On the back of the National Association of Realtors’ House Price Index (HPI) in the US, the newly launched Canadian Multiple Listing Service (MLS) HPI is now serving Canadian home buyers, sellers and realtors across Montreal, Toronto, Calgary, Vancouver and the Fraser Valley. Although Fraser Valley and Greater Vancouver have had an HPI in place since the mid-1990s, this is the first HPI available for the five main boards designed to track trends in home prices in markets across Canada.
“Combined with the knowledge, experience and skills of your REALTOR®, the MLS® HPI allows you to better understand these trends — and how they can affect the market value of your home,” the site tells consumers, adding “More importantly, though, it helps you approach one of life’s most important decisions — buying or selling a home — with greater confidence.”
The objective is not to predict individual property value, but rather to track overall trends, allowing consumers to make accurate HPI comparisons when moving between regions.
The new MLS HPI will be published in each of Canada’s major real estate markets at or near the beginning of each month, and reflect activity that occurred during the previous month.
For more information, check out the official site here.
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