The TREB Composite March 2013 Benchmark Price reached $463,400 (2.91%) versus a year ago and the MLS® Home Price Index (HPI) is 151.9. The Index allows an apple to apples comparison of benchmark home prices from one year to the next. The HPI shows the price changes from the 2005 Benchmark Price Base (100) and removes the influence of non-comparable home sales that would skew the average and median price data.
The Toronto Composite Benchmark Price was $508,600 (1.50%) and the HPI came in at 155.2. Notable neighbourhoods that outperformed Toronto's HPI were Oakville at 167.7 ($618,700) and Burlington at 170.7 ($492,000) to the West and Richmond Hill at 167.3 ($605,700) and Markham at 164.0 ($564,900) to the North.
Home prices are expected to increase approximately 2% to 3% in 2013.
Source: TREB MLS HPI Benchmark Summary Report - March 2013