For the first time in 11 months the HPI price index for properties on SFU has softened.
The price index has been risng since September 2020 as home sales have struggled to keep up with demand and have outpaced housing supply.
Its' still to early to tell if this is temporary summer blip in the rising trend but it may indicate the beginning of a cooling period in what has been a very prolonged heated SFU market.
WHAT IS THE HPI PRICE INDEX?
The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge a neighbourhood’s home price levels and trends.
Average or median prices can change a lot from one month to the next and paint an inaccurate or even unhelpful picture of price values and trends.
The MLS® HPI is based on the value home buyers assign to various housing attributes, which tend to evolve gradually over time. It therefore provides an “apples to apples” comparison of home prices across the entire country.
The price index has been risng since September 2020 as home sales have struggled to keep up with demand and have outpaced housing supply.
Its' still to early to tell if this is temporary summer blip in the rising trend but it may indicate the beginning of a cooling period in what has been a very prolonged heated SFU market.
WHAT IS THE HPI PRICE INDEX?
The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge a neighbourhood’s home price levels and trends.
Average or median prices can change a lot from one month to the next and paint an inaccurate or even unhelpful picture of price values and trends.
The MLS® HPI is based on the value home buyers assign to various housing attributes, which tend to evolve gradually over time. It therefore provides an “apples to apples” comparison of home prices across the entire country.
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