Evaluating only Properly’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. Documented cause: Market collapse.
Key Events Timeline
FOUNDING
Anshul Ruparell founded Properly in Toronto to replicate Opendoor's iBuyer model for the Canadian housing market.
FUNDING
Raised CAD $75M led by Union Square Ventures and RBC to scale instant home purchase offers across major Canadian cities.
DOWN ROUND
Bank of Canada rate hikes caused Canadian housing prices to drop 20%; Properly's inventory became deeply underwater.
SHUTDOWN
Company halted iBuying operations; sold remaining home inventory at losses; pivoted to referral model with skeleton staff.
Full Analysis
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Documented cause
Properly, a Toronto iBuyer startup modeled on Opendoor, raised CAD $75M including a high-profile round from Union Square Ventures and RBC in 2021. When Canadian housing prices fell 20% in 2022, the company's inventory of purchased homes turned into a liability. CEO Anshul Ruparell halted home purchases in late 2022 and the company pivoted away from iBuying entirely, laying off most staff and selling remaining inventory at losses.
Lesson
“iBuying requires accurate AVM pricing models and market downside hedging — neither can be built in a bull market only.”