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!

While estimates differ among analysts, there is near universal agreement that Canada has a housing shortage – driven by record population growth and a multi-decade underinvestment in social housing. This housing supply shortage forms the foundation of Canada’s housing affordability challenges.

Research has shown that Canada must triple the rate of new housing built over the next eight years to simply keep up with demand – building 3.45 million homes above and beyond the status quo of 1.66 million homes that the CMHC forecasts will be built during this period. 

However, a recent forecast from TD Economics highlighted by the Smart Prosperity Institute blog showed a decline in housing starts in 2024 – 234,000 units in 2024 compared to 242,000 in 2023 – and predicts that new housing starts will remain under 260,000 each year through 2029. The Canadian Press recently reported that Ontario has lowered projections for how many new homes will get built in the province over the next few years, putting the government further off the pace needed to meet the 1.5 million new homes it had pledged to build by 2031. 

Canada’s housing crisis is a complex issue with far-reaching consequences that have spurred a pressing need for innovative solutions to reshape the real estate and construction industries.  

One such solution lies in the industrialization of housing. By leveraging advanced technologies and manufacturing processes, industrialized housing offers the potential to swiftly increase housing production, improve quality, and reduce costs while meeting the highest environmental and sustainability standards to maintain resiliency as extreme weather events increase in both frequency and severity. 

The industrialization of housing also has the potential to address the key areas of focus identified by the Innovation + Transformation Council (I+T Council) in the 2024 Industry Innovation Agenda Report, including: 

• Leadership and institutions 
• Affordability and supply 
• Climate Resiliency and Low Carbon 
• Optimization of Canada’s existing building stock
• Labour and supporting infrastructure

To capitalize on these opportunities, we need to foster a vibrant ecosystem of innovative new business ventures across the housing and construction supply chain – “from trees to keys.” Entrepreneurs and innovators can play a pivotal role in solving Canada’s housing crisis by developing solutions in areas such as: 

• Automation and Robotics: Developing automated systems for tasks like framing, drywalling and plumbing, reducing labour costs and improving efficiency. 

• Software and Digital Tools: Creating software solutions for design, engineering, construction management and property management. 

• New Business Models: Pioneering innovative models for housing ownership and rentals, such as co-living, co-housing and subscription-based housing. 

R-LABS, the Real Estate Industry Venture Builder, is at the forefront of driving the industrialization of housing in Canada and bringing innovative ideas to life by partnering with game-changing entrepreneurs and corporate innovators. Our venture building-process identifies specific problems in the sector and creates innovation through technology-enabled business models. These models develop transformative solutions that can be piloted locally and scaled globally to drive meaningful change in real estate.  

Two examples of new ventures co-created with R-LABS and groundbreaking entrepreneurs are RIOS and Assembly. 

RIOS (Real Estate Industry Operating System Platform) is on a mission to improve the efficiency of new housing development in Canada. Founded in partnership with R-LABS, Teranet and Stewart Title, RIOS is improving the building and development process through innovation in data, workflow and business models. With Assignment™ RIOS has streamlined the assignment listing, offer and builder-consent processes. 

Addressing the urgent need for housing head-on, Assembly offers mid-rise mass timber residential buildings for investors and developers, laneway and garden suites for homeowners to make the most out of their urban property, and rapid, affordable housing to meet urgent housing needs for non-profits and municipalities. The company provides efficient, prefabricated, wood buildings for the urban environment through a fixed price, turnkey service.

Build the Future with R-LABS 

We’re looking for experienced entrepreneurs and innovators to partner with R-LABS to shape the future of industrialized housing in Canada. Together, we can create a more sustainable, affordable and equitable housing future for all. 

Through our co-creation model, R-LABS connects experienced founders with sectoral players looking to solve the most pressing challenges facing the sector. Founders pick a challenge, build a team and get the funding and professional support they need to get started. 

Ready to build the future with us? 

Learn more about our venture building platform and get in touch.