Lakeview Village was the lone community with single family home prices that were lower on a year-over-year basis in October according to the MLS® Home Price Index summary report. Meanwhile, Rosemont in the NW was home to the largest annual price gains.
Below are the best and worst performing communities for single family homes during the month:
Top 5 Communities For Single Family Home Price Growth
(Year-over-Year HPI Change, October 2013)
- Rosemont (+18.46%)
- Diamond Cove (+18.32%)
- Applewood (+18.17%)
- North Haven Upper (+17.66%)
- Greenview (+16.89%)
The number of communities that recorded negative price growth year-over-year decreased to just one from seven the previous month.
- Lakeview Village (-1.91%)
Looking over a 10 year period for SFH, Aspen Woods has performed the best with a 175.48% increase followed by Lower Mount Royal with 150.56% and West Springs with 150.0%
To view all the communities along with different property categories such as Apartment and Townhomes, along with time periods dating 1-6 months and 1-10 years back, download October’s HPI Summary Report
Remember, the HPI is for general price trends in each housing category while the Benchmark Price is just for the ‘typical’ home in that community as outlined in the Attribute Report.
How does it work?
The MLS® HPI is calculated using a sophisticated statistical model that estimates home prices based on their quantitative and qualitative features, including:
- Number of rooms above the basement level
- Number of bathrooms and half-bathrooms
- Square footage for main living and basement areas
- Whether it has a fireplace and/or finished basement
- Lot size
- The age of the property
- How the home is heated
- Foundation, flooring, siding and roofing types
- Whether the property has a waterfront or panoramic view
- Whether the property has been sold previously
- Proximity to shopping, schools, hospitals, police stations, churches, sports centres, golf courses, parks, and transportation (including train stations, airports etc.)
Upon valuating these features or attributes, the index and the benchmark price are formulated.