One of Calgary’s top builders, Trico Homes has partnered with OpenHouse.ai, a fast growing company bringing artificial intelligence (AI) to the homebuilding industry, to revolutionize the homebuilding – and buying – experience. This partnership seeks to streamline builder needs and costs, increase housing supply, and put savings back in the pockets of future homebuyers.
With housing affordability hitting new heights and demand far outpacing supply, the Canada Mortgage and Housing Corporation (CMHC) says 22 million housing units will need to be built by 2030 to restore housing affordability for Canadians. Artificial Intelligence, which has impacted almost every industry, permeating your phones, homes, and cars, may hold the key.
“Buying a home is more challenging than ever,” says Trico Homes President and CEO Michael Brown. “Rising affordability concerns, interest rates, volatile supply chains, and a tightening rental market are all adding compounding pressures. Homebuilders, like Trico, have to look at different ways to meet the needs of our communities. AI can help us better understand community growth, optimize planning to lower the cost of construction, and simplify the home buying experience by using data to help more people build the home that meets their family’s needs and fits their lifestyle.”
AI in construction helps the industry overcome challenges, from helping buyers with mortgage applications, touring potential homes with virtual experiences, personalized appointments and follow ups for buyers, to safety concerns, labour shortages, and cost and schedule overruns.
To build sufficient supply to keep up with market demand, homes need to be built faster, better suited to buyers and without the expensive waste and cost overruns which are ultimately borne by buyers. AI can optimize operations, allowing builders to understand the buyer needs and manage risks throughout a project’s lifecycle. AI can also reduce expensive errors in operations planning and resource allocations; train workers; enhance sustainability and circularity; design, as well as maintain and operate buildings. This new technology can reduce project durations by several months, allowing developers to build more houses in less time. Applied on a national scale, AI is a promising solution to the affordable housing problem.
“If the last few years have taught us anything, it’s that the only constant in life is change. As the home building industry continues to see fluctuating levels of demand, battle supply chain delays, and face labour and land shortages; new opportunities (and challenges) arise constantly. AI is changing the way we build homes,” said OpenHouse.ai CEO and Co-Founder Will Zhang. “AI in construction will help builders realize value throughout project lifecycles, including design; procurement and construction; operations and asset management; and business model transformation.”
OpenHouse.ai supports Trico Homes to understand their dynamic market, build better homes and offer their buyers homes based on their needs and wants, while putting those savings back into the pockets of homebuyers.
Michael Brown | President and CEO Trico Homes
Will Zhang | CEO and Co-Founder OpenHouse.ai