Five of Canada’s largest real estate boards – Calgary, Fraser Valley, Montreal, Toronto and Vancouver – together with the Canadian Real Estate Association (CREA) are developing a national housing price index (HPI) which will be ready for launch at the end of January 2012.
Housing price indices have been widely recognized as providing the most accurate indication of housing price trends in these markets. It takes housing quality into account, such as housing category, location, number of rooms, living area, etc., in a way that no other method of price tracking does.
- Is the best measure for home prices
- Improves measurement accuracy of pure home price change by combining the advantages of Hedonic & Repeat Sales methodologies
- Can track home prices by sub-market (housing sub-category and/or sub-area)
- Is based on data from the Multiple Listing Service® (MLS®), which is widely-recognized as the most comprehensive and accurate real estate data in the country