The MLS® HPI Benchmark Prices shown below represent the current expected sales price for a typical or “Benchmark” home in a given neighbourhood.
The MLS® HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. The most commonly traded set of these attributes describes the composite of the typical or ‘benchmark’ property type in a given area. Prices paid for homes with these attributes determine benchmark home prices.
The MLS® Home Price Index is modelled on the Consumer Price Index (CPI) which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation. Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).
The graph below charts the historical Home Price Index over a 3 year period.
Quick Tip: Click on a property type in the chart’s legend to dynamically remove or add that line to the chart.