United States and Canada and was conducted between December 31, 2024 and January 7, 2025. Responses to questions regarding transaction growth and agent optimism were calibrated on a 0-100 point index scale, with readings above 50 indicating an improving trend, whereas readings below 50 indicate a declining trend. Responses are meant to capture industry-level information and are not meant to serve as an indication of Real’s company-specific growth trends. Additionally, given the smaller sample size, there can be greater variability in Canada index results on a month-to-month basis.

About Real
Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence in all 50 states throughout the U.S. and Canada, Real supports over 24,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses.

Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as of the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, expectations regarding the residential real estate market in the U.S. and Canada.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to expectations regarding 2025 market conditions. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. Important factors that could cause such differences include, but are not limited to, slowdowns in real estate markets and economic and industry downturns. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Contacts

Investor inquiries, please contact:

Ravi Jani

Vice President, Investor Relations and Financial Planning & Analysis

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

press@therealbrokerage.com
201.564.4221