R-LABS and OCI's work calls for a technology-first approach to solving Canada's housing problems

The Ontario organization works to fund proptech and construction technology startups and projects.

Two initiatives are launching today in Ontario to support innovation in propellertech, real estate and construction technology.

Our Council calls on all stakeholders to shift thinking and embrace innovation.

George Karas, R-LABS Founder and CEO

As part of an innovation agenda that outlines the steps the organization believes are necessary to address the challenges in Canada's real estate sector, Toronto-based venture builder R-LABS will work to solve some of these challenges. Pledged to invest $1 million in early-stage startups.

Coinciding with the agenda announced today, the Ontario Innovation Center (OCI) also launched a construction-focused initiative aimed at accelerating residential construction in Ontario through innovative technology and automation.

The 2024 Industrial Innovation Agenda (IIA) was developed by the Industrial Innovation and Transformation Council, a group including Canadian real estate industry leaders convened by R-LABS. The IIA cites housing affordability, supply, and climate resilience as the biggest challenges facing the housing industry.

George Karas, founder and CEO of R-LABS, said in a statement that the sector is collaborating in new ways with government partners to tackle complex, interconnected problems, and through open innovation. He said there is a need to embrace new ways of thinking and take action through new entrepreneurial business models. . Our Council is calling on all stakeholders to shift from conventional thinking and engage in innovation.

As part of the IIA release, R-LABS also launched a call for pledges to encourage industry, government, and non-profit organizations to commit funding and participate in small-scale experiments that can scale and share the fruits of innovation. going.

Related: Proptech startup Landerz charts growth path with CA$1.5 million seed round

In addition to R-LABS' $1 million pledge, other commitments have come from Oxford Properties, Canada Mortgage Corporation (CMHC), Canada Green Building Council, Infrastructure Ontario, and collaborators.

OCI's Construction Technology Challenge, which also launched on March 26, offers up to $1 million in funding available for solutions that will help the state reach its goal of building at least 1.5 million homes by 2031. is provided. Eligible solutions could include automated manufacturing of prefabricated homes. Improved on-site tools.

This challenge aims to integrate critical technologies such as 5G, AI, blockchain, robotics, cybersecurity, and quantum into key sectors such as construction, mining, agri-food, and advanced manufacturing. It's part of a technology initiative.

OCI CEO and President Claudia Krywiak said in a statement that this initiative serves as a call to action to foster collaborative efforts and accelerate the development and integration of critical technologies in the construction sector, and to It said it would address urgent housing needs.

Related: Ontraccr secures $1.2 million for construction management software

In recent years, Canada has faced significant housing challenges, making home ownership increasingly difficult for many Canadians. CMHC projects that to restore affordability to Canada's housing market, Canada will need to build an additional 3.5 million homes between 2022 and 2030, but the IIA estimates that this will require a wartime They say mobilization efforts like those in China are necessary.

The IIA recommends five key steps to address some of these challenges. Increase housing affordability and supply. Ensuring real estate is climate resilient while promoting low carbon solutions. Maximizing the efficiency of existing buildings in Canada. Provide improved support for capital, labor and infrastructure.

Canada is also home to an emerging proptech and construction technology sector, with many startups looking to address some of these challenges. The IIA notes that while technology adoption is key to improving real estate innovation, companies implementing these technologies need funding, research support, early customers and a more receptive market to scale their ideas. He emphasized that.

To improve Canadian real estate and meet the big challenges ahead, the report says the status quo is no longer an option and we must find new and better ways to improve Canadian real estate.

Feature image courtesy of Unsplash.Photo: Josh Olardo

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