While the family ownership has changed over the years, so has the business. “We have been through many changes and periods of growth and decline,” says Holmes. The mortgage portfolio was sold and property management became more of a focal point. The brokerage also moved to a set fee system for agents.

This system works better for both the brokerage and agent, says Holmes. Under the “old model” of a percentage of agent’s commission, it is becoming increasingly harder to survive, he says. It’s a change that has served the brokerage well. “In the last 15 years we have gone from 25 agents to 250 agents,” he says.

The same growth has been seen on the property management side. The legislation and regulations that now apply to tenants are “becoming increasingly complex,” says Holmes, leading to more demand for property management services. Much of the ownership is offshore, making day-to-day management difficult for owners. “They have bought here and plan to retire here in the future,” he says.

In 2018, the roster of Pemberton Holmes real estate agents has grown to over 300 in seventeen branch offices all across Vancouver Island from the Greater Victoria area to the Comox Valley and Saltspring Island. Mike Holmes continues the traditions created by his predecessors, maintaining the “quiet and strict commercial principles” that the company was founded on.