The real estate industry is waking up to the potential of the IT and data-based technologies and services collectively known as proptech. But the industry lags behind global peers in the uptake of these technologies and services. That’s according to a recent survey conducted by KPMG.
The report found that proptech Canada real estate companies “generally lag behind their global peers in the uptake of these technologies,” but are beginning to recognize and pursue the full range of opportunities proptech offers. The survey also found that the majority of Canadian respondents have a senior staff position dedicated to driving digital transformation and innovation, with more than two-thirds of those positions being filled at the C-suite level or equivalent.
Proptech Revolution: Exploring the Future of Real Estate Technology in Canada
Those initiatives may be paying off, with the report finding that Canadian property technology startups are getting traction. Some of the top funded properties tech firms include RenoRun, which raised $202 million to date; prefab construction startup NexII; home energy management firm GoBolt; tenant screening and payment platform Certn; and digital mortgage brokerage firm Nesto.
While there’s a lot of work to be done, the proptech market is off to an impressive start. As the world shifts to a new reality, property technology tools can be leveraged to address many of the global challenges we face, including urbanization, housing affordability, and environmental sustainability in real estate development. Proptech can help reduce carbon emissions, promote renewable energy, convert forms of transportation to electrification, and make cities more climate resilient.