The robots are coming! 10 predictions on what AI means for your mortgage and home

Artificial intelligence is already changing how Canadians buy homes, and experts say it’s only going to grow. From getting a mortgage to finding the right house, AI tools are speeding things up and making the process easier—or at least different. While many welcome the changes, others warn that not all effects will be positive. Like with any new technology, there’s a mix of convenience, confusion, and concern.

One of the biggest changes AI brings is how people get mortgages. Instead of meeting a mortgage broker in person, many Canadians are now using online platforms that use AI to match them with the best lender and rate. These systems can check your credit, income, and financial history in seconds and provide a recommendation right away. That could mean faster approvals and fewer errors, but it also raises questions about privacy and how much control you’re giving up.

AI is also shaking up how homes are valued. Machine learning programs can now scan thousands of real estate listings, compare neighbourhood trends, and give you an instant estimate on what a property is worth. Real estate agents and banks are starting to trust these estimates more and more. That might make buying and selling quicker, but it also risks over-reliance on software that doesn’t always understand the local market the way a human would.

Another big shift is how people search for homes. AI-powered apps can learn your preferences and suggest houses that fit your needs—sometimes before you even know exactly what you're looking for. These tools look at your online behaviour and use that to guide your search. It’s convenient, but it could lead to people being boxed into certain price ranges or areas based on what the algorithm assumes they want.

There’s also concern about fairness. AI systems reflect the data they’re trained on, which means they could carry over biases from the past. For example, some critics worry that mortgage approval algorithms might unfairly favour some income groups or neighbourhoods over others. If left unchecked, this could create new barriers for first-time buyers or people from diverse communities.

Finally, regulators are watching. As AI becomes more common in real estate, government bodies in Canada are starting to look at how these tools should be controlled. Some experts are calling for clear rules to prevent discrimination and protect personal data. While AI is unlikely to replace human decision-makers completely, it’s already changing how Canadians buy, sell, and finance their homes—and those changes are just getting started.