NAICS 531390Canadian industry · 6-digitlocal market1 market record

Other activities related to real estate

SoftwareCommercial Real Estate Data & Analytics · Appraisal & Property Inspection Software 5313

This Canadian industry comprises establishments, not classified to any other Canadian industry, primarily engaged in providing real estate related services. — Statistics Canada, NAICS 2022A

Establishments · CanadaA: 1,295
Under 10 employeesA: 89%
Establishments · USA: 21,881
Employment · USA: 75,174
Payroll · USA: $7.7B

Size and shape

How many businesses there are and how small they are. Fragmentation is the first thing an entrant — or anyone selling software into this industry — needs to know, and it is one of the few things that is actually measured.

Canadian establishments by number of employeesA

1–496575%

5–918214%

10–19726%

20–49393%

50–99111%

100–199131%

200–499131%

500+0—

Of 1,295 Canadian establishments with employees, 89% have fewer than ten — an industry of very small operators.

Where they areA

Ontario51240%

British Columbia32325%

Alberta20816%

Quebec14311%

Largest four provinces by establishment count. Establishments with employees only — sole operators with no payroll are not in this table, so in trades and personal services the true number of businesses is higher.

How many new establishments are still tradingA

Real Estate and Rental and Leasing, US · opened 2020

88.7%

1 year

70.3%

3 years

57.9%

5 years

45%

10 years

opened 2015

Measured, not forecast: the share of US establishments opening in one year that were still active later. It counts good operators and bad ones together, which is exactly why it is the honest answer to “what are the odds”. It is for the whole sector rather than this market, and the ten-year figure comes from an older cohort because no younger one has reached ten years.

How businesses here compete

The structural profile of subsector 531, which every industry beneath it inherits. This is analyst judgment from how the subsector is organised — not research into this industry, and not a measurement.

local competitionhigh capitalUNVERIFIEDinherited from 531 Real estate

Owning is a capital business. Managing and brokering are service businesses with low capital — and low barriers, which is why they are crowded.

Who sets the price: Local rents, cap rates and interest rates.
The software it runs on: Property management and accounting, transaction management, listing platforms.

Market screens and studies

Market-entry records filed along this branch of the hierarchy. A record at or beneath this code is about this industry; one above it is about something wider that contains it.

No operating-business record sits in this industry — the record filed here is a software market, shown in the next section.

Software serving this industry

The vertical software markets filed along the same branch — who sells to these businesses and who they would have to displace — and then the generic categories every business buys whatever it does.

Vertical softwareScreened

Commercial Real Estate Data & AnalyticsOne thing must be true

binding constraint: incumbent vulnerability

Incumbent CoStar Group (NASDAQ: CSGP) — CoStar, LoopNet, Ten-X

This is the one property-tech category where the incumbent publishes its numbers, and the numbers close the door. CoStar Group's 10-K for 2025 reports $3,247M of revenue, of which the CoStar subscription product alone was $1,259M and LoopNet listings $312M, with Commercial Real Estate as a whole at $1,787M [A]. Company-wide subscription contract renewal ran at about 89% in each of 2025 and 2024 [A]. That is a data asset researched building by building for decades, sold to every broker, lender, owner and appraiser who needs comps, and defended in court as well as in sales. How it differs from the appraisal record (5313): appraisal software is a compliance conduit — the lender form and the GSE delivery rails decide the product, and the 5313 record found the money sits in the property data underneath (CoreLogic, ~$6.0B). Commercial real estate data is that data layer, and here it is owned by one public company rather than by the government-sponsored enterprises. There is no form to file; the buyer pays for the comps, the tenant roll and the ownership record, and the one who holds the most verified records wins. The challengers prove the ceiling rather than the opening. Reonomy raised about $128M and was sold to Altus Group (Toronto, TSX: AIF) for $201.5M in November 2021 [B] — barely 1.6x the capital it consumed — and Altus's fiscal 2025 release lists it as a product without any separate figure. CompStak (lease comps traded give-to-get) has raised $78M in total, last a $50M Series C led by Morgan Stanley Expansion Capital in November 2021 [B]. Crexi, the listings marketplace, had raised $41M by its January 2020 Series B led by Mitsubishi Estate [B]. Cherre (data integration for owners) raised a $30M Series C led by HighSage Ventures in September 2024 [B]. The best-funded neighbour is Placer.ai (foot traffic), at least $175M across its $100M Series C (January 2022) and a $75M round (August 2024) at a valuation of nearly $1.5B, with a $100M revenue run-rate claimed for February 2024 [B; run-rate C] — but it sells location analytics to retailers and owners, not comps, and it grew by not competing with CoStar on CoStar's asset. Altus's ARGUS (valuation and cash-flow modelling) is the other entrenched standard: Altus reports Software ARR of C$197.9M at year-end 2025, up 10.6% [A]. Incumbent vulnerability decides it: the data asset compounds, the renewal rate is near 90%, and every venture-funded attempt to rebuild the comp set has exited small or stayed niche.

NAICS 5313909 vendors named5 sourced figuresOpen →

Sold across the wider branch

Vertical softwareScreenedfiled at 5313 Activities related to real estate

Appraisal & Property Inspection SoftwareOne thing must be true

binding constraint: incumbent vulnerability

Incumbent ACI (First American) and Bradford Technologies

The appraisal form is a lender requirement and the delivery rails are owned by the government-sponsored enterprises and their vendor panel, so the software is a compliance conduit rather than a product choice — and the mortgage-origination record at 5222 already showed who controls that pipe. Automated valuation is meanwhile removing the appraisal itself from a growing share of transactions. Sourced update 2026-09-18: the property-data layer underneath has a price. CoreLogic was taken private by Stone Point Capital and Insight Partners at $80 a share, about $6.0B of equity value, closing 4 June 2021 [B], after rejecting a $6.7B approach from CoStar. It rebranded to Cotality in March 2025 [B]. Nobody has paid anything remotely like that for appraisal workflow software, which is the record's point: the value sits in the data asset, not in the form-filling tool.

NAICS 53134 vendors named4 sourced figuresOpen →

And what every business buys · 25 generic categories

Sold to every industry rather than this one, so they are filed against the software industry's own code. The same few vendors recur across most of them.

Companies in this industry · 9

Every company this research names that is filed here or beneath — the operators, and the vendors that sell to them — largest disclosed revenue first. The rank is within the company’s own six-digit industry.

Company	Filed under	Revenue	Rank
Altus GroupPrivate	Other activities related to real estate531390	—	1/9
Apartments.comPrivate	Other activities related to real estate531390	—	2/9
CherrePrivate	Other activities related to real estate531390	—	3/9
CompStakPrivate	Other activities related to real estate531390	—	4/9
CrexiPrivate	Other activities related to real estate531390	—	5/9
MSCI Real Capital AnalyticsPrivate	Other activities related to real estate531390	—	6/9
Placer.aiPrivate	Other activities related to real estate531390	—	7/9
ReonomyPrivate	Other activities related to real estate531390	—	8/9
Yardi MatrixPrivate	Other activities related to real estate531390	—	9/9

Who works here

The occupations employed in Real estate and rental and leasing, most concentrated in it first. The share is measured against the whole sector, not this industry — the published cross-tabulation stops there.

Concentrated in this sectorA

Insurance, real estate and financial sales occupations Mostly one sector 43.8%

Managers in construction and facility operation and maintenance Mostly one sector 10.3%

Support occupations in accommodation, travel, tourism and amusement services Mostly one sector 3.9%

Auditors, accountants and investment professionals Mostly one sector 2.2%

Logging, forestry, landscaping and other related labourers Mostly one sector 1.3%

Retail salespersons and non-technical wholesale trade sales and account representatives Mostly one sector 1.2%

Automotive service technicians Mostly one sector 1.1%

Security guards and related security service occupations Mostly one sector 1.1%

Graphic and interior designers Mostly one sector 1.1%

Photographers and support occupations in arts and culture Mostly one sector 1.1%

These jobs are mostly done here. An operator in this industry is competing for them against others in the same industry, not against the whole economy.

And the jobs every business has

Administrative, property and payroll officers Across the economy 11.7%

Building maintenance installers, servicers and repairers Across the economy 9.6%

Accounting, insurance and related business administrative occupations Across the economy 5.4%

Financial, insurance and related administrative support workers Across the economy 3.6%

Office administrative assistants - general, legal and medical Across the economy 3.3%

Legislative and senior managers Across the economy 3%

Administrative services managers Across the economy 1.7%

Administrative and financial supervisors Across the economy 1.6%

Survey, statistical and data entry occupations Across the economy 1.3%

Customer and information services representatives Across the economy 1.1%

Found across at least fourteen of the twenty sectors. But note the shape of this industry: 89% of establishments have fewer than ten employees, and at that size most of these roles are one person wearing several hats, or bought in from outside.

All 162 occupations →