RE:Bullish market and comments vs. resultsThanks, I always read financial statements. As you suggest, it's important also to look at the future. In 2020, the fees were depressed due to emergency measures put in place for the pandemic. Fixed franchise fees were completely suspended, other fees were capped. Have a look at the March 27 press release for a reminder.
These measures were temporary, only until the end of 2020. Therefore, the weak results in Q3 were no surprise, and have little bearing upon 2021. Based upon current housing market activity, realtors are currently making a mint. I don't expect any problems from deferred fees, and if the market stays strong, I think we will have a dividend increase.