Gnowise: Using AI to Forecast and Evaluate Home Prices
Buying or selling a home in today’s market can be both a wonderful and stressful experience. From each side of the sale, buyers and sellers have a lot of financial questions to ask:
- “Should I invest right now or wait for the next market shift?”
- “How much will my home be worth in the next 2 years?”
- “When is a good time to buy a home?”
- “When would be the best time to sell my home?”
Questions such as these are often difficult to answer because real-estate professionals don’t know what the future will hold. They can only take an educated guess at best. With a high amount of uncertainty in evaluating and forecasting a home, trying to find these answers can be time-consuming and costly.
Seeing this problem for investors, a new company called Gnowise is focusing on a data-driven AI solution to provide investors with more accurate answers.
Gnowise uses predictive real-estate analytics, enabling stakeholders across the real estate industry to make better, more informed decisions. The platform offers precise property valuations and 2-year forecasts based on several external data inputs. This predictive insight offers real estate professionals and prospective customers a clear competitive advantage – arming them with the ability to determine why a particular valuation was calculated. The platform continually learns external data points including market demand, months-of-supply, job market and foreign exchange rate to provide insights.
HOW GNOWISE WORKS
With Gnowise’s valuation accuracy of 93.5% and a forecasting accuracy of 96.3% (1 year) and 93.7% (2 years), investors can see the true value of the property today, and how much it will be
worth in the next 2 years. Using big data and modern machine-learning algorithms to back Gnowise, the web platform can provide a detailed and personalized pricing report on a property in just 2 seconds. The big data supporting Gnowise includes historical, local, home, and economic indicators from public sources such as Statistics Canada, the City of Toronto, and other private data providers since 1996.
RESPONSE TIMES AND SCALABILITY
Looking to enter the market as soon as possible, Gnowise is trying to improve its platform’s response time for price forecasts from 2 seconds to less than 0.1 seconds. Although it doesn’t seem like much, it’s essential for Gnowise’s competitiveness in the marketplace. The decrease in time will also allow them to increase their current customer base with an estimated 200k+ users in Canada and 500k+ in the United States.
With this upcoming customer increase, Gnowise also needs to scale their platform’s performance, ensuring it can handle high volumes of traffic. To properly scale the platform and reduce its response time, the deep learning models within Gnowise’s AI need additional layers, requiring Gnowise to move from CPU computations to GPU.
DETERMINING THE GPU POWER NEEDED
Gnowise will use the CENGN testbed to determine the optimal number of GPUs and GPU power needed to run their deep-learning AI models and improve its accuracy. During this cloud project, Gnowise will also scale test their platform to determine if any performance issues are preventing the onboarding of new customers and additional traffic.
A FASTER AND SCALABLE AI-BASED PLATFORM
With CENGN’s support, Gnowise will be able to enhance their AI model’s accuracy providing better real-estate forecasts and valuations to their customers and giving their business a more competitive product to bring to market.
Looking to scale or resource test your AI-based solution?
CENGN enables Canadian tech companies to get into the market faster and cheaper by providing customized infrastructure services for their specific needs.
Gnowise is a growing Canadian business that is using the services at CENGN through the Next Generation Network Program (NGNP). The NGNP is a Government of Ontario program offered through a partnership between CENGN and the Ontario Centre of Innovation (OCI) that is providing small and medium-sized enterprises (SMEs) across Ontario access to the CENGN Testbed. CENGN’s digital infrastructure is connecting SMEs like Gnowise to state-of-the-art equipment and network services, which will allow these companies to test and validate their solutions.
Are you interested in completing a CENGN project? Submit your project here.
Gnowise has completed their CENGN project! Click the button below to learn more about their results