Local Market Update Collection and Analysis
Market updates are gathered from data collected through the tracking of activity on the Multiple Listing Service® (MLS). VREB now analyses trends using a program called the MLS® Home Price Index (MLS® HPI).
The Home Price Index (HPI) is a key indicator and benchmarks for a variety of home categories in the Greater Victoria area. Statistical data, such as increase or decrease in values for the same type of home month over month, is analyzed and released.
A representative home that includes all of the most common attributes of typical homes in the given area. By analyzing ten years of VREB MLS® sales data, these benchmark homes have been defined in the single family, townhouse and condominium apartment categories for individual neighbourhoods, regions and the Greater Victoria area as a whole providing us with accurate local market update data.
The MLS® HPI model then uses a sophisticated statistical analysis methodology to determine values for benchmark home attributes in order to arrive at a benchmark price for each of the benchmark homes.
If you would like to know about benchmark homes, contact your local real estate agent. If you aren’t currently using a real estate agent, choose from over 185 qualified agents here.
- July 2018 Real Estate Market Update - August 8, 2018
- Should You Finish The Basement Before You Sell? - January 10, 2018
- Real Estate Market Stats November 2017 - December 11, 2017
- 6 Ways To Save Money On Energy Costs This Winter - November 15, 2017
- Victoria Real Estate Market Stats October 2017 - November 6, 2017
- Getting Ready For Winter - October 20, 2017
- 2017 Franchise Times Ranks RE/MAX Top Real Estate Brand - October 19, 2017
- Victoria Top City For Canadian Women Again! - October 18, 2017
- Preparing Your Home For Sale – 10 Mistakes - October 3, 2017
- First Time Home Buyers - September 24, 2017