U.S. multifamily listing services face lawsuitsA series of antitrust lawsuits in the United States has placed digital rental listing services under scrutiny. In September, the U.S. Federal Trade Commission (FTC), joined by several state Attorneys General, filed coordinated actions against Zillow Group, Inc., its subsidiary Zillow, Inc., and Redfin Corporation. According to the FTC’s official press release, “FTC Sues Zillow and Redfin Over Illegal Agreement to Suppress Rental Advertising Competition,” the agencies allege that the two firms entered into a long-term arrangement to limit competition in the online advertising of multifamily rental properties.The FTC’s formal complaint, available on its website under Federal Trade Commission v. Zillow Group, Inc., Zillow, Inc., and Redfin Corporation, claims that Redfin agreed to withdraw from competing for multifamily rental listings, defined as properties with 25 or more units, for a period of nine years. The filing asserts that Redfin then terminated advertising contracts, encouraged clients to move to Zillow’s platform, and mirrored Zillow’s listings rather than hosting its own. State-level filings echo these allegations, describing a coordinated effort that allegedly limited advertising options and raised costs for landlords. Reuters and other major outlets have reported that the litigation may shape how digital real estate marketplaces are regulated and could set a broader precedent for online platform conduct.Why Canadian Markets Should Pay AttentionThe U.S. case raises questions about similar situations in Canada. Many domestic property owners, managers, and proptech operators rely on digital advertising platforms for visibility and lead generation. If a small number of platforms dominate listings for purpose-built rentals or multifamily properties, their pricing power, exclusivity agreements, or data practices could become material operating risks. The U.S. litigation suggests how certain platform arrangements, especially long-term non-compete agreements or exclusive content-sharing deals, could potentially be perceived as attempts to stifle competition.Although not directly related to the U.S. litigation, Canada’s own regulators have been signaling heightened vigilance in similar areas. The Competition Bureau’s June 2025 update on competitor property controls outlines how agreements or practices that restrict market access, including those that limit how property can be used by potential competitors, may breach the Competition Act. While the guidance focuses on physical property use restrictions, such as exclusive leasing or non-compete covenants, its principles could have indirect relevance for digital or platform-based market access. The Bureau has also issued public warnings that coordination among landlords or property managers, whether through shared pricing algorithms or informal information exchange, can amount to criminal price-fixing. The Bureau has previously obtained court orders in property-control investigations, such as those involving grocery-sector restrictions, and continues to examine how competition rules apply to technology-driven markets more broadly.Market Concentration and Operational RiskAlthough Canada’s online rental advertising market remains more fragmented than in the United States, certain structural shifts are narrowing the field. A handful of national and regional platforms now handle the bulk of rental visibility across major metros, with some experimenting with algorithmic lead-management tools or paid prioritization models. This concentration carries financial implications: rising advertising fees or sudden contract changes can affect leasing velocity, time-to-tenant metrics, and overall property cash flow.Investors and operators who depend heavily on a single platform could face exposure if regulatory intervention, litigation, or fee adjustments disrupt that platform’s operations. Likewise, those investing in proptech firms or marketplace startups should be aware that antitrust and competition risks are becoming more tangible. The FTC’s complaint against Zillow and Redfin shows how enforcement agencies are now scrutinizing the intersection of technology, data, and market dominance.Regulatory OutlookThe FTC’s case against Zillow and Redfin has the potential to become a benchmark for how regulators approach digital market concentration. While Canada’s Competition Bureau operates under a distinct legal framework, its recent guidance and enforcement activity show similar attention to how online platforms influence access and pricing. The outcome of the U.S. litigation may shape broader expectations for transparency and competitive conduct across North American real estate technology.