Proptech Collective is a volunteer-run collective of real estate professionals, city builders, and entrepreneurs that believes “technological innovation can change the built world for the better.”
The organization has released its second annual report with a range of updates from the previous edition. 150 startups were added to the database of property technology companies in Canada, highlighting tremendous national growth.
“Our perspective is that Canada continues to be a very strategic location for proptech innovation on an international scale,” Proptech Collective cofounder and report coauthor Courtney Cooper said. “Proptech startups benefit from the large list of globally recognized real estate owners and operators headquartered across the country, supportive policies and programs for entrepreneurs, and a deep talent pool.”
The report analyzed well over 400 proptech startups in Canada across the sectors of commercial real estate, residential real estate, and construction tech. It concluded that Canada has five proptech hubs—Toronto being the biggest, followed by Vancouver, then Kitchener-Waterloo.
“After a pandemic-induced pullback in activity, renewed interest has returned to this asset class,” noted Frank Magliocco of PwC, a sponsor of the report, citing “the accelerated adoption of technology in real estate and the keen desire to focus on solving problems through innovation.”
Provincially, British Columbia represents 80 proptech startups, or 18% of the total, according to the Collective’s report. This is well behind leader Ontario (56%), but solidly ahead of Quebec (12%) and Alberta (9%).
“Canada continues to be a PropTech hub with a thriving technology ecosystem,” Magliocco said.
BC proptech startups include real estate crowdfunding platform Addy, mortgage financing disruptor Fraction, commercial real estate marketplace Spacelist, property management disruptor RentMoola, and virtual real estate pioneer TerraZero.