For the Current Victoria MLS Market Statistics, please check out VREB Stats here: http://www.vreb.org/current-statistics
Most properties sold in larger Victoria and also the Southern Gulf Islands area unit listed and sold on the Victoria property Board's Multiple Listing Service® (MLS®) System.
To analyze sale worth trends within the bigger Victoria housing market, the VREB moved away from reporting changes in average and median sale costs. In its place, we tend to currently analyse trends employing a system referred to as the MLS® Home index (MLS® HPI).
At the center of the MLS® HPI is that the construct of the benchmark home, a notional home that has the foremost common attributes of typical homes during a given space. By analyzing 10 years of VREB MLS® sales knowledge, benchmark homes are outlined within the single family, townhouse and condominium flat classes for individual neighbourhoods, regions and also the bigger Victoria space as a full. The MLS® HPI model then uses a complicated applied mathematics analysis methodology to see values for benchmark home attributes so as to gain a benchmark worth for every of our benchmark homes.
MLS® HPI computed historic monthly benchmark costs for every benchmark home back to Jan 2005. Moving forward, VREB MLS® sales knowledge is employed to figure new benchmark costs every month. additionally to having the ability to report on changes in benchmark costs over time, MLS® HPI conjointly maintains a running index of the proportion amendment in benchmark costs from the Jan 2005 place to begin.
We overcome the deficiencies inherent during a dependence on the average and median sale costs, that are supported the actual mixture of homes that area unit sold during a given month by mistreatment the MLS® HPI benchmark costs and index values to report on market trends. this can be as a result of MLS® HPI measures changes in benchmark costs of a similar benchmark homes, month once month.
Representatives from Statistics Canada, Canada Mortgage and Housing Corporation, Finance North American country and Central one banking company have conjointly reviewed and supported the MLS® HPI methodology, and provided valuable contributions in support of its development.
The MLS® HPI is another tool that REALTORS® will use to assist consumers and sellers perceive local land market value trends.