Here’s a look at the Vancouver Real Estate Market for March 2017. Although we are seeing a shift and still expecting a buyer competition moving into 2nd quarter of 2017 due to lack of inventory in Vancouver.
A Look at the Housing Stats
The Condo Market HPI
(Home Price Index) see below
The Townhouse Market HPI
The Detached Home Market HPI
Not your ‘average’ price
|The MLS® Home Price Index is modelled on the Consumer Price Index 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 HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area.
Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.