The Toronto Real Estate Board (TREB), along with 4 other major Real Estate Boards and the Canadian Real Estate Association (CREA) will be implementing a new system called the MLS® Home Price Index (MLS® HPI). This index is comprised using data from the Multiple Listing Service® and allows you to see trends in home prices for a specific type of house in a given neighbourhood using a more sophisticated statistical model than what is currently in use. The new model takes into account many of a home’s quantitative and qualitative features that influence its price, such as number of rooms or a finished basement.
The MLS® HPI approach provides a less volatile measure of price than averages and medians, which can swing dramatically in response to changes in the share of very expensive or inexpensive home sales from one time period to the next.
Combined with the knowledge, experience and skills of your Century 21 Leading Edge REALTOR®, the MLS® HPI allows you to better understand these trends and how they impact the market value of your home. More importantly, it will equip you with all the crucial information needed to assist in making one of life’s most important decisions, buying or selling a home, with the utmost confidence.