HOA, Condo & Strata Management Software
The buyer population — Other membership organizations
Base industry report for 813990 →- Establishments · CanadaA
- 3,698
- Under 10 employeesA
- 89%
Of 3,698 Canadian establishments with employees, 89% have fewer than ten — an industry of very small operators. Each of those is one potential account, before any filter for size or fit.
Entry signal — what decides who wins here
One thing must be trueEntry turns on a single condition that can be named and tested before much is spent. Clear it and this becomes an execution question; fail it and no amount of operating skill helps.
Displace an incumbent the screen found well defended — payments attached to the workflow, data that does not leave, a contract that renews itself. Share here means giving a buyer a reason to break something that currently works, which is a higher bar than being better.
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.
This is not a probability of success, and it is not a verdict on you. No survival probability is published per market, and inventing one would be worse than saying so. What the bar reads is how much of the outcome sits inside an operator's control: green means the hurdles are ones a better operator clears, red means the binding constraint is capital, an asset or a permission rather than execution. Someone arriving with an advantage this screen did not assume can win a market shown in red.
Companies named in this market · 11
The binding constraint — incumbent vulnerability
This is not property management with a different label: the client is a volunteer board, not a landlord. The 531310 record covers owners and managers who collect rent from tenants, so rent payments are what the software monetises. Here the association owns nothing for profit. Its elected board levies dues and special assessments on its own members, enforces covenants (violations, architectural requests), runs elections and votes, and must fund reserves for roofs, elevators and roads. Most boards hire a management company to do that work, and the management company, not the board, buys the software and runs dozens or hundreds of associations on it. Associations are also managed by general property managers under 531310, which is why AppFolio and Buildium appear here too. The market is large and documented. The Foundation for Community Association Research counts 373,000 US associations housing 78.1 million residents in 2025, collecting $124.2 billion in assessments, $31.1 billion of it into reserve funds. It counts 9,000–10,000 management companies and says 30–40% of associations manage themselves [A]. The management-company tier is held by two well-funded specialists. CINC Systems (Duluth, Georgia, since 2005) says it serves nearly 50,000 associations and has 38 direct bank integrations. It is backed by Spectrum Equity (2020) and Hg (December 2023), and it bought HOAst (e-voting) and ONR (resident app) [B/C]. Vantaca (Wilmington, North Carolina) raised more than $300 million led by Cove Hill Partners at a $1.25 billion valuation in October 2025, on top of a 2022 JMI Equity minority stake, and claims 50,000+ associations and six million households [B/C]. Behind them are PE-backed roll-ups: FrontSteps (AtHomeNet, AssociationVoice, Caliber, Capsure, DwellingLive, Evercondo; CIP Capital), Enumerate (formerly TOPS, rebranded 2023 under Great Hill Partners), and BuildingLink (Bregal Sagemount, 2022), plus Buildium (RealPage, $580M in 2019) and AppFolio's association edition [A/B/C]. The board-as-buyer wedge is the obvious one, and it is taken. Self-managed associations buy their own software, and PayHOA raised a $27.5M Series A led by Elephant in 2024 to serve exactly them [B]; Enumerate and Condo Control sell to them too. Canada is the same picture at a smaller size. Condo Control (Toronto, Klass Capital) claims 3.5 million residents and is marketing BC strata. In BC, the Strata Property Act sets the record-keeping and disclosure duties (minutes and books for six years, depreciation reports permanently, records to owners within two weeks [A, government]). That creates the Form B/F document-sale business StrataPress already runs for 1,900+ strata corporations, with StrataStation a newer BC/Alberta platform [C]. Incumbent vulnerability decides it: the two leaders are freshly capitalised, the lock-in is the association's general ledger and its bank integration, and the board-direct and BC-strata gaps both have funded or established occupants.
The incumbent
Who owns this market and who is coming for it. Fields a screen never reached say so rather than guessing.
Financials & market size — sourced
Figures that came from a filing, a results release or reputable reporting, each carrying its evidence tier.
The field
Every vendor named on this record, and what each one discloses. Most disclose nothing, which is why the market is not sized.
Competitor set · 11 named · 0 disclose revenue
| Name | Revenue | Share | Note |
|---|---|---|---|
| CINC SystemsB | not disclosed | — | Private; Spectrum Equity (2020) and Hg (December 2023) investments, terms undisclosed. Nearly 50,000 associations served; acquired HOAst (2021) and ONR (January 2025) |
| VantacaB | not disclosed | — | Private; $300M+ led by Cove Hill Partners at $1.25B valuation (October 2025); JMI Equity minority stake since September 2022. Claims 50,000+ associations and 95% revenue growth |
| AppFolioNASDAQ: APPFC | not disclosed | — | Company revenue is on the 531310 record; the community-association line is not broken out. Sells dues, violations, architectural review and board portal to association managers |
| BuildiumA | not disclosed | — | A RealPage company (bought for $580M in 2019, ~$50M revenue then across all segments); associations line not broken out |
| FrontStepsC | not disclosed | — | Roll-up of AtHomeNet, AssociationVoice, Caliber, Capsure, DwellingLive and Evercondo; sold to CIP Capital in 2015 per its own history; claims over one million homes |
| EnumerateB | not disclosed | — | Formerly TOPS Software (Clearwater, Florida); Great Hill Partners growth investment, renamed 2023 after buying Nabr Network |
| BuildingLinkB | not disclosed | — | New York; condo, co-op and HOA operations and resident software, with a ManageHOA accounting line; Bregal Sagemount growth investment July 2022, terms undisclosed |
| PayHOAB | not disclosed | — | Lexington, Kentucky; self-managed HOAs; $27.5M Series A led by Elephant (May 2024), its first outside capital; claims 6,000+ communities |
| Condo ControlB | not disclosed | — | Toronto, since 2008; Klass Capital growth investment (2015), terms undisclosed; claims 3.5 million residents; Vancouver office selling to BC stratas |
| StrataPressC | not disclosed | — | Simple Strata Solutions Inc. (BC); strata document portal and Form B/F sales for 1,900+ strata corporations, free to managers and paid by document buyers |
| StrataStationC | not disclosed | — | BC and Alberta strata platform; Canadian data hosting; per-unit monthly pricing; BC Forms B, F, G, H and K |
Nobody here publishes revenue. The market is not sized for that reason — an estimate built on nothing would only look like knowledge.
Evidence
Evidence. Market size is sourced [A]: the Foundation for Community Association Research 2025 Statistical Review (foundation.caionline.org, published March 2026) gives 373,000 US associations, 78.1M residents, $124.2B of assessments, $31.1B to reserves, 9,000–10,000 management companies and 30–40% self-managed. FirstService's February 2026 investor presentation gives FirstService Residential's $2.3B revenue and 9,500+ communities [A, issuer]. RealPage's 2019 8-K press release gives the Buildium price and revenue [A]. Funding [B]: Vantaca's $300M+ round from Pulse 2.0 coverage of the release; Vantaca's own September 2022 post for the JMI stake; PayHOA's Series A from Pulse 2.0; BuildingLink's Bregal Sagemount investment from Private Equity Wire; Enumerate's Great Hill investment from Software Equity Group's transaction note; Condo Control's Klass Capital investment from BrainStation (dated February 2015; Condo Control's own blog shows a later date on the same announcement). CINC's Spectrum/Hg backing and associations count are from Spectrum Equity's January 2025 release on the ONR deal; the Hg Business Wire release returned 403. Vendor claims [C]: association, household, resident and bank-integration counts are the vendors' own. BC [A, government]: record-keeping duties from the Province of BC's strata record-keeping page. Vendor revenue UNVERIFIED — none of the association specialists publishes revenue, and AppFolio and RealPage do not break out associations. A Vantaca $5M raise in February 2022 was reported by WRAL TechWire but the article now redirects and is not counted.
Where the industry talks
The associations, forums and events where people in this trade actually talk shop — where to listen before entering, and where the first customers are found. Each link was opened on the date shown.
CAI's research arm; publishes the annual Statistical Review, the 2026 Management Company Benchmarking Report (including technology and AI adoption) and reserve-funding best practices. CAI's own site (caionline.org) blocks automated access.
Runs the CMCA manager credential; says it has certified over 25,000 CMCAs (certified, not current members).
Calls itself the only national condominium organization in Canada; chapter events listed for October 8, 2026. No member count on home page.
Says it is the largest association representing the strata industry in BC; 50th anniversary in 2026 with a celebration conference on September 19, 2026; publishes the CHOA Journal. No member count on home page.
Association of BC strata management companies, established 2000; home page states 472 members managing about 350,000 strata units — the buyers of strata software.
Ontario condo managers and management firms; runs the ACMO 2000 firm certification and an ACMO Tech resource library and RFP service. No member count on home page.
ACMO's quarterly for condominium managers, published 30+ years; Fall 2026 issue current; 7,000+ print subscribers per issue.
Paid membership publication for HOA and condo board members and managers; articles dated October 2026.
Community Associations Institute (caionline.org), its Common Ground magazine and its annual conference pages, Condo Business (condobusiness.ca), the Condominium Authority of Ontario and CMRAO all returned 403 or Cloudflare challenges and are not listed. The ACMO/CCI Condo Conference redirects to condoconference.ca, which did not resolve to a page. Reddit r/HOA is blocked.
The businesses it sells to
Operating-business records filed along the same branch of NAICS — the customers of this software, screened as businesses in their own right.