Properly, a Canadian real estate technology startup, laid off 71 employees on November 15, 2022, as part of a significant restructuring. The company's CEO cited a rapid deterioration in the Canadian housing market and a shift in startup funding conditions, which forced the company to scale back from its previous aggressive growth plans. The layoffs were a direct result of over-expansion during a more favorable market period in 2021. Properly, which operates as a modern, full-service brokerage, provided affected staff with severance, extended benefits, and career support.
