Graph with historical house prices Vancouver between 2006 – 2017
The MLS® Home Price Index (MLS® HPI) is a new tool to measure home price trends in Greater Vancouver and other major markets in the country. The MLS® HPI was developed by five of Canada’s largest real estate boards – Greater Vancouver, Fraser Valley, Calgary, Toronto and Montreal – and the Canadian Real Estate Association. HPI average house prices Vancouver | Historical house value Vancouver.
This MLS® HPI replaces the MLSLink Housing Price Index, which had been used by Greater Vancouver and Fraser Valley REALTORS® since the mid 1990s. MLS® HPI statistics since 2005 should not be compared with previous MLSLink HPI statistics.
Not your ‘average’ price
|The MLS® Home Price Index is modelled on the Consumer Price Index (CPI) which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation.
Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).
|The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area.
Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.
Track current and historical homes sales and prices in Greater Vancouver through our monthly housing price index report which measures benchmark or typical property value. HPI Vancouver average house price | Historical house value Vancouver.
Vancouver Price Per Square Foot
Vancouver Total Inventory
Vancouver Detached Median Percentage of Original Price
Vancouver Attached Median Percentage of Original Price
Vancouver (West Side) Detached HPI Price
Vancouver (West Side) Apartment HPI Price
Vancouver (West Side) Townhouse HPI Price
Vancouver (East Side) Detached HPI Price
Vancouver (East Side) Apartment HPI Price
Vancouver (East Side) Townhouse HPI Price
Burnaby Detached HPI Price
Burnaby Apartment HPI Price
Burnaby Townhouse HPI Price
Defining the typical home
House prices Vancouver. The MLS® HPI is a more stable price indicator than average prices, because it tracks changes of “middle-of-the-range” or “typical” homes and excludes the extreme high-end and low-end properties.
Typical homes are defined by the various quantitative property attributes (e.g. above ground living area in square feet) and qualitative housing features (e.g. proximity to shopping, schools, transportation, hospitals etc.) toward the home price of properties sold in Greater Vancouver communities.
These features together become the “benchmark” house, townhouse or apartment in a given area. A benchmark property is designed to represent a typical residential property in a particular MLS® HPI housing market, such as Richmond or North Vancouver.
For example, perhaps the basket of features for a typical home in a given community includes a 10-year-old, 3-bedroom house without a panoramic or ocean view on a 7,200 sq. ft. lot, with 8 rooms, 2 bathrooms, a fireplace, a 1-car garage and is close to schools. A benchmark price for this home can be created from the individual dollar values given to each of the above features.
The breakdown of each month’s real estate sales in a given area are estimates of current prices paid for bedrooms, bathrooms, fireplaces, etc. Prices for these qualitative and quantitative features are then applied to the typical house model and an index price is estimated for that month. This type of pricing model involves estimating the price of a property’s features rather than the property itself.
Note: The MLS® HPI offers only a benchmark in which to track price trends and consumers should be careful not to misinterpret index figures as actual prices. Benchmark properties are considered average properties in a given community and do not reflect any one particular property.
For more information about the HPI visit the Real Estate Board of Greater Vancouver http://www.rebgv.org/mls®-home-price-index-explained