Study shows new companies and business models will impact the Canadian real estate industry
TORONTO, ON – Tech, innovation and new business models are poised to disrupt the residential real estate industry in Canada, according to a new study by the Ontario Real Estate Association (OREA) and T3 Sixty, a real estate consulting, research and analysis company.
Presented today at OREA’s REALiTY 2020 Conference, the Disruption in the Residential Real Estate Industry report looks at the market forces of technology, capital and consumer demand – showing how quickly markets can change when all three align. The report is designed to make Ontario REALTORS® aware of factors driving change in today’s connected society and to help them see the opportunities and risks that come with disruption.
Canadian residential real estate is highlighted as the next industry ripe for disruption, following the flurry of new technologies and business models in other Canadian industries, including local transportation, car dealerships, hotels, newspapers and job recruiting.
“Smart money is investing in new technologies to help skilled Realtors streamline the home buying process and save their client time and money,” said OREA CEO Tim Hudak. “That’s why OREA has taken a leadership role in getting technology in the hands of Ontario Realtors to help them improve the home buying and selling experience for their clients.”
The report also looks at the new companies that are making waves in the industry, including Compass, eXp Realty, Opendoor, Properly and Zillow Group, and shows how new game-changing technologies can impact the future of real estate.
“Technology is a benefit to Realtors in many ways,” Hudak continued. “In fact, we’re already seeing Realtors using technology to stay accessible, implementing artificial intelligence on their websites, and using chatbots to interact with visitors and leads, showing that Realtors are here to deliver the best client experience possible.”
OREA’s 2017–2022 strategic plan outlines a bold new vision to help members better succeed in business by looking forward to the future and embracing technology and innovation.
The Ontario Real Estate Association represents 80,000 brokers and salespeople who are members of the 37 real estate boards throughout the province. OREA serves its Realtor members through a wide variety of professional publications, educational programs, advocacy, and other services.