Ontario has several tech bona fides to its name. Recently, the New York Times named Toronto the third largest tech hub in North America, besting perennial contenders like Austin and Miami. Kitchener-Waterloo gave rise to BlackBerry, and is no slouch in propping up its innovative startup community. And Ottawa hosts the Shopify headquarters, appearing on several power rankings for the world’s best startup ecosystems.
It should come as no surprise, then, that technology is starting to play an increasing role in Ontario real estate. Traditionally, the real estate industry in Ontario was low-tech and data deficient, relying on old-fashioned systems and manual processes. But as Ontario continues to embrace innovative thinkers and digital solutions, that’s all changing.
In this article, let’s explore how Ontario real estate is evolving with the times – through digital marketplaces, immersive technologies and a spate of convenient online tools.
Consumer Demand for Speed, Choice and Convenience: Real Estate Digital Marketplaces
Real estate consumers today don’t have the same expectations and priorities they did a decade ago. They’re accustomed to abundant choices and price comparison opportunities from big e-commerce sites like Amazon, and speed and convenience from app-enabled services like Uber. Moreover, they want to see those advantages transferred to real estate transactions.
These shifting consumer priorities have given rise to platforms like Nobul – a real estate digital marketplace operating from Toronto. On Nobul, a real estate buyer/seller can vet agents based on personalized criteria (sales history, verified reviews, language, etc.). Then, agents are given an opportunity to compete for the consumer’s business through competitive commission rates, terms, etc. The Financial Post called it “The Uber of real estate.” It flips the script on the industry’s old dynamic, which kept agents firmly in the driver’s seat.
Nobul CEO Regan McGee acknowledges that Nobul has “massively simplified the whole process” Speaking to Toronto Life, he shared that “People think buying and selling real estate is complicated, but that’s a way for agents to justify their fees.”
The Rise of Remote Buyers: Digital Tools and Immersive Technologies
When the pandemic struck Ontario, governments moved quickly to restrict in-person gatherings and indoor business. These limitations applied to the real estate industry, which had to develop workarounds for showing properties and completing transactions.
This period precipitated a sharp rise in procedural tools like e-signing and cloud-based document management, forcing the industry to adapt to survive. But the pandemic also occasioned the rise of immersive technologies in Ontario real estate – an emerging tech advancement the industry was slow to embrace before the pandemic.
International VR companies like Matterport and homegrown immersive tech outfits like Invent Dev are now well integrated into the real estate industry.
Resource Accessibility: Fast Estimators, Simple Budgeting Tools and More
Shedding its reputation for being inaccessible and challenging, the real estate industry recently evolved to embrace a suite of online tools for consumers. Perhaps it’s more apt to congratulate the proptech companies and innovators who actually brought these consumer-centric tools to market – but the industry deserves some credit for promoting and championing them.
Tools like real estate estimators, digital assessments, affordability calculators and market conditions indicators help Ontarian consumers throughout the real estate process – ensuring they make educated financial moves.
These are just a few ways the real estate industry is evolving with the times. As Ontario continues to bring innovative thinkers and visionary startups into its fold, the real estate industry may have no choice but to follow suit.