FirstService Residential
FirstService Residential is the one community-association manager here with audited numbers. Its MD&A shows 4% organic growth and a 9.8% adjusted EBITDA margin. That is a thin margin, so HOA boards should expect extra charges for services outside the base contract.
Last verified: 2026-10-20
Unscored
Segment of a public company. Describes itself as North America’s largest manager of residential communities.
No published property-management rubric yet.
At a glance
| Legal entity | FirstService Residential, a segment of FirstService Corporation (Nasdaq/TSX: FSV) |
| Headquarters | Toronto, ON (parent FirstService Corporation) |
| Segment | HOA / community association |
| Scale (as published) | Over 9,500 communities and more than 4.7 million residents (2025 AIF) |
| Score | Unscored |
What the sources reveal
FirstService Residential is the one community-association manager here with audited numbers. Its MD&A shows 4% organic growth and a 9.8% adjusted EBITDA margin. That is a thin margin, so HOA boards should expect extra charges for services outside the base contract.
Key facts
| Fact | Source | Checked |
|---|---|---|
| Manages over 9,500 communities with more than 4.7 million residents; about 20,000 employees in about 100 offices across 25 U.S. states and 3 Canadian provinces (2025 AIF). | source | |
| 2025 segment revenue $2.29B, up 7% (4% organic); adjusted EBITDA $225.0M, a 9.8% margin (2025 MD&A). | source | |
| Parent FirstService Corporation: 2025 revenue $5,497.5M and net earnings $190.7M (40-F). | source | |
| Describes itself as North America’s largest manager of residential communities (AIF, company claim). | source |
Who it’s actually for
- Large condo, co-op and master-planned HOA boards that want a public-company manager with audited reporting.
- Boards in the 25 states and 3 provinces where it has offices.
What we could not verify
- Per-door fees: not disclosed.
- How the “largest” claim compares with Associa’s self-reported figures: the two count differently (communities and residents vs homeowners served).
Related
FirstService Residential vs Associa · Property management hub · All profiles
Last verified 2026-10-20. Figures were re-read from the linked sources that day.
View changelog
- Profile published from sources read this day.
Sources
- FirstService Corporation Annual Information Form for 2025 (40-F exhibit) · accessed 2026-10-20
- FirstService Corporation MD&A for 2025 (40-F exhibit) · accessed 2026-10-20
- FirstService Corporation Form 40-F for 2025 · accessed 2026-10-20
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