Real estate is local. The Canadian real estate market can be trending one way while at the same time an individual city’s market could be performing completely different. The same is true of specific neighborhoods within a city.
For instance, Calgary’s index for a single family home increased 8.53% y/y in November. That’s for the Calgary market in general. You’ll need to drill down to the community level for a more accurate picture.
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, November 2013)
- Diamond Cove (+21.42%)
- Meadowlark Park (+18.93%)
- Kingsland (+17.75%)
- Castleridge Estates (+17.70%)
- Chinook Park (+17.55%)
The number of communities that recorded negative price growth year-over-year increased to three from one the previous month.
- North Glenmore (-1.82%)
- Lakeview (-1.22%)
- Rutland Park (-0.57%)
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:
How does it work? The MLS® 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. The 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.