Canadian real estate agents and brokers are looking for upgraded technology to help close deals, but the gap between what brokers are providing and agents would like to have is apparently a big one.
With $1.5B invested in 2015, nearly five times the 2011 investment in tech, it still is only a drop in the bucket compared to what’s needed to really get things moving. And it seems that the falling Canadian dollar is only making it worse for everyone.
Risk taking innovators considering solutions for the marketplace may well ignore Canada’s real estate problems. It is far more profitable to solve the ones just south of the border. The second problem is that Canadian real estate agents are cost-conscious. Speaking to agents across the country I’ve heard of Canadian agents dropping everything from their coaches in the U.S. to their CRMs and marketing providers. Most products charge in US dollars, so with the falling Canadian dollar the cost of solutions went up approximately 35% for Canadian agents.
Some parts of the Canadian real estate market mirror their American counterparts – Vancouver home prices are rising in parallel with San Francisco and Los Angeles; Toronto tends to march in step with NYC.