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Until now, homeowners had to request home valuation information solely from their real estate agents or brokers. However the Greater Toronto Area Realtors Association has announced a new MLS® Home Price Index that will provide clarity on home prices as well as home price growth. By measuring price trends in five major Canadian markets, consumers will be armed with the knowledge necessary to make informed decisions about buying and selling a home. Toronto, Montreal, Calgary, Vancouver and Fraser Valley are the major areas that will be included in the index that measures home price inflation and deflation as well as pricing trends in general.
With
this new system, agents and consumers alike will be able to measure average
and/or medium home prices using an “apples to apples” comparison approach since
the system compares similar features and amenities when factoring in price data.
The Home Price Index (also called HPI) will be published twice monthly with one
report being much like the Consumers Price Index and with the other presenting
a series of benchmark home prices.
The
Toronto Real Estate Board is pleased to provide this tool for homeowners across
Canada to be able to independently determine a home’s worth, with the ability
to calculate it on their own without the assistance of a professional Realtor.
Founded
by the Canadian Real Estate Association as well as the real estate boards of
Calgary, Fraser Valley, Greater Montreal, Greater Vancouver and Toronto – the
MLS ® Home Price Index is designed to help consumers make accurate comparisons
in harmony with their Realtors’ knowledge and expertise. There is more
information such as news, tools and resources available on this website. You can also get your of the HPI or the
percentage difference by contacting me at 416.918.5979 or email eden4realestate@gmail.com today.
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