A new IBISWorld market research report predicts steady growth for Canada’s property management industry. It says that as unemployment rates drop and business activity heats up, the demand for residential and commercial real estate management services will increase.

The Property Management in Canada report predicts that revenue will increase at an annualized rate through 2019. The research company also expects a jump in profit margins, albeit at a slower rate.

Industry analyst Jeremy Edwards says that despite the recent economic downturn, “property managers still posted positive revenue growth in 2009 thanks to struggling property owners looking to outsource management services to the industry as a means of cutting their own expenses.”

Additionally, he says the industry was aided by cost-cutting initiatives implemented at the time, saying that “these moves helped preserve profit margins, which are expected to slightly increase.”

The report adds that the continued use of property management software will have a positive impact on the industry, increasing productivity. A higher number of employees will be able to automate many day-to-day tasks, such as tenant invoicing.