Prominent Vancouver-based real estate marketing firm rennie is laying off several employees amid a tumultuous industry time.
Rennie has let go 31 members of its home office team, which equates to cutting just over 25 per cent of staff.
The company said staff reduction allows them to stem the impacts of the challenging real estate market.
In an email to employees on Thursday, rennie president Greg Zayadi said it was a difficult day for everyone at the company.
“We are all operating within this geo-political, economic, urban affordability, AI-driven hyper cycle. These forces are reshaping our industry, not temporarily—but fundamentally,” he wrote.
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“In response, we are reimagining how we work. This is not about stepping back. It’s about building a stronger foundation, through adaptability while finding comfort in vulnerability, to grow with the market—industry and our communities.”
Zayadi told Global News that since posting the details on LinkedIn, other companies have reached out to enquire about the staff needing new employment in the hopes of offering them a new opportunity.
According to a Royal Bank of Canada report, the largest drop year-over-year in home sales in Canada came from the Lower Mainland real estate market.
New sales have declined by 29.1 per cent this April, compared to last.
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