May 4, 2010 / 12:01 PM / in 7 years

UPDATE 1-Brookfield Real Estate Q1 profit jumps

* Q1 earnings/unit C$0.13 vs yr-ago earnings/unit C$0.04

* Q1 royalties up 17 pct

* Says housing market to moderate in 2010

May 4 (Reuters) - Canada’s Brookfield Real Estate Services Fund’s BRE_u.TO quarterly income more than tripled, helped by increase in home sale activity, and said the housing market is poised to moderate in 2010.

“Recent mortgage rate increases and an increase in properties listed for sale across the country would indicate that we are heading into a period of more balanced markets,” Chief Executive Phil Soper said in a statement.

The company said it expects housing prices to continue to rise, but the rate of appreciation will ebb steadily, as a balance of supply and demand returns to the industry. In the first quarter, the company earned C$1.3 million, or 13 Canadian cents per unit, compared with C$358,000, or 4 Canadian cents per unit, a year earlier.

Royalties for the quarter were up 17 percent at C$8.2 million.

Units of the Toronto-based fund closed at C$13.53 Monday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Unnikrishnan Nair)

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