New trends to disrupt residential market, study finds

Tuesday, March 3, 2020

Canadian residential real estate is the next industry ripe for disruption, with new technology, innovation and business models poised to shift the sector.

Disruption in the Residential Real Estate Industry is a new study by the Ontario Real Estate Association (OREA) and T3 Sixty, a real estate consulting, research and analysis company. The report looks at the market forces of technology, capital and consumer demand—showing how quickly markets can change when all three align. The report is designed to make Ontario realtors aware of factors driving change in today’s connected society and to help them see the opportunities and risks that come with disruption.

“Smart money is investing in new technologies to help skilled realtors streamline the home buying process and save their client time and money,” said OREA CEO Tim Hudak. “That’s why OREA has taken a leadership role in getting technology in the hands of Ontario realtors to help them improve the home buying and selling experience for their clients.”

The report also looks at the new companies that are making waves in the industry, including Compass, eXp Realty, Opendoor, Properly and Zillow Group, and shows how new innovations can impact the future of real estate.

“Technology is a benefit to realtors in many ways,” Hudak adds. “In fact, we’re already seeing realtors using technology to stay accessible, implementing artificial intelligence on their websites, and using chatbots to interact with visitors and leads, showing that realtors are here to deliver the best client experience possible.”

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