TSX Shariah screener · October 2026
Is Bridgemarq Real Estate Services Inc. (BRE) Halal?
Bridgemarq Real Estate Services Inc. · TSX: BRE · Real Estate
The short answer
Bridgemarq Real Estate Services Inc. (TSX: BRE) is a FAIL in our October 2026 screen. The debt gate fails: interest-bearing debt of ~C$96.8M at June 30, 2026 is about 340% of its ~C$28.5M market cap (C$3.00, Sept 30, 2026), far above the ~33% ceiling. The business gate passes (residential real-estate brokerage and franchise services — Royal LePage, Via Capitale) and the income gate passes (interest income ~0.2% of revenue).
Gate 1 — Business activity: PASS
Bridgemarq provides residential real estate services: Brokerage Operations (Royal LePage with ~20,000 professionals across 680+ locations, Proprio Direct, Via Capitale with 900+ professionals across 40+ Quebec locations, Johnston & Daniel, Les Immeubles Mont-Tremblant) and Franchise Operations. Roughly 21,000 REALTORS are involved with about 33% of Canadian home resales (Q2 2026 report). No alcohol, pork, gambling, conventional finance, tobacco, cannabis or weapons lines. Facts only.
Gate 2 — Debt and cash: FAIL
Interest-bearing debt was approximately C$96.8M at June 30, 2026 (debt facilities C$77.3M plus lease liabilities and other interest-bearing balances), per the Q2 2026 interim financial statements. Market cap was approximately C$28.45M (9,483,850 shares x C$3.00, Sept 30, 2026 close; MarketBeat C$30.16M, Sept 28). C$96.8M / C$28.45M is about 340% — far above the ~33% ceiling, so the debt gate FAILS. Context: an Exchangeable Units liability of C$85.0M held by Brookfield (interest ~C$2.7M/quarter) sits outside the strict ratio; shareholders' deficit was C$(96.6)M; the monthly dividend is C$0.1125. Facts only.
Gate 3 — Non-compliant income: PASS
Interest income was C$186K vs revenue of C$97,473K in Q2 2026 (0.19%; C$391K vs C$167,347K = 0.23% over six months) — under the ~5% ceiling, so the income gate PASSES. Facts only.
Key figures used
- Interest-bearing debt ~C$96.8M at Jun 30, 2026 (debt facilities C$77.3M + lease liabilities and other interest-bearing balances).
- Market cap ~C$28.5M (9,483,850 shares x C$3.00, Sept 30, 2026) → debt ≈ 340% of market cap.
- Q2 2026: interest income C$186K vs revenue C$97,473K = 0.19% (6M: 0.23%).
- Exchangeable Units liability C$85.0M (Brookfield-held; interest ~C$2.7M/quarter) excluded from the strict ratio; shareholders' deficit C$(96.6)M; monthly dividend C$0.1125.
- No Zoya, Musaffa or ShariaPortfolio rating found for BRE.
Frequently asked questions
Is Bridgemarq Real Estate Services (BRE) halal?
Our October 2026 screen gives Bridgemarq (BRE) a FAIL. Interest-bearing debt of ~C$96.8M is about 340% of its ~C$28.5M market cap, far above the ~33% ceiling. Its real-estate brokerage business passes the business gate and interest income (~0.2% of revenue) passes the income gate.
Why did Bridgemarq fail the debt gate?
At June 30, 2026 it carried ~C$96.8M of interest-bearing debt (C$77.3M debt facilities plus lease liabilities and other interest-bearing balances) against a market cap of only ~C$28.5M — a ~340% ratio. The share price fell from ~C$15 to ~C$3 over the past year, which shrank the market-cap side of the ratio.
What does Bridgemarq do?
Residential real-estate services: brokerage operations (Royal LePage, Via Capitale, Proprio Direct, Johnston & Daniel) and franchise operations, with ~21,000 REALTORS involved in ~33% of Canadian home resales. A permissible service business — the business gate passes.
What about its interest income?
Interest income was C$186K vs C$97,473K revenue in Q2 2026 (0.19%; 0.23% over six months) — under the ~5% ceiling, so the income gate passes. The FAIL comes from the debt gate alone.
Where can I find more real-estate stock screeners?
See our full list of stock screeners at halal-stock-verdicts.html, which covers every company screened so far.
Sources
Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.