Cliff Bungalow was the only community in January not to register a year-over-year price increase (-2.34%) in the Single Family category according to the MLS® HPI Summary report.
Zone B – predominantly NE Calgary – was the quadrant with the largest y/y price increase (+10.57%) for single family homes. The benchmark price in Zone B is the lowest in our city, so as buyers look for more affordably priced housing the increased demand in turn squeezes prices higher. The lower price point also magnifies any percent changes.
Here are the 5 neighborhoods with the largest Y/Y price increase in the Single Family category for January 2014:
- Diamond Cove (+25.55%)
- Lake Bonavista Estates (+18.14%)
- Tuscany (+17.53%)
- Erinwoods (+16.79%)
- Dover (+16.33%)
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.