Berkshire Hathaway Home Services, a subsidiary of billionaire Warren Buffett’s Berkshire Hathaway, is entering the GTA real estate market in a deal with Toronto-based real estate brokerage, Blue Elephant Realty Inc. The announcement was made Thursday by Blue Elephant founders Mark Wadden and Blair Johnson at an agent event in downtown Toronto.
The deal marks a major milestone for Blue Elephant, which has been in business in Toronto for just under five years, and will see the company drop the Blue Elephant brand to become Berkshire Hathaway HomeServices Toronto Realty, operating across southern Ontario.
“Today we made one of the most exciting announcements in Canadian real estate history,” said Johnson. “Since 2014, Berkshire Hathaway has become by far and away the largest brokerage in North America with over $150 billion in sales in 2018.”
Berkshire Hathaway acquired the Prudential Real Estate Group and Real Living brands from Brookfield Asset Management in 2013 and launched affiliate HomeServices of America Inc. the following year. The real estate brokerage has expanded aggressively to build a network of franchises with over 40,000 agents across the country and in 2019, became the largest brokerage in North America.
“Being able to bring the largest and most respected brands in the world is a once in a lifetime opportunity,” said Wadden. “What makes the Berkshire Hathaway brand so special is that it dominates in every segment of the market, from first- time buyers to luxury sellers.”
Further details will be announced at the upcoming OREA Conference in Niagara Falls where Gino Blefari, CEO of HomeServices of America, is scheduled to speak.