MLS Home Price Index Expanding
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The MLS® Home Price Index (HPI) will soon offer coverage from coast-to-coast.
The MLS® HPI is the most advanced and accurate tool to gauge a neighborhood’s home price levels and trends.
There are currently 19 participating real estate boards, which represent more than two thirds of all Canadian resale housing activity, however that number is set to double in the near future.
The additional boards slated to join this year, including the Newfoundland and Labrador Association of REALTORS®, will add more than 10% to the coverage of the MLS® HPI based on national sales activity—covering the country from the Pacific Ocean to the Atlantic.
“We would like to congratulate the new boards joining the MLS® HPI and offering their members access to the best price measure available. The expansion strengthens the national coverage of the MLS® HPI and increases the value to all industry stakeholders,” says CREA Economist Chris Jokel.
The MLS® HPI provides an invaluable source of timely, accurate and detailed price information for thousands more members and their clients after the expansion.
Average or median prices can change a lot from one month to the next and don’t tell a complete story. They don’t consider how a home’s features, like the number of bedrooms or bathrooms, can affect its price—the MLS® HPI does.
With the MLS® HPI you get access to:
- home price trends for a specific type of house in a given neighbourhood;
- data on how a home’s features, like the number of bedrooms or bathrooms, affect its price; and
- a more accurate comparison of home prices across the country.
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Your expertise as a real estate professional, backed by the comprehensive data generated by the MLS® HPI, can help you make better informed pricing decisions and validate your pricing recommendations as part of your comparative market analysis.
To unlock exclusive local market insights, talk to your local board or association.
© 2020 CREA
