Small investors play large role in Edmonton's multi-family boom
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'A lot of times these developers will overpay market value to buy your home,' Ma adds.
'So that is an opportunity for you, the sellers, where you're getting more, and maybe you can move to a newer, bigger house.'
Of course, another benefit for this type of multi-family development is that it creates more rental supply, which helps ease rents in the city — an obvious benefit for renters.
That said, it's less helpful for first-time buyers, who may be seeking to buy single-family homes in older neighbourhoods that are often more affordable.
They are experiencing the downside impact of this trend because they are competing with larger buyers.
Again, Ma alludes to developers having deep pockets. In turn, they are less price sensitive, often able to outbid first-time buyers who are more price sensitive.
Yet as he has seen in Vancouver, more multi-family development can create more supply of small apartment units for purchase, which is helpful to first-time buyers, especially as single-family homes become more expensive.
'That really speaks to how younger people's vision of homeownership is slowly changing,' Ma adds. 'The Canadian dream used to be owning a single-family detached house, but today's younger generations and future ones are pivoting to smaller, more affordable footprints.'
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Cision Canada
22 minutes ago
- Cision Canada
Tecsys Reports Financial Results for the Fourth Quarter and Full Year of Fiscal 2025
SaaS Revenue Up 29% Driving Record Revenue Quarter, Adjusted EBITDA i Up 55% MONTREAL, June 26, 2025 /CNW/ -- Tecsys Inc. (TSX: TCS), an industry-leading supply chain management SaaS company, today announced its results for the fourth quarter and full year of fiscal 2025, ended April 30, 2025. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS). "Fiscal 2025 was a strong year for Tecsys, with 29% SaaS revenue growth and expanded market opportunity," said Peter Brereton, president and CEO at Tecsys. "We delivered 39% full year Adjusted EBITDAi growth and ended the year with a record professional services backlogii. We expanded our global footprint with key strategic activities and achieved a healthy mix of new logos, base expansions and complex distribution wins across multiple geographies. The recent launch of TecsysIQ reflects our commitment to deepening customer value through our continued investment in AI innovation. We believe these results and initiatives position us well to continue scaling profitably into fiscal 2026." Mark Bentler, chief financial officer of Tecsys Inc., added, "We had a strong $6.5 million SaaS bookings ii quarter, with record Q4 revenue and 55% Q4 Adjusted EBITDA i growth underscoring our solid execution. We have decided to increase our investment in R&D and marketing in fiscal 2026 to drive SaaS margin growth and SaaS revenue growth, respectively. As a result, we are revising our fiscal 2026 Adjusted EBITDA i margin guidance to 8-9% and expect Adjusted EBITDA i growth in the range of 20-30%." Fourth Quarter Highlights: SaaS revenue increased by 29% to $18.4 million, up from $14.2 million in Q4 2024. SaaS subscription bookings ii (measured on an ARR ii basis) were $6.5 million compared to $8.0 million in the fourth quarter of fiscal 2024. SaaS Remaining Performance Obligation (RPO ii) increased by 10% to $216.7 million at April 30, 2025, up from $196.9 million at the same time last year. Total revenue increased to a record $46.6 million compared to $44.0 million in Q4 2024. Net profit was $1.7 million ($0.12 per basic share or $0.11 per fully diluted share) in Q4 2025, compared to $0.3 million or $0.02 per fully diluted share for the same period in fiscal 2024. Adjusted EBITDA i was $4.3 million compared to $2.8 million reported in Q4 last year. In the fourth quarter of fiscal 2025, Tecsys acquired 22,800 of its outstanding common shares for approximately $0.9 million as part of its ongoing Normal Course Issuer Bid, compared to 128,300 common shares acquired in the same period last year for approximately $5.0 million. Fiscal 2025 Highlights: SaaS revenue increased by 29% to $67.1 million, up from $51.9 million in fiscal 2024. SaaS subscription bookings ii (measured on an ARR ii basis) were $17.3 million compared to $18.6 million in fiscal 2024. Total revenue increased to a record $176.5 million compared to $171.2 million in fiscal 2024. Net profit was $4.5 million, or $0.30 per fully diluted share in fiscal 2025, compared to a net profit of $1.8 million, or $0.13 per fully diluted share, for fiscal 2024. Adjusted EBITDA i was $13.4 million compared to $9.6 million in fiscal 2024. In Fiscal 2025, Tecsys acquired 172,200 of its outstanding common shares for approximately $6.9 million as part of its ongoing Normal Course Issuer Bid, compared to 204,500 common shares acquired in the same period last year for approximately $7.2 million. Financial Guidance: Tecsys is providing financial guidance as follows: On June 26, 2025, the Company declared a quarterly dividend of $0.085 per share to be paid on August 1, 2025, to shareholders of record on July 11, 2025. Pursuant to the Canadian Income Tax Act, dividends paid by the Company to Canadian residents are considered to be "eligible" dividends. Q4 and FY2025 Financial Results Conference Call Date: June 27, 2025 Time: 8:30 a.m. ET Phone number: 800-836-8184 or 646-357-8785 The call can be replayed until July 4, 2025, by calling: 888-660-6345 or 646-517-4150 (access code: 07914#) i See Non-IFRS Performance Measures in Management's Discussion and Analysis of the 2025 Financial Statements. ii See Key Performance Indicators in Management's Discussion and Analysis of the 2025 Financial Statements. About Tecsys Tecsys is a global provider of advanced supply chain solutions. With a commitment to innovation and customer success, the company equips organizations with the essential software, technology and expertise needed for operational excellence and competitive advantage. Its cloud solutions serve a diverse range of industries, including healthcare, distribution and converging commerce, across multiple complex, regulated and high-volume markets. Built on the Itopia® low-code application platform, Tecsys' offerings include enterprise resource planning, warehouse management, consolidated service management, distribution and transportation management, supply management at the point of use and order management solutions. Tecsys provides critical data insights and control across the supply chain, ensuring that organizations are agile, responsive and scalable. Tecsys is publicly traded on the Toronto Stock Exchange under the ticker symbol TCS. For more about Tecsys and its solutions, please visit Forward Looking Statements The statements in this news release relating to matters that are not historical fact are forward-looking statements that are based on management's beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that Tecsys Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of Tecsys Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with Tecsys Inc.'s business can be found in the MD&A section of the Company's annual report and the most recently filed annual information form. These documents have been filed with the Canadian securities commissions and are available on our website ( and on SEDAR+ ( Copyright © Tecsys Inc. 2025. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners. Non-IFRS Measures Reconciliation of EBITDA and Adjusted EBITDA EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before stock-based compensation and restructuring costs. The exclusion of interest expense, interest income, income taxes and restructuring costs eliminates the impact on earnings derived from non-operational activities and non-recurring items, and the exclusion of depreciation, amortization and stock-based compensation eliminates the non-cash impact of these items. The Company believes that these measures are useful measures of financial performance without the variation caused by the impacts of the items described above and that could potentially distort the analysis of trends in our operating performance. In addition, they are commonly used by investors and analysts to measure a company's performance, its ability to service debt and to meet other payment obligations, or as a common valuation measurement. Excluding these items does not imply that they are necessarily non-recurring. Management believes these non-IFRS financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company's operating results, underlying performance and future prospects in a manner similar to management. Although EBITDA and Adjusted EBITDA are frequently used by securities analysts, lenders and others in their evaluation of companies, they have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of the Company's results as reported under IFRS. The reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable IFRS measure is provided below. Consolidated Statements of Financial Position (In thousands of Canadian dollars) April 30, 2025 April 30, 2024 Assets Current assets Cash and cash equivalents $ 27,580 $ 18,856 Short-term investments 11,712 16,713 Accounts receivable 23,943 22,090 Work in progress 7,436 4,248 Other receivables 274 134 Tax credits 6,390 6,422 Inventory 1,870 1,359 Prepaid expenses and other 10,699 9,143 Total current assets 89,904 78,965 Non-current assets Other long-term receivables and assets 1,457 421 Tax credits 6,120 4,737 Property and equipment 1,164 1,372 Right-of-use assets 836 1,251 Contract acquisition costs 5,017 4,478 Deferred development costs 3,838 2,683 Other intangible assets 6,726 7,703 Goodwill 17,827 17,363 Deferred tax assets 7,521 9,073 Total non-current assets 50,506 49,081 Total assets $ 140,410 $ 128,046 Liabilities Current liabilities Accounts payable and accrued liabilities 22,367 20,030 Deferred revenue 45,025 36,211 Lease obligations 590 812 Total current liabilities 67,982 57,053 Non-current liabilities Other long-term accrued liabilities 33 496 Deferred tax liabilities 405 826 Lease obligations 728 1,302 Total non-current liabilities 1,166 2,624 Total liabilities $ 69,148 $ 59,677 Equity Share capital $ 57,573 $ 52,256 Contributed surplus 4,755 9,417 Retained earnings 7,700 8,121 Accumulated other comprehensive income (loss) 1,234 (1,425) Total equity attributable to the owners of the Company 71,262 68,369 Total liabilities and equity $ 140,410 $ 128,046 Consolidated Statements of Income and Comprehensive Income (loss) (In thousands of Canadian dollars, except per share data) Three Months Ended Twelve Months Ended April 30, April 30, 2025 2024 2025 2024 Revenue: SaaS $ 18,375 $ 14,191 $ 67,071 $ 51,918 Maintenance and Support 7,910 8,140 32,470 33,957 Professional Services 16,213 14,390 57,665 55,188 License 294 282 1,811 1,386 Hardware 3,763 6,952 17,437 28,793 Total revenue 46,555 43,955 176,454 171,242 Cost of revenue 22,712 23,341 91,161 92,853 Gross profit 23,843 20,614 85,293 78,389 Operating expenses: Sales and marketing 9,695 8,437 36,152 32,976 General and administration 3,373 3,264 12,646 11,844 Research and development, net of tax credits 7,665 7,435 29,315 29,514 Restructuring costs - 2,122 - 2,122 Total operating expenses 20,733 21,258 78,113 76,456 Profit (loss) from operations 3,110 (644) 7,180 1,933 Other (costs) income (98) 122 255 557 Profit (loss) before income taxes 3,012 (522) 7,435 2,490 Income tax expense (benefit) 1,302 (781) 2,976 641 Net profit $ 1,710 $ 259 $ 4,459 $ 1,849 Other comprehensive income (loss): Effective portion of changes in fair value on designated revenue hedges 7,662 (2,187) 1,941 (1,086) Exchange differences on translation of foreign operations 486 102 718 (322) Comprehensive income (loss) $ 9,858 $ (1,826) $ 7,118 $ 441 Basic earnings per common share $ 0.12 $ 0.02 $ 0.30 $ 0.13 Diluted earnings per common share $ 0.11 $ 0.02 $ 0.30 $ 0.13 Consolidated Statements of Cash Flows (In thousands of Canadian dollars) Three Months Ended Twelve Months Ended April 30, April 30, 2025 2024 2025 2024 Cash flows from operating activities: Net profit $ 1,710 $ 259 $ 4,459 $ 1,849 Adjustments for: Depreciation of property and equipment and right-of-use-assets 349 361 1,473 1,477 Amortization of deferred development costs 184 147 769 583 Amortization of other intangible assets 320 347 1,304 1,493 Interest expense (income) and foreign exchange loss (gain) 98 (122) (255) (557) Unrealized foreign exchange and other (1,204) 481 (605) (569) Non-refundable tax credits (588) (596) (2,530) (1,961) Stock-based compensation 536 531 2,951 2,301 Income taxes 2,125 65 2,346 519 Net cash from operating activities excluding changes in non-cash working capital items related to operations 3,530 1,473 9,912 5,135 Accounts receivable (2,299) 2,714 (1,728) 764 Work in progress (348) (856) (3,152) (2,518) Other receivables and assets 68 (135) (278) 1 Tax credits (963) (728) 16 113 Inventory 69 544 (507) (327) Prepaid expenses (422) 299 (993) (646) Contract acquisition costs (919) (784) (1,090) (1,045) Accounts payable and accrued liabilities 1,851 (3,052) 2,962 (2,455) Deferred revenue 6,311 5,506 8,766 5,833 Changes in non-cash working capital items related to operations 3,348 3,508 3,996 (280) Net cash provided by operating activities 6,878 4,981 13,908 4,855 Cash flows from financing activities: Payment of lease obligations (209) (193) (816) (786) Payment of dividends (1,261) (1,175) (4,880) (4,560) Interest paid (15) (27) (82) (163) Issuance of common shares on exercise of stock options 3,070 3,897 4,638 6,964 Shares repurchased and cancelled (943) (5,010) (6,934) (7,215) Net cash provided by (used in) financing activities 642 (2,508) (8,074) (5,760) Cash flows from investing activities: Interest received 13 6 72 97 Transfers from short-term investments - - 5,570 40 Acquisitions of property and equipment (331) (144) (828) (599) Deferred development costs (592) (203) (1,924) (1,012) Net cash (used in) provided by investing activities (910) (341) 2,890 (1,474) Net Increase (decrease) in cash and cash equivalents during the period 6,610 2,132 8,724 (2,379) Cash and cash equivalents - beginning of period 20,970 16,724 18,856 21,235 Cash and cash equivalents - end of period $ 27,580 $ 18,856 $ 27,580 $ 18,856 Consolidated Statements of Changes in Equity (In thousands of Canadian dollars, except number of shares) Share capital Number Amount Contributed Surplus Accumulated other comprehensive (loss) income Retained earnings Total Balance, May 1, 2024 14,840,150 $ 52,256 $ 9,417 $ (1,425) $ 8,121 $ 68,369 Net profit - - - - 4,459 4,459 Other comprehensive income: Effective portion of changes in fair value on designated revenue hedges - - - 1,941 - 1,941 Exchange difference on translation of foreign operations - - - 718 - 718 Total comprehensive income - - - 2,659 4,459 7,118 Shares repurchased and cancelled (172,200) (618) (6,316) - - (6,934) Stock-based compensation - - 2,951 - - 2,951 Dividends to equity owners - - - - (4,880) (4,880) Share options exercised 168,170 5,935 (1,297) - - 4,638 Total transactions with owners of the Company (4,030) $ 5,317 (4,662) $ - $ (4,880) $ (4,225) Balance, April 30, 2025 14,836,120 $ 57,573 4,755 $ 1,234 $ 7,700 $ 71,262 Balance, May 1, 2023 14,582,837 $ 44,338 15,285 $ (17) $ 10,832 $ 70,438 Net profit - - - - 1,849 1,849 Other comprehensive (loss) income: Effective portion of changes in fair value on designated revenue hedges - - - (1,086) - (1,086) Exchange difference on translation of foreign operations - - - (322) - (322) Total comprehensive (loss) income - - - (1,408) 1,849 441 Shares repurchased and cancelled (204,500) (684) (6,531) - - (7,215) Stock-based compensation - - 2,301 - - 2,301 Dividends to equity owners - - - - (4,560) (4,560) Share options exercised 461,813 8,602 (1,638) - - 6,964 Total transactions with owners of the Company 257,313 $ 7,918 (5,868) $ - $ (4,560) $ (2,510) Balance, April 30, 2024 14,840,150 $ 52,256 9,417 $ (1,425) $ 8,121 $ 68,369 SOURCE Tecsys Inc.
Global News
27 minutes ago
- Global News
Steel tariff measures ‘fail to address the crisis we are in,' industry says
The Canadian steel industry says the federal government's recently-announced measures to combat the impacts of U.S. steel and aluminum tariffs 'fail to address the crisis we are in.' Thursday's statement from the Canadian Steel Producers Association (CSPA) takes particular issue with immediate measures like a tariff rate quota on foreign steel products, which the industry group says should be far lower to prevent the dumping of those materials at the expense of domestic producers. 'In its current form, the (tariff-rate quota) will do little to support our industry,' CSPA president and CEO Catherine Cobden said. 'While we appreciated their willingness to act, we are concerned that the immediate measures fail to address the crisis we are in.' The measures unveiled by Prime Minister Mark Carney and his cabinet last week include a tariff rate quota of 100 per cent of 2024 levels on imports of steel products from non-free trade agreement partners in order to prevent oversupply of those metals. Story continues below advertisement The goal, Carney said, is to ensure foreign steel diverted away from the U.S. due to its 50 per cent tariffs don't end up in Canada. The government also intends to introduce new tariffs in the coming weeks to protect Canadian industries from unfair trading practices and global overcapacity, but has not set a specific date for those measures. The timeline, Cobden said Thursday, 'is at odds with the extreme urgency we are feeling.' 1:48 Carney to increase U.S. steel, aluminum tariffs if trade talks with Trump stall U.S. President Donald Trump first imposed tariffs on steel and aluminum at a 25 per cent rate in March, and later raised the rate to 50 per cent earlier this month. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'The unjustified tariffs have delivered a significant blow to our industry,' which had previously considered the U.S. a 'destination market' for 6.5 million tonnes of Canadian steel, Cobden said. Story continues below advertisement During that time, according to the CBSA, steel producers in Canada 'have significantly dropped shipments (to the U.S.) and have experienced close to 1,000 job losses to date and are preparing for thousands more.' Global News has reached out to Industry Minister Melanie Joly's office for comment on the CBSA's latest statement. Immediately following the government's announcement last week, the CBSA and the United Steelworkers Union said in a joint statement that the measures 'fall short' of what they had been asking for. The steel industry's reaction to the government measures has contrasted with that of the Aluminum Association of Canada. 'We find that these announcements strike the right balance between sending a strong signal towards focused and accelerated negotiations and using a measured approach through adaptive counter-tariffs and reciprocal procurement policies,' president and CEO Jean Simard said in a statement last week. 2:14 Canada announces retaliatory measures on US steel, aluminum tariffs In its announcement, the government said it plans to ensure Canadian steel, as well as tariff-free products from 'reliable trading partners,' are prioritized for federal procurement and future public projects, as well as in supply chains for domestic sectors like the auto industry. Story continues below advertisement Cobden on Thursday called those long-term commitments 'laudable.' 'However, without the right border actions, our steel producers will be unable to contribute to projects around our country because we will be a significantly reduced and weakened industry.' The CBSA also praised Carney's commitment to 'adjust' Canada's counter-tariffs on U.S. steel and aluminum depending on the outcome of broader trade and security negotiations with the Trump administration. Carney and Trump set a 30-day timetable for those talks at the G7 leaders' summit last week. The government said in announcing the steel and aluminum measures that it intends to review its plan in 30 days, including input with industry groups. The prime minister also announced last Thursday the creation of two separate task forces for steel and aluminum that will meet to monitor the situation and advise the government.
Vancouver Sun
an hour ago
- Vancouver Sun
Senate adopts Carney's fast-tracked major projects bill — well before Canada Day deadline
OTTAWA — The Senate adopted Prime Minister Mark Carney's internal trade and major projects bill without amendments on Thursday, making it the first government bill to pass through all stages during the spring sitting of Parliament and receive royal assent. That means that Carney will make good on his election campaign promise to eliminate all federal barriers to interprovincial trade by Canada Day to have 'one Canadian economy.' Bill C-5 has two parts. The Act to enact the Free Trade and Labour Mobility in Canada, which had support across party lines in the House of Commons, aims to eliminate internal trade and labour mobility barriers in Canada. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. The Building Canada Act, which would give cabinet sweeping powers to fast-track natural resource and infrastructure projects deemed in the national interest, has raised considerably more concerns from Indigenous peoples and environmental groups. To speed up the legislative process, the Senate conducted a 'pre-study' of C-5 last week as the bill was being studied in a House of Commons committee. It was adopted at third reading in the House by a majority of MPs last Friday. Amendments were made to the bill by opposition parties in a bid for more transparency and to exempt federal laws such as the Indian Act from being circumvented to approve major projects. Still, some Indigenous groups claimed their treaty rights might not be respected. Mi'kmaq Senator Paul Prosper attempted to stall the rapid adoption of C-5 by moving an amendment that the bill include the principle of 'free, prior and informed consent' from First Nations, Inuit or Métis peoples before nation-building projects can move ahead. 'I am confident that, by investing a few more months into this bill and ensuring that rights holders had an opportunity to share their thoughts and offer renditions, we would have seen this bill pass with overwhelming support. But I suppose now we will never know.' Quebec Senator Pierre Dalphond argued that the government had to take 'bold action' quickly with C-5 to reinforce Canada's economy and create jobs, given the current trade war caused by U.S. President Donald Trump and the layoffs occurring as a result. 'I trust the courts to stand firm and intervene if the government falls short of its obligations to our Indigenous peoples,' said Dalphond, a former court of appeal judge. Prosper's amendment was defeated, as were all the other proposed amendments in the Senate. Having the upper chamber propose amendments to C-5 would have forced MPs to return to the House to vote on them before the bill could receive royal assent, expected Friday. Many senators complained about the rushed process to adopt C-5, which did not leave them with enough time to properly review the legislation. 'I wish that we had not rushed this bill,' said Paula Simons, a senator from Alberta, in a speech. 'I wish the Senate had been allowed to provide true sober second thought, to assure Canadians that this was the best possible legislation.' Her Quebec colleague, Julie Miville-Dechêne, said, either way, the Senate was 'stuck.' 'When we propose improvements to a bill, we're told we don't have the legitimacy to do so because we are unelected. When a bill is quickly passed, as is, we're told that this demonstrates our complete uselessness,' she lamented. A new Angus Reid Institute poll shows that C-5 has broad support among Canadians, although there are some concerns about how major projects will be approved. 'This is not a carte blanche. When asked about specific elements of the bill… there is some pushback, particularly around the trade-off of shortened environmental assessments in the name of speeding up approval,' said Angus Reid president Shachi Kurl. The data show that nearly three-quarters of Canadians (74 per cent) said they support fast-tracking projects. Half (49 per cent) of respondents said they oppose bypassing environmental reviews, and 30 per cent are opposed to overriding provincial oversight. Kurl said there might be potential regional downfalls in condensing environmental reviews. 'Quebecers and British Columbians in particular are concerned about the notion of a so-called 'national override' (to) see projects to the finish line,' she said. A majority of Canadians (59 per cent) believe major projects should require consultation from Indigenous communities, but they should not be offered a full veto to block them. 'Ultimately, it will come down to which projects are proposed, where, and whether enough of a political and social coalition can be built to see them through,' said Kurl. Angus Reid conducted the online survey from June 20-23 among a randomized sample of 1,619 Canadians. The margin of error is more or less two points, 19 times out of 20. National Post calevesque@ Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
