A new wave of proptech tools are being used to aid in everything from identifying affordable housing to waste management.Chun han
Proptech, short for property technology, is already a growing force in commercial real estate, and now a Toronto tech firm is making it easier for developers to determine where to locate their projects even before they assemble the land.
“Our company is like Google Maps, only it’s for commercial developers. We use technology to help people building projects such as high-rise, multifamily buildings identify new sites,” says Devin Tu, president of MapYourProperty.
MapYourProperty’s technology streamlines due diligence for developers. “It lets them look at issues such as zoning, land use and transit corridors at properties they’re considering buying. A typical developer will look at up to 200 properties per year and only buy one or two to develop; our tool lets them focus on those one or two sites they’ll likely choose,” Mr. Tu says.
“This is the kind of work that can take up to two weeks of research. Our proptech tool can shorten this to 30 seconds,” he adds.
MapYourProperty is part of a new wave of proptech apps and tech tools that are extending the use of technology beyond project management and building maintenance into every aspect of the commercial real estate sector.
“It’s an exciting new industry; it’s early stage,” says Benjamin Shinewald, president and chief executive officer of BOMA Canada, a national umbrella group for building and maintenance operators. “There are new applications and areas of use being created all the time.”
Different areas of the real estate sector are taking notice of proptech’s possibilities. In February, MapYourProperty received a $2.5-million award from Canada Mortgage and Housing Corp.’s data-driven funding program to help organizations – including Habitat for Humanity Canada, Rural Development Network and Toronto Metropolitan University (formerly Ryerson) Centre for Urban Research and Land Development (CUR) – identify affordable housing sites.
Another Toronto proptech company Lane Technologies, which enables building owners and office tenants to manage office life digitally, was acquired by U.S. firm VTS for US$200-million in October, 2021, one of the largest proptech deals to date.
This acquisition anticipates workers returning to offices after COVID-19. Lane’s proptech allows owners to manage leases, while tenants and office workers can use the app to book conference rooms, order food, get through security and connect with nearby restaurants, entertainment venues and other local businesses.
“In our experience, we’re seeing proptech expand to cover a lot of different aspects of the real estate sector,” Mr. Tu says.
“In our case it’s on the predevelopment side; we’re planning to expand our operation to cover areas representing 50 per cent of the population across Canada within the next 18 months. We’re also seeing other proptech being used more to manage office and retail space.”
He says proptech is expanding to areas with programs that use artificial intelligence (AI) to predict housing prices near a development, by factoring in variables such as transit access, nearby prices and infrastructure to come up with ballpark prices in a nanosecond. “But AI can be overhyped. You can use it to predict some things, but not everything,” Mr. Tu says.
Proptech is becoming more important to the circular economy, says Molly Westbrook, executive asset managing director at Cushman & Wakefield Canada. The goal of a circular economy is to minimize waste in every aspect of a business operation, by reducing waste and reusing and recycling materials.
“There are some [proptech] items that are really moving the needle on sustainability,” Ms. Westbrook says. Proptech is already used widely to help buildings increase energy efficiency, enabling operators to manage heating and cooling remotely and to better know exactly where and when maintenance is needed.
Managing waste is the next frontier, Ms. Westbrook says. “Recycling is really key to a building’s operation – how a building streams, diverts and reuses paper, cardboard and plastic can really make a difference to its operating cost and efficiency,” she notes.
“We’ve been introducing AI technology to increase the efficiency of these types of operations,” she explains. Algorithms determine which materials go where to be recycled or reused.
Proptech can also simplify low-tech tasks such as garbage collection, Mr. Shinewald adds.
“In the past waste haulers would remove garbage from the large bins in the ground floors of the buildings on a schedule, say every Tuesday. With proptech, you can put a sensor in the bin to send a message to the hauler when it is full,” he says.
“That way, haulers come on demand rather than on a fixed schedule when the bin may or may not be full. This is not only more cost efficient, but it is more sustainable; it will result in fewer trips to the building,” he says.
As proptech continues to grow in significance, it’s important to reach a common understanding of what it actually is, Mr. Shinewald adds.
“We’re piloting a program that will be the first smart buildings standard for the industry,” he says. This will help current proptech companies, new entrants and potential users know what tools to consider and watch for.
He says BOMA expects to announce the first certified buildings soon, followed by a larger and more public launch of certified smart buildings in the spring.
“This is a made-in-Canada program created by and for the commercial real estate industry,” he says. “It will bring transparency and standards to the sector.”
There’s ample opportunity for proptech to grow in Canada, Mr. Tu adds.
“The field is wide open. In the United States proptech is used more widely, but it’s spreading widely here fast, with new companies and new applications all the time,” he says.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
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