The Canadian property technology (proptech) market continued to mature and stabilize in 2025, as companies raised approximately $450 million despite a challenging fundraising environment.

That’s one of the findings from the fifth annual Proptech in Canada report from Proptech Collective, a Toronto-based non-profit founded in 2019 to drive innovation across the Canadian real estate and construction industries through events, educational content and community initiatives.

The report tracked more than 590 active Canadian proptech companies, up from 535 last year, with 41 per cent classified as residential, 38 per cent as commercial and 21 per cent as construction. Ninety per cent of the companies are in Toronto, Vancouver, Montreal, Calgary, Kitchener-Waterloo and Edmonton, with about half of the startups located in the Greater Toronto Area.

“At the market peak, when everything was going up and to the right in venture capital and general technology, around 50 startups would enter the ecosystem every year,” Alate Partners vice-president and report lead Stephanie Wood told RENX.

“Now we're seeing that number closer to 30 to 35. I think that reflects rationalization rather than weakness. I think that there are a lot more founders entering the market more thoughtfully and solving more defined problems. 

“Companies have been a little bit better around trying to find product and market fit and are looking at their business model really seriously from the start in terms of unit economics. Previously, a lot of companies could get off the ground with just an idea.”

Funding proptech companies

Four Canadian proptech companies have raised more than $200 million in funding:

• GoBolt, a third-party logistics provider founded in 2017, with $254 million;
• Jobber, a home and commercial service software provider founded in 2010, with $242.1 million;
• dcbel, an integrated home energy company that enables electric vehicles to help power homes, founded in 2015. It has raised $212.5 million — including approximately $55 million last year;
• and nesto, a digital mortgage lender founded in 2018, with $206.5 million.

“Investors are getting more clear about how to value proptech startups, depending on what area of the industry they're serving,” Wood explained. 

“I think that the companies that people are starting today are going to potentially be more sustainable because of the thought that's gone behind them as well as the environment.”

More partnerships being formed

More proptech firms are forming partnerships with established commercial and residential real estate companies to bring emerging technologies into real operational environments and bridge the gap between
experimentation and scalable adoption. 

Among those profiled in the report are: realtor.ca with Pinch; myAbode with Skybound Realty; Forum Asset Management with Adaptis; Fitzrovia with Chexy; and Mattamy Homes with Promise Robotics.

“A lot of investors are being more disciplined and selective with where they put their capital, so a lot of companies say if they're going to stay alive they need to grow their business with good contracts and good partnerships,” Wood said.

Mergers and acquisitions

Ownership consolidation also continued in the Canadian proptech field, as 2025 deals included:

• FCT acquiring Fintracker to enhance security, compliance and efficiency by integrating Fintracker’s digital identity verification solutions with FCT’s residential offerings;
• REA Group acquiring 3D property tour and floor plan provider iGuide to expand its offering in Australia and enhance immersive property experiences;
• Floorspace acquiring anthemIQ to add an intuitive interface to its broker-first system to streamline work flows, integrate data and enhance the client-broker experience;
• Univerus acquiring ScriptString.AI to strengthen its energy and utilities portfolio by enhancing artificial intelligence (AI)-driven utility data management and accelerating data automation;
• myAbode acquiring FirstList to gain advanced private exclusive listing technology, regulatory expertise and further product leadership;
• Rentsync acquiring Spacelist to expand its focus beyond residential rentals toward a unified platform supporting both residential and commercial listings and work flows;
• and Verifast acquiring Opsana to advance its capabilities in delivering a seamless AI-powered leasing ecosystem for the multifamily and residential sectors.

The growing importance of AI

Canada continues to strengthen its reputation as a global hub for AI, supported by national investment and a growing commitment to digital innovation.

“Within startups, one of the biggest things we've seen is just how much AI can improve and speed up the output when you're doing product design and engineering,” Wood noted. “That’s a huge thing because the most expensive thing for startups are their people and hiring.

"If you can connect your engineering team with tools, that becomes way more efficient than having to hire extra engineers to have the same output.”

Last year AI shifted from an emerging concept into a practical enabler across the real estate and construction value chain. It accelerated productivity, reshaped go-to-market strategies and was embedded directly into products that touch leasing, operations, development, asset management and construction execution.

The report provides the example of construction firm Pomerleau deploying AI to improve execution, including the development of its internal platform Almanac, and using historical bid and project data to produce faster and more accurate estimates while freeing teams to focus on higher-value work.