Build a smarter future in Ontario
A linchpin for the real estate sector’s expansion
In the last few years the real estate sector has seen an accelerated adoption of digital technologies, positioning PropTech as a critical component in the post-pandemic recovery and future growth of the real estate market.
The growth of the global PropTech market is being fueled by IoT, machine learning, AI, and VR. These innovations are revolutionizing data management and property operations, which in turn is enhancing customer service and efficiency in real estate.
This has spurred demand for property management software (PMS), asset management software, big data analytics, and cloud computing within the industry. The residential sector held a largest market share of 57.2% back in 2021 and continues to lead with technological advancements like digital closings, virtual open houses, online platforms to explore homes and assess features that simplify the home-buying process. Meanwhile, the commercial and industrial sectors are experiencing faster CAGR driven by rising demand for cutting-edge technologies transforming traditional workspaces into smart offices. This has made PropTech an indispensable tool in the commercial and industrial sectors, which include sub-segments like retail spaces, office spaces, hotels, and warehouses.
Driven by sustainability, affordability and AI
Canada’s PropTech industry is robust and resilient, showing promising growth despite facing challenges similar to those in the broader real estate and tech sectors. According to a recent study which surveyed over 500 Canadian startups, the sector has recently undergone a “reset period” due to rising interest rates, focusing more on technologies that deliver tangible ROI.
75% of Canadian PropTech startups were established within the last decade, with 40% of those launching in just the last five years. Established companies like Teranet, MPAC, Propertyline, FCT, FNF, and REALTOR.CA are significant players, providing mature data and solutions to the industry.
Notable new entrants include Adaptis, focusing on circular construction planning; Chexy, which manages tenant payments; Doormat, offering legal services for real estate transactions; Wiseday, an online mortgage brokerage; and Landslo, which uses AI to generate real estate and mortgage leads.
The funding landscape is also vibrant, investors like Alate, Groundbreak Ventures, GreenSoil, Venturon have pushed the proptech industry by leaps. Canadian PropTech startups have raised over CA $1.5 billion since June 2022. 30+ of these companies have secured funding rounds exceeding CA $10 million, including Hostaway, Jobber, Certn and CarbonCure, which have received substantial investments for their innovative solutions. Startups getting funding are increasingly concentrated on:
A leading hub for sustainable urban tech innovation
Ontario presents an inviting environment for PropTech startups because of its new found recognition as North America’s second largest tech cluster. The province is also known for it’s highly educated population, with 71% of adults possessing a post-secondary education, the highest rate among OECD countries.
Ontario’s educational institutions, like the University of Toronto and the University of Waterloo, are globally recognized and contribute a steady stream of talent to the tech industry, especially valued by companies in Silicon Valley. Fun fact; The University of Waterloo has 4,790 computer science students, more than Stanford, Caltech, and UC Berkeley combined.
Canada’s trade agreements cover markets valued at over US $50 trillion with 1.7 billion consumers. Canada has free trade agreements with the largest manufacturing markets in the world: the United States (USMCA), the European Union (CETA) and Asia-Pacific (CPTPP).
Your business can have access to 187 million consumers within a day’s drive of the Greater Toronto Area. Ontario has 4 international and 300 regional airports, 250,000 km of roads and highways, a dozen border crossings and the 6th most internationally connected airport in the world.
See all of our programs and find out how TBDC can maximize the potential in your PropTech business.
Largest PropTech
sector in Canada
employees
largest tech cluster in North America
homes sold in Ontario in 2023
of Canadian PropTech startups in the GTA
housing projection by 2030 in Ontario
Funding, Resources and Organizations
Using the Business Benefit Finder, you can find many more government grants and incentives relevant to your tech startup.
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