Proptech Collective this month released their fifth annual report providing a “comprehensive view of Canada’s evolving proptech landscape.”
The report from the Toronto-based proptech industry association tracked nearly 600 active Canadian companies, up from 535 last year.
These firms raised a combined $450 million in funding in 2025, according to the “Proptech in Canada Report,” with median funding per company at $3M.
But deals just aren’t what they used to be, says report lead Stephanie Wood.
“At the peak of the market in 2021 and 2022, we were seeing close to 50 proptech funding rounds a year,” explains Wood. “Over the last three years, that’s come down to around 30.”
However, while Wood admits that “fundraising has been tougher,” she also believes it has “been a forcing function that’s made the ecosystem stronger.”
“People are still finding real problems in real estate, construction, and housing—and building solutions for them,” notes Wood, with the reporting pointing out that real estate and construction together represent more than 20% of Canada’s GDP.
Amid a relative lack of private capital flow, the proptech report highlights growing momentum from government initiatives such the launch of Build Canada Homes, which aims to bolster housing supply through supporting sector modernity with $13B in federal backing.
“What we have in Canada is extraordinary,” suggests John Ruffolo, Managing Partner at Maverix Private Equity. “There’s a real opportunity to invest in companies transforming the built world— from housing to infrastructure—and to be proud of backing that innovation locally.”
The challenge, says Ruffolo, “is getting others to see it, including ourselves.”
Fred Cassano, National Real Estate Leader for PwC Canada, believes that the country’s proptech ecosystem “is well positioned to scale” thanks to investments in modern technologies such as AI.
“I’m particularly excited to see more companies collaborate with industry to commercialize technology, align with policy, and invest in housing and infrastructure at a national scale,” remarked Cassano.
Wood calls AI a “big driver” of proptech innovation.
“It’s been incredible to see how quickly the conversation has evolved,” she says. “Last year it felt like AI was discussed at a high level; this year it feels like it’s everywhere, embedded across workflows and becoming a real part of how the built world operates.”
According to the report, 41% of proptech firms operate in the Residential segment, followed by 38% in Commercial, and 21% innovating Construction.
The vast majority of firms are concentrated into a select few hubs: Toronto, Vancouver, Montreal, and Calgary.
More than half of proptech upstarts hail from Ontario, followed by 18% from BC, 12% from Quebec, and 10% from Alberta.
Proptech Collective is a non-profit founded in 2019 with a vision to drive innovation across the real estate and construction industries.
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