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Globe and Mail
a day ago
- Business
- Globe and Mail
Tribe Property Technologies Closes Acquisition of Ace Agencies, Tripling Its Single-Unit Rental Portfolio
Tribe has completed the acquisition of Ace Agencies Ltd. (" Ace Agencies"), a residential single-unit rental property management firm based in Abbotsford, BC . Ace Agencies generated over $1.4 million in unaudited revenue in 2024, with positive EBITDA¹. The acquisition strengthens Tribe's single-unit rental portfolio, enhancing its service offerings for property owners in the Fraser Valley and Greater Vancouver regions of British Columbia . VANCOUVER, BC , June 9, 2025 /CNW/ - Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB: TRPTF) (" Tribe" or the " Company"), a leading provider of technology-elevated property management solutions, is pleased to announce that through its wholly-owned subsidiary Tribe Management Inc. (" Tribe Management"), it has closed the previously announced acquisition of Ace Agencies (the " Acquisition"), a residential single unit rental property management firm based in Abbotsford, British Columbia . , CEO of Tribe, commented, "We are thrilled to officially welcome the Ace Agencies team to Tribe. This strategic acquisition expands our offering for owners of single-family homes and investment properties, helping us meet growing demand in a market that continues to evolve. We're excited to partner with a company that shares similar values of innovation and modernizing a traditional industry. Ace Agencies' Jason Bugra was looking for a partner in which he could continue to grow his company; leveraging the Tribe network to expand beyond Greater Vancouver and the Fraser Valley." Ace Agencies achieved consolidated unaudited revenue of over $1.4 million in 2024, with positive EBITDA 1 margin in the 10-15% range. Tribe manages over 50,000 homes across Canada , solidifying its position as one of the country's leading providers of tech-enabled property management solutions. Transaction details The Acquisition, completed through Tribe's wholly owned subsidiary Tribe Management, was carried out via a share purchase agreement dated May 23, 2025 . The total purchase price of $1,457,692 is payable entirely in common shares of Tribe, with no impact on the Company's cash position, as follows: $1,057,692 common shares in the capital of the Company (each, a " Share") at an issue price of $0.55 per Share; and Up to $400,000 upon the date that is one-month after the first anniversary of the closing date, June 6, 2025 , payable in Shares at an issue price equal to the 20-day weighted average closing market price prior to issuance, but not less than $0.41 , subject to adjustment based on the performance of the Acquisition. The vendors and Ace Agencies are at arm's length from Tribe. No finder's fees are payable in connection with the Acquisition. Footnote: Earnings before interest, taxes, depreciation and amortization (" EBITDA") is a non-IFRS measure. EBITDA should not be construed as an alternative to net income/loss determined in accordance with International Financial Reporting Standards (" IFRS"). EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company believes that EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. About Ace Agencies Founded in 1969, Ace Agencies has been a trusted name in theAbbotsfordcommunity for over 50 years. Specializing in residential single-family home management, Ace Agencies has earned a reputation for reliability and client-focused service across the Fraser Valley. Ace Agencies currently manages a diverse portfolio of approximately 900 residential units. For more information, visit . About Tribe Property Technologies Tribe is a property technology company that is disrupting the traditional property management industry. As a rapidly growing tech-forward property management company, Tribe's integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers. Tribe seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations. Tribe's platform decreases customer acquisition costs, increases retention, and allows for the addition of value-added products and services through the platform. Visit for more information. Tribe Property Technologies Inc. "Joseph Nakhla" Chief Executive Officer Cautionary Statement on Forward-Looking Information Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking information within the meaning of applicable Canadian securities laws regarding the Company and its business. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking information. Forward-looking information in this news release may relate to statements with respect to the aims and goals of the Company; results of the Acquisition; financial projections; growth plans including future prospective consolidation in the property management sector; future acquisitions by the Company; beliefs of the Company with respect to the independent owner-investors market; prospective benefits of the Company's platform; and other factors or information. Such information represents the Company's current views with respect to future events and are necessarily based upon several assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies, and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking information. Readers should not place undue reliance on forward-looking information. The Company does not intend, and does not assume any obligation, to update forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
CBC
23-05-2025
- Business
- CBC
B.C. releases recommendations to accelerate new housing in Oak Bay and West Vancouver
B.C.'s Housing Ministry has released two reports with recommendations to build more homes in two affluent suburbs of Greater Vancouver and Victoria. In 2023, the province ordered 60,000 new homes to be built in 10 municipalities over the next five years. Of that group, the Housing Ministry says only two — Oak Bay and West Vancouver — lag far behind their targets. "Every community and every local government has a role to play as we work together to solve the housing crisis, and make sure that our children and grandchildren can build a good life in B.C. in homes they can afford," Housing and Municipal Affairs Minister Ravi Kahlon said in a written statement. The ministry says West Vancouver delivered 58 of its 220 new units in the first year of its housing targets, and Oak Bay delivered 16 of 56. Earlier this year, Kahlon appointed advisers to review the two districts' lack of progress. The ministry says they conducted a two-month review that assessed processes like development approval, land-use planning, and housing policies and practices. Among several points, the reports note the political climate in both municipalities and the likely reasons why housing targets have not been met. "West Vancouver has had a well-deserved reputation as an affluent enclave resistant to change," reads one report. "We heard repeatedly from people that they had paid a premium to live in Oak Bay so they would not have to experience growth or change," reads the other. In both reports, the advisers also note high land prices and reduced interest from the development community as other factors inhibiting growth. But the reports also note that many in the communities, including residents, staff and elected officials, are onboard with creating more housing and have been working to do so. 'This is not about punishing communities' For Oak Bay, the recommendations include delegating minor variances in development permits to staff in order to prevent the politicization of projects when they make their way to council. The recommendations also include amending parking requirements to a minimum of one stall per unit, which the report says is in line with other municipalities. For West Vancouver, recommendations include amending the Official Community Plan and zoning bylaws to increase density in the Park Royal-Taylor Way area, as well as Ambleside and Dunderave Village. The ministry says it will give councils 30 days to comment on the directives, after which they will be issued under the province's Housing Supply Act. "Let me be clear: This is not about punishing communities or removing authority from locally elected municipal councils," Kahlon said in a written statement. "The goal of local housing targets is centred around working with municipalities to remove unnecessary barriers to affordability and get more homes built for people faster, and ensuring we are building healthy and economically vibrant neighbourhoods for people." Recognizing challenges West Vancouver Mayor Mark Sager told CBC News the report for his community is well-written and the advisers "did a very good job." "I think they did a very good job," he said. "They recognize the challenges to the market that exist, and they also recognize the successes we've had." Sager said modifying the Official Community Plan to increase density is already in progress. He said in some cases, there has been strong community support for densification along Ambleside. As for the report's recommendation that the Park Royal area become a transit hub, Sager noted that it requires a commitment from the province and long-term transit planning to address growth along all of the North Shore. Oak Bay Mayor echoed Sager's comments, saying the recommendations didn't come as a surprise. "It kind of validates what we've been saying for the last year or so," Murdoch said. "I think they did a very thorough look at all of the aspects and really at the end of the day reiterated what we said to the province on several occasions, most recently in January."
Globe and Mail
13-05-2025
- Business
- Globe and Mail
B.C. Insider: Problems with Vancouver's Broadway Plan
Vancouver's Broadway Plan envisions a forest of towers lining that central thoroughfare and the blocks on either side of it, a plan that accommodates 20- to 30-storey buildings offering multitudes more housing. The Broadway Plan was created in part to address the desperate, indisputable need for more housing in Vancouver. So it's vivid irony that the same development community that is supposed to be providing this surge of new supply is finding itself with hundreds of units that can't be sold. Frances Bula reports today that one of them, Boffo Developments, has refunded – with interest – buyers of its presales efforts on the first of four towers it had planned in a Burnaby development. Only 44 of the 318 units in the first tower sold between July and December last year, and then sales fell off a cliff completely in the new year. Ordinarily, said Karen West, vice-president for marketing and sales with the company, Boffo would see about 90 sales in the first three months. The company paused the project, is returning deposits with interest, and waiting for better conditions. In another telling sign of trouble, Rennie Marketing, one of Greater Vancouver's major presale marketing companies, last week laid off 25 per cent of its staff. 'It's like this cascading waterfall of bad news,' said Ryan Berlin, Rennie's chief intelligence officer. In metropolitan Vancouver, there are currently 2,500 condo units completed and unsold, and that number could climb to 3,700 by the end of the year, Berlin said. Central 1 Credit Union economist Bryan Yu said Monday the industry is in recession. As Kerry Gold reported, it's a problem that has been brewing for months. Developers have been hit with uncertainty and elevated costs because of the U.S.-instigated trade war, as well as regulations designed to dampen a market once driven by speculation and investment. All those factors have driven away investors. Berlin said that from 2020 to 2023, investors represented half of Rennie Marketing's buyers. By 2024, they made up one-quarter of buyers. This year, only 7 per cent of buyers are investors, he said. The investor buyer has kept the condo market going for decades, Kerry writes. Willing to put up the deposit far in advance of the completed building, the investor enables the developer to obtain financing to construct. Once completed, the investor finds tenants for the unit, and investor landlords became a significant source of housing in the rental market. When lucrative rents were achievable, and borrowing money was cheap, the investor could easily cover costs, known as positive cash flow. For the non-investor, the buyer who wants a place to live, Berlin said, his company is seeing a lot of those people adding family members to their presale contracts as a way of qualifying for mortgages. Market conditions mean many buyers are finding their units assessed at less than what they paid for them, which means banks are reducing the amount they will lend and buyers are having to make up the difference with additional cash of their own, Berlin said. For those who can't manage a larger down payment on a lower-valued condo, some presale buyers are simply walking away from their very large initial deposits. That's another squeeze on developers, and in Toronto, some are fighting back: Developers there have initiated more than a hundred lawsuits in efforts to get their full purchase price from presale buyers. Prices have come down, which should be good news for some. Berlin said that in downtown Vancouver, where prices pre-COVID could reach $3,000 a square foot for a luxury condo, now those rates are no more than $1,800 a square foot. But demand has dried up, leaving thousands of units unsold at prices too high to meaningfully tackle the housing shortage. This is the weekly British Columbia newsletter written by B.C. Editor Wendy Cox. If you're reading this on the web, or it was forwarded to you from someone else, you can sign up for it and all Globe newsletters here.
