Canadian Real Estate Association & the Heated Housing Market
The Canadian Real Estate Association says it has a new way to take the temperature of the heated housing market.
The Ottawa-based group, which represents about 100 boards across the country has developed something called the MLS® Home Price Index it will unveil on Monday. Traditionally, CREA’s statistics have been based on average price, simply taking the total value of homes sold and dividing by the number sold. The new index will use a “sophisticated statistical model” that takes into account quantitative measures like the number of rooms a home has and qualitative measures like whether it has a finished basement.
CREA developed the index with the Calgary Real Estate Board, Fraser Valley Real Estate Board, Greater Vancouver Real Estate Board, Greater Montreal Real Estate Board and the Toronto Real Estate Board.
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