MLS® Housing Price Index and your home value

About the MLS® Home Price Index

The MLS® Home Price Index (HPI) provides time-related indices on residential housing markets of participating real estate boards in Canada. The MLS® HPI is the best and purest way of determining price trends in these markets. Pioneered by the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater Vancouver, and Toronto and the Canadian Real Estate Association. In 2009, the partners contracted with Altus Group to develop the MLS® HPI, which launched the MLS® HPI in January 2012.

Why an MLS Housing Price Index?

Typically the public has relied on measures such as average or median price. These real estate boards wanted to develop an improved method to capture and analyze Canadian home prices based on both quantitative and qualitative housing features. Quantitative features captured by the index are, for example, number of rooms and bathrooms, living area above-ground and the age of the home. Qualitative features captured include finished basement, new or resale, and the home’s proximity to schools, golf courses, parks, etc. Essentially the HPI is an index that compares a particular property (say a Calgary bungalow in Mt Pleasant) and tracks it’s change in value over time – a much improved indicator of any typical homes value.

The MLS® Housing Price Index (MLS® HPI) gauges prices relative to January 2005 (an arbitrary benchmark date which happened to contain an abundance of data), and tracks price trends for these benchmark housing types: ▪ Single family homes ▫ 1-storey ▫ 2-storey ▪ Townhouse/row units ▪ Apartment units Benchmark homes are based on typical homes in each neighbourhood. The Benchmark home price is a constant quality home price measure.

Why does it matter? Average and median home prices are often misinterpreted, are affected by changes in the mix of homes sold, and can swing dramatically from month-to-month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings. Compared to all other Canadian home price measures, the MLS® HPI identifies turning points sooner, is the most current, and is the most detailed and accurate gauge for Canadian home prices.

The MLS® HPI is based on homes sold by Realtors® and is provided as a service from participating real estate boards to its members and the public. For the best and most accurate market data on your property contact us at 403-289-3435 or email info@sanostante.com.

For public information visit MLS® HPI

Sales poised for pick up in 2012

Home sales in the City of Calgary are off to a cautious start in January 2012, according to figures released today by CREB®. While the year-over-year volume of residential sales in the City of Calgary dropped, the available inventory homes declined even faster in January 2012 which points to a more balanced market ahead. While the current market favors buyers, this could signal a shift if the trend continues into the spring. For more detailed information on your niegborhood, call us 403-289-3435 or view the full statistics package at creb.com

Calgary real estate poised to turn the corner

According to figures released todayby CREB® (Calgary Real Estate Board), Calgary residential sales in 2011 increased eight per cent over last year, with 18,568 sales for 2011 compared to 17,267 in 2010.

Sales activity was tepid in the first half of the year, however, early improvement in employment and migration resulted in a pickup in housing demand in the second half of the year. By the end of June 2011, year-to-date sales activity had only increased by two per cent compared to the second half of the year, where residential sales improved by 15 per cent.

“While sales activity in 2011 remained below the long run average by 17 per cent, monthly figures point towards the trend of this gap narrowing,” says Sano Stante, president of CREB®.

To view the full report see creb.com

Calgary Real Estate Market finds its footing

According to figures released today by CREB® (Calgary Real Estate Board), residential sales surged in the month of June 2011 to 1,953 units.  While this indicates a third more sales than June 2010, the year-to-date increase proved a moderate 2 per cent.   The single family market has shown signs of improvements throughout the first half of this year and this is the first time since April 2010 that condominium sales have recorded a year-over-year increase.   “Buyers in this market expect value and many are taking advantage of some affordable buys in both the single family and condo markets. It highlights using a skilled REALTOR® to properly price your home for your unique market area,” For more information see the full statistics report at Creb.com

Calgary Market set for Spring Thaw

According to figures released by CREB® (Calgary Real Estate Board), Calgary home prices remained stable, recording a moderate growth in average price.  While the City of Calgary, year-to-date sales volume declined by 6 per cent compared to the first four months of 2010; the decline was offset by the 14 per cent decline in listings over the same period, resulting in lower inventory levels, and a more balanced spring market. This is a full description of the April 2011 Statistics.