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Vancouver real estate company, Rennie & Associates Realty Ltd., is downsizing its home office team by 25% due to industry upheavals. The move affects 31 employees out of a total staff of over 400. President Greg Zayadi cited "geopolitical, economic, urban affordability and AI-driven hypercycle" as factors contributing to the decision.

    Zayadi acknowledged that the layoffs are painful but necessary for the company's survival. He emphasized that Rennie is embracing AI and digital tools to improve its services and become more efficient. The company aims to be leaner and more focused in response to a changing market.

    Founder of Roomvu Technologies Inc., Sam Mehrbod, agrees that significant disruptions are occurring in the real estate industry. He notes that AI has reduced the need for large marketing teams, allowing companies to create content quickly with just a few clicks. Other challenges facing the industry include high construction costs, tariffs, and long permit delays.

    The pre-construction condo market is also experiencing a slowdown, which Mehrbod attributes as the main reason for Rennie's downsizing. The company was heavily involved in pre-construction sales and marketing, but this sector has suffered significantly.