Canadaian Proptech is transforming the real estate industry by simplifying processes and increasing efficiency. Several technologies, including virtual reality (VR) and artificial intelligence (AI), are helping to make property management more efficient and improve customer experiences. However, the real estate sector has traditionally been slow to adopt new technology. As a result, the global proptech market has been slow to grow.
This may be due to the fact that implementing proptech requires a lot of upfront investments, software/hardware training, and infrastructural changes, which are difficult to implement for companies in this industry. However, these challenges are expected to fade away in the upcoming years as many leading players in this industry embrace new technology. This includes Opendoor Technologies, a San Francisco-based company that offers an end-to-end online process for buying and selling properties.
Canadian Proptech: Innovations Reshaping the Real Estate Landscape
Other notable examples of proptech include Zoocasa, a Toronto-based startup that allows users to search for listings, book viewings, and pay rent all online. This is expected to help the market grow significantly in the upcoming years.
Moreover, MapYourProperty is an innovative startup that is utilizing data-driven programs to help developers identify affordable housing sites. This is being done by analyzing information on local prices, transit access, infrastructure, and more.
The global proptech market is projected to grow at a CAGR of more than 11% during the forecast period. This is mainly driven by the growing interest of the young generation towards real estate investments and a shift in consumer preference for convenient services.