Articles-The House Price Index (HPI) in Canada
The House Price Index in Canada
- HPI is a measurement of average price changes for residential houses in a given municipality.
- The figure is determined by analyzing repeat mortgage transactions on single-family homes.
- HPI is the best way to determine price trends in the housing market of a given region.
The House Price Index is maintained by the Canadian Real Estate Association who gathers its information from participating real estate professionals which is averaged out by region.
In February of 2012 the Canadian Real Estate Association, along with partners from real estate boards in six key regions, launched a new website called Home Price Index. The website includes an HPI tool for home buyers and home sellers allowing them to view pricing trends in various ways. For example, you can view home pricing trends by timeframe and property type and compare against the participating regions. Also available are House (Home) Pricing Index bar charts and line charts.
Feel free to visit our social media sites and let us know what you think about the new Home Price Index Tool or any other ideas you feel would make your buying and selling easier and more profitable.
How much house can we afford?
It can be difficult for first time homebuyers to know what they can afford. Barbara Sukkau, president of the Ontario Real Estate Association, helps a couple determine what they can afford with a simple formula. She reminds them that the lifestyle they want can affect the home they end up buying.
Free Books on Buying & Selling a Home
These books about buying and selling a home are available to consumers for free. Call 416-445-9910 or 1-800-265-OREA to order.
How to Buy Your Home Book - A great tool to help the purchaser through the home buying process. This book is a step-by-step guide for someone who is about to buy a home. It describes in detail the many steps in purchasing a home such as making an offer, arranging financing and working with a REALTOR®.
How to Sell Your Home Book The companion to the How to Buy book, this book will help make the selling experience as simple and stress-free as possible. The How to Sell Your Home book emphasizes the vital role REALTORS® play in this complex process.Jaclyn offers a free two hour colour analysis and staging consultation of your home with each new listing.