gridaccent

Stock Chart

Market Summary

Press Release

May 30, 2024

Mainstreet Equity Corp. has announced its plan to initiate a normal course issuer bid to repurchase up to 475,229 of its outstanding common shares, approximately 10% of its public float, through the Toronto Stock Exchange and alternative Canadian trading systems. This buyback program is set to begin on June 3, 2024, and will end on June 2, 2025, unless completed or terminated earlier. The repurchase limit is set to 1,000 shares daily. Mainstreet's Board of Directors believes this action will enhance shareholder value as repurchased shares will be cancelled, potentially increasing the value of remaining shares. This decision is part of Mainstreet’s strategic financial management, reflecting confidence in the intrinsic value of the shares when market prices do not align with underlying value.

Property Portfolio

The entirety of Mainstreet's portfolio is Western Canada based. With large holdings in the major centres of Edmonton and Calgary, AB; Surrey and Abbotsford, BC; and, Saskatoon and Regina, SK.

Mainstreet has significant market share in a number of its operating cities: 28% Surrey, BC; 21% Abbotsford, BC; and, 15% Saskatoon, SK.

Calgary and Edmonton portfolios are represented by significant inner-city holdings. Including Central and ICE District in Edmonton, and Beltline communities in Calgary. These properties are particularly attractive to Millennials, and students attending secondary education institutions. Smaller cities such as Saskatoon and Regina, SK; Lethbridge, AB; Kamloops, BC and Abbotsford, BC, also have large student populations. 

Mainstreet is constantly active in new property assessment and acquisitions in all of it operating cities, and monitors and evaluates the upside to enter into new markets under the right conditions.

17,625

Total Number of Units

20

Cities

Courtenay, BC

153

Total Number of Units

New Westminster, BC

117

Total Number of Units

Surrey, BC

1,691

Total Number of Units

Prince George, BC

379

Total Number of Units

Maple Ridge, BC

115

Total Number of Units

Abbotsford, BC

976

Total Number of Units

Chilliwack, BC

160

Total Number of Units

Kamloops, BC

66

Total Number of Units

Penticton, BC

77

Total Number of Units

Vernon, BC

47

Total Number of Units

Nelson, BC

61

Total Number of Units

Cochrane, AB

59

Total Number of Units

Calgary, AB

3,412

Total Number of Units

Airdrie, AB

36

Total Number of Units

Edmonton, AB

5,971

Total Number of Units

Fort Saskatchewan, AB

100

Total Number of Units

Lethbridge, AB

255

Total Number of Units

Saskatoon, SK

2,558

Total Number of Units

Regina, SK

991

Total Number of Units

Winnipeg, MB

401

Total Number of Units

Western Canada

Boutique Apartment Rentals

gridaccent