When the market needs insight, not just input

AI in real estate

How AI systems are changing buying and selling real estate

AI revolutionizes real estate

The real estate market in British Columbia, and in general, is entering a new era, driven by artificial intelligence innovations that promise to streamline the buying and selling process.

From analyzing market trends to crafting marketing materials, AI systems are stepping up to assist buyers and sellers alike. At least that’s what we keep hearing.

Today, I will explore three prominent AI platforms—Grok (developed by xAI), ChatGPT (from OpenAI) and Meta AI—and what they claim they can do to transform real estate transactions. The key word here being “claim”. In future columns, I’ll put those systems to the test to see how claims stack up against results.

First, a little about the systems. I asked each one to describe itself after I asked it a few questions.

Here are the responses:

• Meta AI Sid it is “an artificial intelligence model designed to generate human-like responses, offering assistance and information on various topics, including real estate, marketing and more.”

• ChatGPT is “an AI assistant that helps with writing, research, planning, problem-solving, and more—offering fast, intelligent support across topics like real estate, business, travel, and everyday tasks.”

• Grok “analyzes real-time data, X posts, and content like photos/PDFs to offer tailored real estate insights, market trends, and decision-making support for B.C.’s Interior.”

Each one managed to refer back to previous topics they were questioned about, so at least I know they are good at trying to market themselves.

What they all claim

All three systems share a core set of capabilities that align with the needs of the real estate industry. They can process vast amounts of data quickly, offering insights into market trends, property values and buyer preferences. Each claim to assist with research and answer questions about local regulations. Additionally, they can provide scenario-based guidance—helping users weigh options like whether to buy now or wait for a market shift. Those foundational skills make AI a potential game-changer for anyone navigating British Columbia’s competitive housing landscape, from first-time buyers in Kamloops to sellers in the Okanagan.

Here is a list of the things each AI gave me when I asked it what it could do for buyers and sellers of real estate in B.C.’s Interior. These are the overlapping functionalities, either explicitly stated or implied with similar intent across Grok, Meta AI, and ChatGPT:

1. Market trend analysis

2. Pricing strategy guidance

3. Local regulation and zoning information

4. Marketing assistance for sellers

5. Comparable sales analysis

These five items reflect a baseline of AI support for real estate, focusing on market insights, pricing, regulations, and marketing.

Unique to Grok

• Search web and X for real-time info on property values

• Analyze listing photos or PDFs for property details

• Analyze X posts for local market sentiment

• Analyze uploaded content (e.g., home photos) for appeal

• Offer insights on up-and-coming neighbourhoods

• Provide pros and cons of buying now versus waiting

• Offer guidance on timing the sale

• Explain financing options like B.C. rural home loans

Unique to Meta AI

• Neighborhood guides

• Property search assistance

• Home inspection checklist

• Community information

• School district research

• Outdoor recreation information

• Local business and amenity guides

• Relocation advice

• Staging tips

• Real estate law explanations

• Tax implication information

• Contract guidance

• Closing cost estimates

• Seller's checklist

• Real estate terminology explanations

• Local market news and updates

• Recommended professionals

• Online resource guides

• FAQ and glossary

• General information about strata properties

• Information on rural and acreage properties

• Guidance on new construction and development

Unique to ChatGPT

• Area comparisons (e.g., Kamloops vs. Vernon)

• Property feature checklists

• First-time homebuyer program info

• Mortgage and cost calculators

• Questions to ask during showings

• Offer strategy suggestions

• Reviewing strata documents (plain language summaries)

• Assessing development or rental potential

• Community profiles (schools, lifestyle, amenities)

• Commute and travel time estimates

• Social media and ad copy for listings

• Pre-listing checklists (repairs, staging, photos)

• Open house scripts and talking points

• Email and text templates for following up with leads

• Explaining offer terms and conditions

• Seller net sheet estimation

• Guidance on navigating conditional offers

Testing the claims

While these AI systems sound impressive on paper, their real-world performance remains to be seen.

Can Grok truly spot a hot neighbourhood before it hits the mainstream? Will ChatGPT’s listing descriptions attract more buyers than a human agents? Can Meta really find that one great coffee shop with the best latte?

Over the next few columns, I’ll dig more into AI and how much it can actually help with buying and selling real estate. I’ll task it with analyzing listings, researching local markets and assisting with hypothetical real estate transactions across the British Columbia interior.

We’ll see how they stack up against each other and make sure that they perform as advertised.

If you have suggestions for other real estate-related articles, please email me at [email protected].

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

The advantages of condo and strata living

Living in a condominium

In a province where real estate prices can be daunting, condos often represent a more affordable entry point into homeownership.

Especially in urban centres like Vancouver, Victoria, and Kelowna, condos are typically priced lower than detached homes, making them a viable option for young professionals, first-time buyers, and retirees.

One of the biggest draws of strata living is the reduced responsibility for exterior maintenance. Landscaping, roof repairs and other common area upkeep are typically handled by the strata corporation. That allows residents to enjoy a hassle-free lifestyle without the need to worry about hiring contractors or managing large-scale repairs.

Many strata developments offer amenities like swimming pools, gyms, party rooms and a real bonus for us living in BC, guest suites for those summertime visitors. Those shared facilities add significant value, providing conveniences that might otherwise be financially or logistically out of reach for individual homeowners.

Condos often feature added security measures, such as controlled entry, security cameras and on-site personnel. The close proximity to neighbours can also foster a sense of community, providing social opportunities and a built-in support network. Many have scheduled or drop-in coffee times, libraries, games rooms, and more.

Strata properties are frequently located in urban areas or close to transit hubs, shopping centres and entertainment options. That makes them ideal for those who want to reduce their commute or live in walkable neighbourhoods.

But it's not all sunshine and lollipops and it isn’t necessarily all upside.

While strata fees cover essential services and maintenance, they can be a significant ongoing expense. In some cases, fees may increase over time or include special levies to cover unexpected repairs, which can strain a household budget. Remember some of those amenities, they can increase the monthly fees so even though the pool is nice there is a cost albeit less than what you might pay for your own pool.

Living in a strata means adhering to rules and bylaws set by the strata council. These can include restrictions on pets, noise, renovations, or even the colour of your window coverings. For those accustomed to complete autonomy in their homes, these regulations can feel restrictive. However, the nice thing is that as a Strata owner you can vote and get involved maybe run for council and look toward making improvements.

Strata living comes with the risk of special assessments additional charges levied to cover major repairs or upgrades not covered by the strata’s reserve fund. These unexpected costs can be substantial and are shared among all unit owners.

While shared amenities are a perk, they can also be a source of frustration. Disputes over noise, parking, or misuse of common areas are not uncommon in strata living. A poorly managed strata council can exacerbate these issues. I have heard more than one story about parking, tight spaces, and not being considerate of others, this can have tempers flaring.

Condos often have less square footage than detached homes, which can feel limiting, especially for families. Storage space is also typically more constrained, requiring creative solutions or additional expenses like off-site storage. Fortunately, many buildings have extra storage, it is definitely something to investigate when looking at a place.

British Columbia’s strata properties are governed by the Strata Property Act, which outlines the rights and responsibilities of strata corporations and unit owners. This legal framework ensures transparency but also imposes obligations on owners to participate in the governance of their communities.

A well-managed strata corporation is key to a positive living experience. Before purchasing, potential buyers should review strata documents, including meeting minutes, financial statements, and bylaws, to assess the property’s financial health and any upcoming repairs or disputes.

Pay special attention to the depreciation study or report. This is where the property is reviewed and they show likely expenses on a timeline to gauge future costs for upkeep and repairs. Then review the contingency fund and make sure that the numbers work for expected expenses and money in the kitty. If the numbers are off you may be expected to come up with a large unplanned sum in the future. Be prepared.

Rising insurance costs: Strata insurance premiums have increased significantly in recent years, impacting both strata fees and owner responsibilities for deductibles.

Older buildings: Many strata properties in B.C. are aging, leading to higher maintenance costs or special assessments for repairs.

Condo and strata living appeals to a wide range of people, including:

• First-time buyers: Affordability and convenience make condos an accessible entry point into the housing market.

• Downsizers: Empty-nesters often appreciate the lower maintenance and smaller spaces.

• Urban dwellers: Those who prioritize location and amenities over square footage thrive in condo living.

However, it may not suit those who value complete independence or require more space for families and hobbies.

For those ready to embrace a community-oriented, low-maintenance lifestyle, condo living in British Columbia can be a fantastic choice. In the end, strata living is what you make of it, a chance to enjoy modern conveniences, connect with neighbours and build a home in one of Canada’s most beautiful provinces.

If you have suggestions for other real estate-related articles, please email me at [email protected].

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

Navigating the sale or purchase of manufactured homes in B.C.

Manufactured home rules

The process of selling a manufactured home in B.C., particularly within the confines of a manufactured home park, means lots of regulations and requirements.

As the market for affordable housing options continues to grow, understanding these requirements is crucial for both sellers and prospective buyers.

Firstly, all manufactured homes in B.C. must comply with stringent safety standards. According to the regulations, specifically section 32 of the Manufactured Home Act, a manufactured home manufactured after May 15, 1992, cannot be sold unless it bears a valid certification label from the Canadian Standards Association (CSA) or a Silver Label issued by Technical Safety BC.

Those labels confirm the home meets electrical safety standards, which are non-negotiable in the sale process. If a home lacks those labels due to loss or removal, the seller must arrange for a licensed electrical contractor to inspect the home, followed by a certification check by Technical Safety BC to affix a new label. That ensures the home is safe for habitation, a critical step before listing it for sale.

Remember, it is not optional. So, for example, the CSA label was accidentally removed during a renovation. If it is not there, you must have the home re-certified. If there were changes made to the electrical without a proper permit—like adding a hot tub or air conditioner—the home must be re-certified.

I have encountered this. It is not necessarily a big deal, it just needs to be addressed right away. If electrical work was properly permitted and the permits were properly closed, new certification is not necessarily required. A call to BC Technical Safety can provide information about permits that have been pulled and then closed.

Ownership of manufactured homes in B.C. is registered with the Manufactured Home Registry, unlike traditional homes, which are registered with Land Title and Survey Authority. There will be a decal—often on or around the electrical panel–that has the registry number.

If that label cannot be located, you need to call Manufactured Homes Registry and request a new one . It takes about a month for it to arrive. Without that label, transferring ownership can be challenging.

When selling, updating this registry is mandatory. Sellers must ensure the transfer of ownership is officially recorded. That is typically done by a notary or a lawyer during conveyancing, who then registers the change.

Living in a manufactured home park means the home is often on leased land. Sellers must be aware of the park's rules regarding the sale, signage and consent for the sale from the park owner. Decisions about consent must align with the Manufactured Home Park Tenancy Act, ensuring they are not arbitrary or without just cause.

If the lease or pad rental agreement is to be assigned, it is important the new owner reviews the lease agreement to understand terms like “pad rental fees,” rules about pets, the maximum number of occupants, modifications to the home and possibly more.

The assignment of the lease to the new owner requires the park owner's consent and, if not provided within a specified timeframe, it is considered granted under current B.C. law.

Sellers and buyers alike are advised to seek legal advice and work with real estate professionals. Those experts can navigate the legalities, including ensuring all modifications or upgrades to the home comply with certification and safety standards. They can also assist with transferring ownership and dealing with the Manufactured Home Registry or addressing disputes over lease assignments.

Also, there is all the paperwork involved in both the listing/marketing of a home and dealing with offers, both on the selling and buying side. The purchase or sale of a manufactured home in a park can be complicated.

Understanding the current market trends for manufactured homes in B.C. can significantly impact the sale process. With the ongoing housing crisis, these homes are increasingly seen as viable, affordable living options. However, parks can also under scrutiny for potential redevelopment, so buyer beware.

For anyone contemplating the purchase of a manufactured home in a park, it is important to remember only 12 month’s notice is required that the park will be redeveloped and the home will need to be moved or that the owner will be compensated and they will need to find a new place to live.

In practice, the actual time from knowing a park may be developed and when people need to leave is usually longer, however the rules say 12 months. Also, the rules that protect manufactured homes in parks do not necessarily apply in parks that are located on Indigenous land. The rules in these parks can vary widely so always find out where you stand in that situation before purchasing.

Selling a manufactured home within a park involves more than just finding a buyer. It requires ensuring the home meets safety standards, navigating the legalities of ownership transfer, understanding and adhering to park-specific rules and being transparent about financial obligations.

To find out more about the Manufactured Home Park Tenancy Act, visit Manufactured Home Park Tenancy Regulation or do an Internet search.

If you have suggestions for other real estate-related articles, please email me at [email protected].

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.