As 2024 comes to a close, we’re taking a moment to reflect on a year of growth, learning, and progress at R-LABS. Together with our partner companies, we’ve tackled major challenges in real estate and housing, launched impactful initiatives, and welcomed new team members. Every step forward brings us closer to our mission: build great companies to solve major problems in real estate and housing.

Here’s a look back at some of the highlights: 

Setting the Stage for True Industry Innovation 

This year saw the launch of the 2024 Industry Innovation Agenda (IIA). Developed by the Industry Innovation + Transformation Council (I+T Council) convened by R-LABS, the agenda outlines the most pressing challenges in the real estate sector, identifies systemic bottlenecks and proposes actionable steps to drive solutions. 

Amid affordability, sustainability and climate challenges, the IIA calls for collective, ecosystem-wide efforts to deliver transformative change. To support this, the I+T Council also launched the Innovation Pledges initiative, rallying stakeholders from the private sector, government and non-profits to commit to small-scale experimentation with scalable outcomes. With 21 pledges received so far, the initiative is cultivating a culture of action and collaboration, setting the stage for a thriving ecosystem of startups, greener cities and smarter infrastructure in the years to come. 

Driving Innovation in Housing: Key Conversations in 2024

In 2024, R-LABS actively engaged in conversations shaping the future of housing and affordability across Canada. George Carras, Founder & CEO of R-LABS, participated as a speaker and moderator in nine high-profile events, joining industry leaders, policymakers, and innovators to address the urgent challenges facing the housing sector.

Collaboration remained at the heart of these efforts, with R-LABS partnering with the Canada Green Building Council (CAGBC), the Federation of Rental-housing Providers of Ontario (FRPO), PwC, Greater Vancouver Realtors, and Osler to drive conversations on sustainable solutions, housing supply, and innovative paths forward. This collaborative spirit was reflected in events like DiscoveryX, where technology’s role in solving Ontario’s housing crisis took focus, and Urban Land Institute (ULI) Toronto National Housing Week, where the discussion centred on fostering innovation in real estate.

Additionally, George joined The Current with Matt Galloway and Michael Brooks, CEO of REALPAC, to further amplify the dialogue on Canada’s most pressing housing issues.

Housing affordability remains one of Canada’s most urgent challenges, and R-LABS continues to advocate for leveraging novel technologies to accelerate the delivery of affordable housing. These achievements would not be possible without the collective efforts of our partners and ecosystem, who play a vital role in advancing our shared mission.

Assembly Corp: Tackling Housing Affordability

Our partner company, Assembly, demonstrated how innovative construction methods can address urban housing challenges, affordably and sustainably. By offering prefabricated wood structures with fixed-price, turnkey services, Assembly has revolutionized housing delivery.

With nine active projects currently underway, Assembly is setting a new standard for delivering housing solutions at scale. Among these, a standout achievement this year was the 1120 Ossington Avenue project in Toronto, which assembled 25 deeply affordable housing units in just 17 days. Using prefabricated kits, this low-rise, infill building exemplifies sustainability and climate resilience while showcasing the potential of industrialized housing to transform communities. This project was a powerful example of how innovative methods can address Canada’s housing crisis.

Perhaps the most exciting news was that Assembly secured $2.18M in funding through CMHC’s Housing Supply Challenge: Round 4 – Building for the Future. This critical investment will propel advancements in Productization and Manufacturing, enabling the scaling of all-wood, modular housing solutions. This milestone reinforces Assembly’s leadership in tackling housing challenges with groundbreaking solutions, driving affordability, sustainability, and efficiency in housing delivery.

NOAH: Leading in Climate Action 

This year R-LABS partner company NOAH Intelligence welcomed Chris Godsall as Co-Founder and CEO. With nearly 30 years of experience in Canadian innovation, Chris brings unparalleled expertise to address property-level flood resiliency – a critical issue that was brought to the forefront in the wake of the July 2024 storm in Toronto, which delivered nearly a month’s worth of rain in just three hours and caused billions of dollars in damage across the GTA. Chris joins Co-Founder and President, Steve VanHaren to form a winning team to lead this company.

NOAH’s advanced analytics platform is fast becoming a leader in flood risk mitigation, helping property owners and municipalities navigate the “here and now” challenges of climate change.

RIOS Canada: Transforming Assignment Transactions

RIOS launched its first product, Assignmate™, into market this year—a new utility connecting builders, realtors, and new homeowners. Bringing innovation to an industry in a challenged market, the platform is streamlining assignment transactions and delivering efficiency and clarity to real estate processes.

RIOS Canada also engaged a broader group of industry stakeholders to explore information and workflow challenges, uncovering opportunities for industry-level efficiencies to be addressed in the new year.

HomePorter: Elevating Home Inspections Through Innovation

HomePorter is working with Carson Dunlop to launch Virtual Condo Inspections, unveiled at RealtorQuest in May 2024. Combining Carson Dunlop’s 46 years of home inspection expertise with HomePorter’s AI-driven platform, the offering delivers inspections at an unprecedented price point.

Additionally, Carson Dunlop’s renowned Home Inspection Training Program now leverages HomePorter’s platform for enhanced virtual experiences, including real-time visual support and intelligent transcript enrichment. Together, these innovations are redefining the home inspection process for professionals and homeowners alike. Solving defined problems in 2024 and through expansion of the technology platform – positioned to solve more problems in 2025

Strengthening Our Leadership Team 

To support our mission, we expanded our team with two dynamic Managing Directors:

• David Barnes, Managing Director, Capital & Corporate Development, is focused on capital raising, investments, and strategic partnerships. With extensive experience in M&A and venture leadership, David is driving growth initiatives for our limited partners and partner companies. 
• Erik Garbin, Managing Director, Ventures, has brought deep expertise in corporate and entrepreneurial venture building. Erik leads new venture creation and innovation activities for R-LABS.

David and Erik join Matt Skynner, Managing Director, Operations to complete an experienced and skilled team to lead our success going forward.

In addition, the R-LABS convened I+T Council welcomed several new members this year, including Giles Gherson (Toronto Region Board of Trade), Sean Keenan (Housing, Infrastructure and Communities Canada), Tony Irwin (Federation of Rental Housing Providers of Ontario) and Richard Lyall (Residential Construction Council of Ontario).

Looking Ahead 

2024 was a year of progress, but we know the work is just beginning. With a strong foundation, a talented team and a clear vision, we’re ready to tackle 2025 with even more energy and ambition.

We’re calling on experienced entrepreneurs, innovators and stakeholders to join us in shaping the future of industrialized housing in Canada. Through our co-creation model, R-LABS connects founders with the resources, funding, and partnerships needed to address the sector’s biggest challenges.

Ready to build the future with us? Learn more about our venture-building platform and get in touch.

Here’s to building a more sustainable, affordable, and equitable housing future—together!