Finally we have a HPI (Housing Price Index) available for Greater Victoria Region. Officially being released November 1, 2013 in our market and available since 2009 in several other major markets, the housing price index tracks value of typical examples of various types of housing in major markets across Canada. It works much like the CPI (Consumer Price Index) giving a statistically truer representation of shifts in values over time. Comparing to the historic reporting of average (and median) prices which can vary considerably from month to month and are more a representation of consumer buying power than the actual prices of real estate. To put some perspective on that, over the past few years I’ve seen prices drop far more than indicated by our real estate board statistics and news releases. For example a buyer today gets a far newer home in better condition for $500,000 than the same buyer got for the same investment 3 or 5 years ago in our market. The average person’s buying power didn’t change in terms of monthly income or mortgage payments and typically people buy the best home they can afford, but they sure get a lot more home for their money now. From CREA (Canadian Real Estate Association) The MLS® Home Price Index (HPI) measures home price trends and home price inflation/deflation in residential markets within territories of participating real estate boards in Canada. The MLS® Home Price Index (HPI) comprises a set of software tools configured to provide time-related indices on residential markets within territories of participating real estate boards in Canada. The MLS® HPI is the best and purest way of determining price trends in the housing market. It was pioneered by six founding partners: the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater Vancouver, and Greater Toronto and the Canadian Real Estate Association. In 2009, the partners contracted with Altus Group to develop the MLS® HPI, which subsequently launched in February 2012. Links to other HPI Resources
Media Release: http://www.vreb.org/misc/HPI_Value.pdf
For further information or a no-obligation consultation for your real estate needs, please contact me, Victoria's Real Estate Expert, at Ron@RonNeal.com.
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The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.