Are you interested in buying a home, but want to determine the current state of the real estate market before beginning your search?
The best indicator of housing price trends is current home sales. The Real Estate Board of Greater Vancouver prepares monthly statistical reports to help REALTORS® assess market trends and ensure that homebuyers are getting the best value for their money.
MLS® Home Price Index:
The MLS® Home Price Index (HPI) is an excellent market resource to follow trends in housing prices. The theory behind the HPI is similar to the Consumer Price Index (CPI), where a basket of goods or housing features of a "typical" home are tracked. The property's estimated value is based on the combined value of its features, rather than the property itself. HPI Explained for Buyers provides an overview of how the HPI works and why it is a more accurate method of following price trends than traditional averages.
The MLS® Home Price Index is produced monthly and provides homebuyers with a clearer picture of housing price trends. REALTORS® use this chart to help them track price movements of detached, attached and apartment properties in their community and Greater Vancouver as a whole.
Listed vs. Sold:
Each month your REALTOR® carefully analyses the most recent comparable data for homes listed and sold in your neighbourhood to determine the current trend of housing prices, while taking into consideration the present state of the BC economy [www.bcstats.gov.bc.ca]. The results are graphed and available in our "Listed vs Sold" section.
A monthly news release compares changes in property sales and index prices over the past one-year period. It also highlights areas that have had the most sales activity. To view these check out the "Monthly Reports"