AI leads list of emerging trends in real estate: PwC report
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A new PwC Canada report labels the next 18 months as a “critical window” for real estate firms to advance artificial intelligence strategies.
It comes amid a nationwide housing shortage, where less expensive markets like Winnipeg are drawing Canadians from larger metropolises, said Fred Cassano, a partner with PwC.
He expects AI to speed up home builds: “How we build will be influenced by modern methods of construction powered by tech, which will include AI.”
He’s also noticed artificial intelligence appearing in Canadian real estate operations.
PwC interviewed firms on their artificial-intelligence use for its 34-page Emerging Trends in Canadian Real Estate report. AI is being used as a virtual leasing agent in Vancouver and as a lease extraction tool in Toronto, among other things.
Winnipeg examples weren’t provided by print deadline.
Cassano expects Winnipeg to continue seeing demand from prospective homebuyers who’ve been pushed out of pricier markets elsewhere. Winnipeg remains one of Canada’s most affordable housing markets, the report reads.
Still, the Manitoba capital has noted home price increases: an average residential detached home cost $442,104 in October, up four per cent from the year prior, Winnipeg Regional Real Estate Board data show.
Winnipeg ranked ninth on PwC’s “Canada Markets to Watch” list. Calgary, Toronto and Edmonton took the top three spots.
— Free Press staff