Home Price Index
What is the MLS® Home Price Index (HPI)?
The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge a neighbourhood’s home price levels and trends.Average or median prices can change a lot from one month to the next and paint an inaccurate or even unhelpful picture of price values and trends. The MLS® HPI is based on the value home buyers assign to various housing attributes, which tend to evolve gradually over time. It therefore provides an “apples to apples” comparison of home prices across the entire country.
Each month, the MLS® HPI uses more than 15 years of MLS® System data and sophisticated statistical models to define a “typical” home based on the features of homes that have been bought and sold. These benchmark homes are tracked across Canadian neighbourhoods and different types of houses.
REALTORS® have exclusive access to the MLS® HPI, providing them with the most up-to-date and accurate market statistics and insights.
Why use the MLS® Home Price Index (HPI)?
Tracking home price trends over time allows you to see the bigger picture and understand how these trends can affect the market value of your home. The comprehensive data provided by the MLS® HPI puts accurate information in the hands of your REALTOR® who can use it to help you get the price right, regardless of whether you’re buying or selling.The MLS® HPI provides a more precise picture of home price trends by gauging:
- Overall home prices for the market as a whole; and
- Prices for specific housing categories for the overall market or in a given neighbourhood.
By combining this detailed information with the knowledge, expertise and skills of a REALTOR®, you can approach buying or selling a home with greater confidence.
Need help finding a REALTOR®? Browse over 1,400 local REALTORS®.
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