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Canada Housing Correction: Should You Target This Top Dividend Stock?

This month, Royal Bank projected that the Canada housing market was set to suffer its worst correction in decades over the next two years. The real estate market has been hit hard by a flurry of interest rate hikes from the Bank of Canada (BoC). Moreover, prices have been even frothier since demand surged during the COVID-19 pandemic.

Bridgemarq Real Estate (TSX:BRE) is a Toronto-based company that provides various services to residential real estate brokers and REALTORS in Canada. Its shares have dropped 13% in 2022 as of close on July 26. The stock is down 17% year over year.

Investors can expect to see Bridgemarq’s next batch of results in the first half of August. In Q1 2022, the company delivered revenue growth of 2% to $13.4 million. Meanwhile, it posted net earnings of $4.7 million – up from a $2.5 million loss in the prior year. The company benefited from an increase in REALTORS. It stands to reason that these numbers could be threatened in a prolonged real estate slump.

Shares of Bridgemarq currently possess a price-to-earnings ratio of 14. That puts this dividend stock in favourable value territory compared to its industry peers. It last paid out a monthly dividend of $0.113 per share. That represents a monster 9.6% yield. Bridgemarq just hit profitability and is still in decent position to weather the coming storm in the housing sector. Investors on the hunt for big income should consider snatching up Bridgemarq today.