How can AI help home buying? Calgary firm wants to find out
Calgary's Hopewell Residential is incorporating AI technology through OpenHouse.ai to help its clients buy homes and predict the direction of the Canadian housing market. (Supplied)
A Calgary home builder is introducing artificial intelligence (AI) into the real estate market, a tool it says would help give Canadians the foresight they need as competition remains red hot.
Hopewell Residential has partnered with OpenHouse.ai, a Canadian tech company that's using AI to enhance the experience for prospective home buyers.
The company says using AI would streamline the home buying process and offer each client their own experience.
However, its real strength comes when it offers predictions on where Canada's hot housing market could be heading.
"This allows Hopewell to strategically consider its pricing levels and promotions to meet changing market conditions - before they happen," officials said in a release.
"With a clear vision of where the market is heading – including shifting interest rates, supply and demand, and material costs – Hopewell can make informed decisions to keep homes readily available and affordable for buyers."
OpenHouse.ai says the residential construction industry has largely ignored the use of AI because tech companies haven't worked hard enough to understand the needs of those companies.
"To meet the demands of a dynamic housing market, our goal is to help home builders deeply understand the needs of homebuyers and, ultimately, build better homes to suit buyers' needs," said OpenHouse.ai CEO and co-founder Will Zhang in a news release.
"We believe that AI can finally accelerate the digital transformation of the home building industry, and we are grateful for the opportunity to work with some of the most forward-looking builders in this industry to make a difference."
Hopewell says its collaboration with OpenHouse.ai has also helped it create an online platform called OpenConnect, which reviews buyer behaviour patterns, analyzes their needs and helps them easily find the homes they're looking for.
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