Condo-Apartments posted the largest gain in the MLS® House Price Index in February, increasing +12.06% y/y. Condo-Townhomes were next at +9.45%, and single family homes were not far behind at +9.11%.
We know that the overall real estate market in Calgary is doing great right now, but communities & property types can trend differently. How is the housing market doing in your neighbourhood specifically?
To view all the communities along with different property categories, and time frames of 1, 3 and 6 months and 1, 3, 5 & 10 years, 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.