Saskatoon will join Vancouver, Calgary, Montreal, Ottawa, the Fraser Valley and Regina in contributing data to Canada’s MLS House Price Index (MLS® HPI) making its first contribution on May 15.
The index was created to provide more accurate and in-depth analysis of real estate prices and trends than average prices, which are more typically reported. Taking more of an “apples to apples” approach, the MLS® HPI will more closely examine price changes to the same quality of home in the same neighbourhood, over time.
Similar to the Consumer Price Index, the baseline price will be represented as 100 going back to January, 2005. So a housing type having a MLS® HPI value of 150 has risen in value by 50 percent since January, 2005.
The index will also examine price changes by property type so you can expect to see more reliable data on:
- Single family homes
- One storey single family homes
- Two storey single family homes
- Townhouse and row units
- Apartment style condos
- A composite of all types weighted by sales
You can count on us to report on future MLS® HPI. Of course, we’ll continue to provide our regular weekly and monthly updates that use more traditional measures. I’m certainly interested to see how they compare of the long run.
Interested in the value of your Saskatoon home? Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here now, or call me at 306-241-6676 for a complimentary evaluation of your home.
Royal LePage Vidorra