The index says the market is heating up, noting the first price increase in two months in the five surveyed markets, with Toronto leading the pack with prices rising 7.6 per cent. All markets saw an increase, especially for two-storey homes, which were up 6.7 per cent from a year ago.
If you didn’t know that the MLS releases a home index, that’s probably because it’s relatively new!
The Canadian Real Estate Association says their new model is quite sophisticated, using a mix of quantitative and qualitative measures, like the number of rooms in a home, and if there’s a finished basement or not. It also includes location, and proximity to schools and hospitals when comparing prices. It will divide all the info into different categories. Pretty comprehensive stuff.
CREA is hoping to expand the system to 16 boards in the next year, surpassing Teranet, which represents 11.
What’s your opinion of the new model? Have you noticed prices heating up in your area?