Google's Real Estate Listings Test Is a Wake-Up Call for Canadian Agents

Last week, Zillow's stock dropped 8% in a single trading day. The culprit wasn't bad earnings, a housing crash, or a scandal. It was a "small experiment" by Google.

That experiment? Displaying property listings directly in mobile search results, complete with photos, pricing, and a button to request a showing, all without visiting a real estate portal.

If you think this is just an American problem, think again.

What Google Is Actually Testing

In select U.S. markets, including Denver, Chicago, Miami, Houston, Los Angeles, and Austin, Google has partnered with HouseCanary's ComeHome platform to display home listings at the top of mobile search results.

The functionality resembles that of Zillow or Realtor.com, featuring property cards with details such as price, number of bedrooms, number of bathrooms, and square footage. Tap a card and you get a full property detail page with the option to request a tour or contact an agent.

Real estate tech analyst Mike DelPrete put it bluntly when he noted this feature set resembles the core business model of real estate portals. That's not hyperbole. Google isn't just testing a feature. It's testing whether it can own the entire home discovery experience.

Why Wall Street Panicked (And Why Some Analysts Didn't)

The market's initial reaction was swift. Zillow shares dropped more than 8% on December 15th.

But not everyone is hitting the panic button.

Goldman Sachs acknowledged the development as a "long-term risk" while noting that most of Zillow's traffic comes directly through its apps and website, not Google searches. Piper Sandler called concerns "overblown." Wells Fargo analyst Alec Brondolo suggested that portals like Zillow will likely end up bidding for Google ad placements rather than losing traffic entirely.

The real question isn't whether Google will kill Zillow tomorrow. It's whether Google is laying the foundation to control how buyers discover properties five years from now.

The Canadian Context Matters

In Canada, Realtor.ca dominates the market with over 15 million monthly visits. It's the default destination for Canadian home searches, backed by the Canadian Real Estate Association with direct MLS integration.

But here's the thing: Realtor.ca's dominance depends heavily on search traffic. If Google decides to intercept that traffic by displaying listings directly in search results, the dynamics shift dramatically.

We've seen this movie before. When Google introduced AI summaries to search results in 2024, major news websites experienced a 30-40% year-over-year drop in traffic. The pattern is clear: Google keeps users in Google's ecosystem.

The Real Opportunity for Agents

Here's where the narrative gets interesting for working professionals. If portal traffic becomes less reliable, what becomes more valuable? Direct relationships. Past clients. Referral networks. The people who already know and trust you.

Think about it this way: every lead that comes through a portal is essentially a stranger. They're shopping. They might submit inquiries to five different agents simultaneously. Your conversion depends on speed and luck as much as skill.

But a referral from a past client? That's a warm introduction from someone who's already vouched for you. A repeat client coming back for their next purchase? That's pure gold. The professionals who invest in client retention and engagement systems now are building assets that no algorithm can disrupt.

What to Watch in 2026

Mike DelPrete closed his analysis with a prediction that if you thought 2025 was interesting, 2026 is shaping up to be a zinger.

He's not wrong. Between AI disruption, portal competition, and now Google's entry into direct listings, the real estate technology landscape is shifting faster than at any point in the past decade.

The question isn't whether disruption is coming to Canada. It's whether you'll be positioned to thrive when it arrives.

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